Author: Sreelatha M

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Beyond

EPFO Launches ‘Passbook Lite’ and Single-Login Portal to Simplify Member Access

In a major digital upgrade, the Employees’ Provident Fund Organisation (EPFO) has launched a new facility called ‘Passbook Lite’, aimed at making it easier for members to access and track their provident fund (PF) details. This comes alongside the rollout of a single-login portal, streamlining access to various services for over 29 crore EPFO subscribers.

The newly launched ‘Passbook Lite’ offers a simplified, mobile-friendly summary of a member’s provident fund account, including current balance, contribution history, and withdrawal details. Unlike the existing detailed passbook system, this lighter version is accessible directly through the Member Sewa Portal, doing away with the need for separate logins to the older passbook portal.

EPFO officials say the move is part of their broader push to improve digital accessibility and reduce the time it takes for members to retrieve essential information.

In another key update, members can now directly download Annexure K, a critical document required when transferring PF accounts between employers. Previously available only through field offices or by request, the online availability of this document is expected to streamline the transfer process and reduce delays during job changes.

In a bid to cut red tape and reduce processing time, EPFO has also delegated more powers to local field offices, allowing them to approve certain PF operations that earlier required higher-level authorization. By decentralizing these processes, EPFO aims to significantly reduce turnaround time for claim settlements, fund transfers, and account verifications.

These digital upgrades come as part of EPFO’s ongoing effort to modernize its service ecosystem and bring member services in line with contemporary digital standards. With over 29 crore subscribers, the EPFO’s renewed focus on user-centric reforms is seen as a much-needed shift to cater to the growing demand for faster, transparent, and more accessible services.

Officials also hinted at more tech-based improvements in the pipeline, including enhanced mobile app functionality and integration of AI-driven help systems to further support users.

Also Read: Hind Rectifiers Strengthens European Presence with BeLink Solutions Acquisition

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Corporate

Hind Rectifiers Strengthens European Presence with BeLink Solutions Acquisition

Hind Rectifiers Ltd., a leading player in power electronics, has strengthened its presence in Europe by acquiring BeLink Solutions, a well-established French company specializing in robotics, electronics manufacturing services (EMS), and research and development.

With 38 years of experience in the industry, BeLink Solutions offers Hind Rectifiers a significant foothold in the European market, enabling the company to enhance its manufacturing capabilities and broaden its global footprint.

Suramya Nevatia, Chairman, Managing Director, and CEO of Hind Rectifiers, emphasized that the acquisition aligns with the company’s vision to become a global leader in advanced electronics manufacturing and innovation.

“This strategic move allows us to combine Hind Rectifiers’ deep expertise in power electronics with BeLink’s cutting-edge robotics and R&D capabilities. Together, we are well-positioned to meet the growing demand for mobility, energy solutions, and industrial automation across international markets,” Nevatia said.

He further added that this acquisition is a foundational step in the company’s global expansion strategy, enabling it to drive growth through a blend of operational excellence and technological innovation.

The integration of BeLink Solutions is expected to enhance Hind Rectifiers’ manufacturing scale while accelerating its innovation pipeline, helping the company stay competitive in a rapidly evolving electronics landscape.

This acquisition marks a significant milestone in Hind Rectifiers’ journey to broaden its global presence and deliver advanced technology solutions worldwide.

Also Read: Vedanta Named Preferred Bidder for Manganese Block in Andhra Pradesh

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Corporate

L&T Technology Services Joins MIT Media Lab to Advance AI and Sustainability

L&T Technology Services (LTTS), a leading global digital engineering and R&D services company, has entered into a multi-year membership agreement with the Massachusetts Institute of Technology (MIT) Media Lab. The partnership is aimed at accelerating innovation in artificial intelligence (AI), sustainability, and future mobility solutions.

Under the agreement, LTTS becomes part of the MIT Media Lab’s prestigious consortium, gaining access to its interdisciplinary research ecosystem. This collaboration enables LTTS to work closely with a global network of researchers, industry leaders, and technology experts to co-develop cutting-edge solutions addressing complex, real-world challenges.

LTTS plans to leverage this partnership to blend its engineering and AI expertise with the Media Lab’s forward-thinking approach. Key areas of focus will include smarter mobility systems, resilient urban infrastructure, and sustainable engineering practices.

