Business
Bank of Maharashtra Receives RBI Approval to Establish Branch in GIFT City
The new branch is expected to enhance the international banking business and offer specialized banking services to customers.
GIFT City, located in Gandhinagar, Gujarat, is India’s first IFSC, designed to transform the financial ecosystem by providing high-quality banking services locally and reducing dependence on offshore financial centers, according to a statement from the Bank of Maharashtra. The center has also evolved into a hub for fintech innovation and global investments, thus generating employment opportunities and attracting institutions from various sectors, including banking, education, and technology.
Finance Minister Nirmala Sitharaman introduced several incentives in the Union Budget to promote investment, job creation, and offshore funding at GIFT City’s IFSC. To facilitate the relocation of offshore funds, the government has proposed extending the existing relocation regime to Exchange Traded Funds (ETFs) and retail schemes willing to move from offshore locations like Mauritius and Singapore to GIFT City. Moreover, the transition of an original fund to a subsequent fund will be treated as a tax-neutral transaction. Non-residents obtaining life insurance from IFSC-based insurance offices will benefit from amendments to Clause 10D of Section 10, effective April 1, 2025.
Additional tax benefits will also be available to non-resident investors, expanding the current exemptions on income earned via derivative trades or participatory notes to those investing through GIFT City-based foreign portfolio investors.
In August, the Finance Ministry streamlined the requirements for Indian firms wishing to list on international exchanges within IFSCs, aligning them with global standards. These amendments will simplify access to global capital for Indian startups and companies in burgeoning technology sectors.
The ‘Direct Listing of Equity Shares of Companies Incorporated in India on International Exchanges Scheme,’ part of the Foreign Exchange Management (Non-Debt Instruments) regulations of 2019 and the Companies (Listing of Equity Shares in Permissible Jurisdictions) Rules of 2024, provides a comprehensive regulatory framework enabling Indian public companies to issue and list their shares on designated international stock exchanges at GIFT-IFSC.
These initiatives are in line with the Government’s objective to create an agile, world-class regulatory and business environment within IFSCs, thereby bolstering India’s standing in the global financial landscape.
Business: Honda Cars India has started delivering the new 2026 Honda City Hybrid to customers. The first car was handed over at a dealership in Bengaluru.
Honda President and CEO Takashi Nakajima attended the special delivery event. Other senior company officials were also present.
The first customer received a Crystal Black Pearl Honda City Hybrid. The car was delivered with a symbolic key and a gift hamper.
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The updated City comes with new features such as ventilated front seats and a 360-degree camera. It also offers wireless Apple CarPlay, Android Auto, and a sunroof.
The sedan is available with petrol and strong-hybrid powertrain options. Honda claims the hybrid version delivers a mileage of 27.26 kmpl.
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The Honda City competes with the Volkswagen Virtus, Skoda Slavia, and Hyundai Verna in India.
Business : Indian companies borrowed $5.43 billion from abroad in March, according to RBI data. This was 51% lower than March last year.
Experts said the weak rupee and high global interest rates made foreign loans less attractive for companies.
In the financial year 2025-26, India Inc raised nearly $43 billion through foreign borrowings. This was down from $61 billion in the previous year.
In March 2025, borrowings had crossed $11 billion due to large deals by companies like JSW Steel and Tata Semiconductor Manufacturing.
Companies are also avoiding overseas loans because hedging costs have become expensive during currency volatility.
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The RBI reportedly discussed easing foreign borrowing rules and offering hedging support, but no final decision was taken.
Market experts said the ongoing West Asia conflict has increased uncertainty, making companies cautious about raising funds from abroad.
New Delhi: Petrol and diesel prices have been increased by Rs.3 per litre across the country from today. Oil marketing companies revised the rates due to the rise in global crude oil prices.
After the hike, petrol price in Bengaluru has reached Rs.106.17 per litre, while diesel now costs Rs.94.10 per litre.
The increase comes amid fluctuations in international crude oil prices and tensions in West Asia, including the Iran conflict. The fall in the value of the Indian rupee against the US dollar has also increased import costs.
The fuel price hike is expected to affect transportation and daily essentials. Transport charges for goods may rise, leading to higher prices of vegetables, fruits, milk, and other items. Bus, auto, and taxi fares may also increase.
READ MORE :Two Final-Year Engineering Students Drown in Bhadra Canal
Earlier, fuel prices were reduced before the 2024 Lok Sabha elections. In 2022, the Centre had also cut excise duty to control inflation after the Covid pandemic.
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