Business
India’s forex demand shifts beyond metros as tier-2, tier-3 cities take 53% share
India’s foreign exchange demand is no longer isolated in the country’s biggest cities, with smaller urban centres accounting for more than half of the total demand, according to Thomas Cook India’s Forex Report 2026.Tier-2 and tier-3 cities together made up 53% of forex demand during the period covered by the report. Tier-2 cities alone accounted…
With $52.3 billion raised, FCNR(B) scheme to close a month early
RBI introduced the special USD-INR forex swap facility on June 8, 2026 MUMBAI: RBI has decided to close the special FCNR(B) scheme a month early on Aug 31 after banks mopped up $52.3 billion in deposits by Aug 13. The central bank’s decision follows a strong response to the facility, which was designed to bring…
Here’s what investors are looking at
Anthropic is preparing for what could become one of the world’s biggest IPOs, with investors and bankers looking beyond the AI firm’s current performance and towards 2028 to assess how much the company could be worth.Two people familiar with Anthropic’s financials portfolio told Reuters that the company is forecasting revenue of about $190 billion to…
Smartphone to be locked for missed EMI? RBI’s new rules for lenders, defaulting borrowers explained
Lenders have been allowed to impose gradual restrictions on the devices after 30 days of the payment being overdue. Purchased a smartphone, laptop or tablet via loan financing? What happens if you miss an EMI? Can the lender lock your phone or block access to the device? According to a study by Home Credit Finance,…
FMCG companies see recovery in consumption growth
Most of the quarter was marked by average 8-10% raw material cost hike NEW DELHI: The consumer goods sector is seeing signs of a firmer consumption recovery, with volume growth becoming more visible across companies, even as cost pressures remain. This comes as the West Asia conflict has pushed up crude-linked inputs, packaging and freight…
Chipmaker discloses $21 billion stake in Elon Musk-owned rocket firm
Nvidia’s financial ties with Elon Musk’s SpaceX have come into focus after the chipmaking giant disclosed that it owns nearly 123 million shares in the rocket company. The stake was worth almost $21 billion at the end of June, but has since fallen to about $17 billion as SpaceX shares dropped sharply following its June…
Why India’s GCC boom is facing a talent problem — and what companies want next
Talent gaps threaten India’s GCC growth (representative image) Talent shortages are emerging as a strategic risk for India’s global capability centre (GCC) sector, with 11% of GCC leaders saying their global headquarters are actively evaluating or shifting mandates to competing geographies, according to a PwC India-FICCI study.The report, based on a survey of 200 senior…
Claude downloads surge 30x, Gemini doubles
Claude recorded the sharpest growth among major GenAI apps during the June quarter NEW DELHI: India’s AI-app race is getting more competitive. While ChatGPT continues to dominate user engagement and spending, Gemini is gaining ground and Claude is emerging as a fast-growing challenger, according to data from market intelligence firm Sensor Tower.Claude recorded the sharpest…
PM Modi talks of India’s economic growth during Independence Day speech
PM Modi on Saturday led the country’s 80th Independence Day celebrations at the Red Fort. India has become the world’s fastest growing major economy in the world in the last twelve years, Prime Minister Narendra Modi said during his Independence Day speech on Saturday.He also said that India has achieved this milestone despite being ranked…
What changes from August 15
Petrol export levy cut to nil, diesel and ATF duties retained The government has scrapped the export levy on petrol for the next fortnight while continuing to charge duties on diesel and aviation turbine fuel (ATF), according to a ministry of finance notification issued on Friday.The revised rates will take effect from August 15, with…