“This collaboration with MIT Media Lab marks a significant milestone in our innovation journey,” said a spokesperson from LTTS. “It will allow us to co-create breakthrough technologies that drive measurable impact across industries.”

The engagement also provides LTTS with access to advanced research initiatives, collaborative workshops, and innovation platforms, reinforcing the company’s strategic goal of staying at the forefront of digital transformation and sustainability.

With this collaboration, LTTS strengthens its position as a global innovation leader committed to shaping a smarter, more connected, and environmentally responsible future.

Also Read: Hyundai India Approves ₹31,000 Monthly Pay Hike for Employees

Categories
Technology

Gameskraft CFO in ₹270 Cr Fraud; 120 Jobs Cut

Indian online gaming giant Gameskraft Technologies is facing a double crisis: a high-stakes financial fraud allegedly involving its former Chief Financial Officer and a sweeping round of layoffs triggered by ongoing regulatory turmoil in the real-money gaming sector.

An FIR has been filed against Gameskraft’s former Group CFO, Ramesh Prabhu, accusing him of diverting over ₹270 crore from the company into a personal trading account over several years. The funds, meant for corporate investments, were allegedly funneled into Futures & Options (F&O) trading via an RBL Bank account in Prabhu’s name.

According to the complaint lodged at the Marathahalli police station in Bengaluru, Prabhu engaged in extensive manipulation of company records, including falsifying mutual fund statements and misrepresenting investments to conceal the financial irregularities. Internal investigations revealed that between FY2020 and FY2025, Prabhu had routed approximately ₹231 crore into personal trading. Losses from these trades are estimated to exceed ₹250 crore. Following the discovery, Gameskraft wrote off ₹270.4 crore in its FY25 financial statements.

In an email dated March 5, 2025, Prabhu reportedly confessed to the misconduct, claiming full responsibility and stating that no other employees were involved. He has been absent from work since early March and is currently untraceable. The police FIR invokes multiple sections of the Bharatiya Nyaya Sanhita, including charges of theft, criminal breach of trust, forgery, and falsification of accounts.

Compounding the situation, Gameskraft has laid off 120 employees, or nearly 20% of its workforce, as part of a major restructuring effort following increased scrutiny and restrictions on the online gaming industry in India. Sources confirm that layoffs spanned multiple departments, with more job cuts potentially on the horizon. The move comes after recent state-level bans on real-money gaming and ongoing uncertainty around the legal status of such platforms.

The company said the layoffs were not performance-related and that it is offering impacted employees severance support, extended medical insurance, mental wellness assistance, and outplacement services. A priority re-hiring clause has also been extended to those laid off.

Gameskraft, once considered a rising star in India’s online gaming space, is now navigating one of its most turbulent phases. Between regulatory crackdowns and internal financial scandals, the company faces a critical test of governance, transparency, and resilience.

Industry experts say the incident underscores the urgent need for stronger internal controls and regulatory clarity in India’s booming but volatile gaming sector.

Also Read: The New Meta Ray-Ban Collab Will Change How You Think About Smart Glasses

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Beyond

Groww Becomes First to List in India After U.S. Exit; ₹614 Cr in Bonuses

Bengaluru-based investment platform Groww is set to become the first Indian startup to go public in India after relocating its domicile from the U.S. The IPO follows a strong financial turnaround and a notable ₹614 crore in performance-linked payouts to its founding team.

According to its draft red herring prospectus (DRHP), Groww plans to raise ₹1,060 crore through a fresh issue of shares. Existing investors will sell about 574 million shares via an Offer for Sale (OFS), marking a significant exit. The four co-founders- CEO Lalit Keshre, COO Harsh Jain, CFO Ishan Bansal, and CTO Neeraj Singh- will collectively sell only about 4 million shares, less than 1% of the total, indicating their long-term commitment.

Founded in 2016 and backed by investors including Microsoft CEO Satya Nadella, Peak XV Partners, Tiger Global, and Y Combinator, Groww shifted its headquarters from Delaware to India in 2024 — a rare move among Indian startups.

Groww posted a profit of ₹1,824 crore in FY25, reversing a ₹805 crore loss in FY24. Revenue rose 45% year-on-year to ₹4,060 crore. The prior loss was mainly due to one-time costs related to the U.S.-to-India shift. The company also reported a net profit of ₹378 crore in Q1 FY26.

