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India’s Private Banks Face CEO Succession Crunch
Major Indian private banks, including HDFC Bank and Kotak Mahindra Bank, are facing CEO succession challenges amid strict RBI regulations, limited internal leadership pipelines and competition from other sectors. Running a bank requires expertise in credit, compliance, cybersecurity and AI. Despite a strong pool of bankers, fewer executives are prepared to lead institutions.
Noel Tata Calls Chandrasekaran Reappointment ‘Illegal’ Under Tata Sons Rules
Tata Trusts Chairman Noel Tata has opposed N Chandrasekaran’s reappointment as Tata Sons chairman, calling the resolution a “legal nullity.” The Trusts said the decision requires both nominee directors’ approval, while Noel voted against it. Chandrasekaran’s five-year term was approved by a majority of the Tata Sons board.
Chandrasekaran Reappointed Tata Sons Chairman After Board Vote
N Chandrasekaran has been reappointed as Tata Sons Chairman after the company’s board voted against Tata Trusts Chairman Noel Tata’s opposition to extending his tenure. Noel recorded his dissent, while Vice Chairman Venu Srinivasan supported the extension. Noel had sought a new chairman after Chandrasekaran announced plans to leave position last month.
UPI Merchant Charges to Begin From October 15
UPI merchant charges will begin from October 15, with payments above ₹2,000 attracting fees in specified categories. General person-to-merchant transactions will face a 0.4% MDR, capped at ₹300, while designated sectors will pay ₹5. Capital market payments carry a 0.02% charge. Person-to-person transfers and eligible payments up to ₹2,000 remain free. NPCI says fees will support system costs and upgrades.
HDFC Bank begins CEO selection process, submits two names to RBI for approval
HDFC Bank’s board has approved the process to appoint its next Managing Director and CEO, subject to RBI approval. The bank will submit two shortlisted candidates for consideration, along with proposed remuneration details. The move comes ahead of current CEO Sashidhar Jagdishan’s retirement on October 26. The board also approved executive director appointments for Srinivasa Rangan and Jimmy Tata.
Samsung India Begins Layoffs Of 100 Executives Amid Business Pressure
Samsung India has reportedly begun handing termination letters to 80-100 executives across its television and home appliances businesses amid rising costs and margin pressure. The restructuring has affected director-level officials and senior managers, while smartphone operations remain largely spared. Employees leaving under the move may receive severance equivalent to three months’ salary, with additional compensation based on service and tenur
RBI Announces ₹5 Lakh Crore Overnight VRRR Auction After Technical Glitch
The Reserve Bank of India announced an overnight variable rate reverse repo (VRRR) auction worth ₹5 lakh crore on Monday after technical issues disrupted a 30-day auction. Banks had bid for only ₹2.59 lakh crore in the longer-term auction before bidding was shifted to another platform following problems with the RBI’s E-Kuber system, Reuters reported amid the technical disruption.
India Becomes World’s 4th-Largest Fuel Producer, Coal Drives the Record Output
India has emerged as the world’s fourth-largest fuel producer, recording around 1.14 billion metric tonnes in 2024. China topped the list, followed by the US and Russia. Coal accounted for nearly 95% of India’s total output, while crude oil and natural gas contributed the rest. India also has a major refining capacity of around 258.12 million tonnes annually.
Gold, Silver Prices Rise as Rates Reach Fresh Levels
Gold prices in India rose on September 2, with 24-carat gold reaching ₹1,51,328 per 10 grams and silver touching ₹2.28 lakh per kilogram. Gold has remained elevated amid market fluctuations, while silver prices have also climbed. Rates vary across cities due to taxes, local jewellery demand, transportation costs and market conditions.