However, the pre-IPO period has attracted controversy due to founders receiving ₹614 crore in incentives in FY25, a sum exceeding the company’s Q1 profit. Details on performance criteria for these bonuses have not been disclosed, raising governance concerns. Groww has not responded to media queries on the matter.

Groww is among India’s largest online investment platforms, with 37.4 million demat accounts (19% market share), 12.6 million active NSE clients (26% share), 17 million active SIPs, and over 9 million mutual fund investors. It is the only Indian investment app with more than 100 million downloads.

The IPO is being led by JPMorgan Chase, Kotak Mahindra, Citigroup, Axis Bank, and Motilal Oswal. Groww’s successful listing could encourage other startups to follow suit, but the high founder payouts may invite scrutiny from investors and regulators.

Also Read: Urban Company Makes a Strong Stock Market Debut

Categories
Beyond

AHPI Urges Star Health to Restore Cashless Services at Hospitals Nationwide

The Association of Healthcare Providers of India (AHPI) has called on Star Health and Allied Insurance to immediately restore cashless treatment facilities at several hospitals across the country, following a sudden suspension that has left patients bearing out-of-pocket medical expenses.

In a strongly worded appeal, AHPI raised concerns about the insurer’s move to disrupt cashless services at prominent hospitals, including Manipal (Delhi and Gurugram), Max (across North India), Medanta (Lucknow), Care Hospitals (Visakhapatnam), Rajiv Gandhi Cancer Institute (Delhi), Sarvodaya (Faridabad), Metro (Faridabad), and Yatharth Hospitals.

“Patients with valid insurance policies are being forced to pay upfront for treatment, placing immense financial strain on families during medical emergencies,” said Dr. Girdhar Gyani, Director General of AHPI. “This is not just a breach of service but also a violation of trust.”

The association also alleged that Star Health has either delayed or denied empanelment to several hospitals, including Fortis Manesar, Medanta Noida, Max Dwarka, and Care Hospitals in Hyderabad and Vizag. These hospitals are awaiting approval to be part of Star Health’s cashless network, which would allow policyholders to access treatment without upfront payments.

AHPI has urged the insurer to expedite the empanelment process and reinstate cashless services immediately, warning that continued disruptions could lead to significant distress for patients and reputational damage for the insurer.

Star Health has yet to issue a formal response on the matter.

Also Read: SMPK and JSW Infra Sign ₹740 Cr Port Deal

 

Categories
Corporate

Zydus Lifesciences’ US Subsidiary Launches First FDA-Approved Generic Canine Drug

Zydus Lifesciences Ltd., a leading pharmaceutical company, is making headlines as its wholly owned US subsidiary, ZyVet Animal Health, launches the first FDA-approved generic treatment for canine urinary incontinence. The newly introduced product, phenylpropanolamine hydrochloride tablets, offers an affordable solution for pet owners managing urinary incontinence in aging or spayed female dogs.

The new product addresses a significant gap in the veterinary pharmaceuticals market, offering symptom relief that is both safe and cost-effective. Phenylpropanolamine is widely used to improve the quality of life for pets suffering from incontinence, a common condition in older dogs.

This strategic launch reinforces Zydus Lifesciences’ commitment to advancing high-quality, accessible animal healthcare solutions. Industry experts suggest that the USFDA approval and commercial launch will boost investor confidence and are likely to positively impact Zydus Lifesciences’ stock performance, especially in the growing pet care market.

With increasing global demand for veterinary products, Zydus is well-positioned to expand its footprint in the animal health sector, delivering innovative solutions that meet the evolving needs of pet owners.

Also Read: Jio Financial Services and Allianz Launch Reinsurance Joint Venture in India

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Corporate

Tata International Partners with Mercuria, Mitsubishi to Expand Global Trading, Distribution Reach

Tata International, the trading and distribution arm of the Tata Group, has announced two significant joint ventures with Swiss commodities firm Mercuria and Japan’s Mitsubishi Corporation, in a strategic move to expand its global footprint and sharpen its focus on high-growth sectors.

In the first deal, Mercuria will acquire a 51% stake in a new joint venture with Tata International, focused on the global trade of energy, metals, freight, and agricultural commodities. Tata will hold the remaining 49%. Both partners will invest proportionately in the capital structure of the new entity.

The partnership with Mercuria is aimed at strengthening Tata International’s trading capabilities, improving operational resilience, and expanding into high-potential markets, including Asia, Africa, and the Middle East. It also marks a strategic shift towards asset-light, partnership-driven growth models in response to increasing volatility in global supply chains and commodity markets.

In a parallel development, Tata International is investing $51 million for a 51% stake in a joint venture with Mitsubishi Corporation’s mobility division. Mitsubishi will hold 49% in the new entity, which will focus on the distribution of commercial vehicles, construction machinery, and agricultural equipment, particularly in African markets.

These two ventures align with Tata International’s broader strategy to realign its business around trading and distribution, moving away from capital-intensive operations. The company has already divested its leather and minerals businesses and exited several loss-making subsidiaries in recent years.

Despite strong revenue growth—from ₹16,367 crore in FY20 to ₹32,000 crore in FY25—Tata International reported a net loss of ₹477 crore in the last fiscal year. The company is betting on these joint ventures to restore profitability and improve long-term sustainability.

“These partnerships represent a new phase of growth, leveraging the global strengths of our partners while focusing on key markets and verticals,” said Anand Sen, MD & CEO of Tata International.

The transactions are subject to customary regulatory approvals and are expected to close in the coming months.

Also Read: Engineers India Secures ₹618 Crore Contract for Fertilizer Plant in Africa

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Corporate

Government Reopens PLI Scheme for White Goods to Boost Local Manufacturing

With a strategic objective to boost local manufacturing and reduce import dependence, the Indian government has reopened the application window for its Production-Linked Incentive (PLI) scheme, focusing on white goods such as air conditioners (ACs) and LED lights. This decision is part of the broader Atmanirbhar Bharat initiative, which aims to strengthen the country’s manufacturing capabilities in key sectors. The decision reflects growing industry interest and the government’s determination to turn India into a global manufacturing hub for energy-efficient appliances.

The revised application window will remain open from September 15 to October 14, 2025. Both new and existing applicants are now eligible to participate. New entrants can apply by committing to higher investment targets or by choosing different segments under the scheme. Notably, new applicants will be eligible to receive incentives only for the remaining duration of the PLI scheme, which is set to conclude in the financial year 2028–29.

The PLI scheme for white goods was originally launched in April 2021 with a total outlay of ₹6,238 crore. So far, it has attracted 83 applicants, who have collectively proposed investments worth ₹10,406 crore. These investments are expected to significantly enhance the domestic manufacturing capacity for key components, many of which are currently imported due to insufficient local production capabilities.

Applicants under the scheme are required to propose investment plans that align with the government’s objective of reducing import dependence and strengthening the supply chain of white goods within India.

Industry analysts see this extension as a timely measure, especially considering the growing domestic market for energy-efficient appliances and the government’s push for Atmanirbhar Bharat (self-reliant India).

Also Read: Instant Messaging App Hike Shuts Down Amid India’s Ban on Real-Money Gaming

Categories
Leaders

FSIB Recommends Ravi Ranjan as Managing Director of State Bank of India

The Financial Services Institutions Bureau (FSIB) has selected Ravi Ranjan for the position of Managing Director (MD) at the State Bank of India (SBI). Currently serving as Deputy Managing Director, Ranjan is set to succeed Vinay M. Tonse, whose term ends on November 30, 2025.

The FSIB conducted interviews with nine candidates for the MD role on September 11, 2025. After a thorough evaluation of their credentials and experience, Ravi Ranjan emerged as the preferred candidate.

The appointment is now subject to approval by the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi.

Ravi Ranjan’s elevation to MD at India’s largest public sector bank marks a significant step in his banking career and reflects the FSIB’s commitment to placing experienced leadership at the helm of key financial institutions.

Ravi Ranjan has over 33 years of experience with SBI, starting as a Probationary Officer in 1991. As a Deputy Managing Director, he manages SBI’s Global Markets division, overseeing an investment portfolio worth over $196 billion. He has also led the Corporate Accounts Group and served as Chief General Manager of SBI’s Chennai Circle. Ranjan has international experience from his role at SBI Hong Kong and holds an MBA from MDI Gurugram and an MSc in Botany from Patna University.

Also Read : SEBI Unveils SWAGAT-FI Framework to Boost FPI Access and Ease of Doing Business