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Leaders

RBI clears Anup Kumar Saha for Kotak Board

The Reserve Bank of India has approved the appointment of Anup Kumar Saha as a Whole-time Director at Kotak Mahindra Bank, strengthening the bank’s senior leadership team.

The bank announced that the central bank granted its approval earlier this month, allowing Saha to officially take up the role on the bank’s board. His appointment is part of Kotak Mahindra Bank’s efforts to further strengthen its management team as it continues to expand its retail and digital banking businesses.

Saha brings more than three decades of experience in the financial services sector. Before joining Kotak Mahindra Bank, he worked with Bajaj Finance, where he held several senior positions. He also briefly served as the company’s Managing Director and Chief Executive Officer.

Earlier in his career, Saha spent several years at ICICI Bank, gaining extensive experience in consumer lending, retail banking and financial services. His experience across both banks and non-banking finance companies is expected to help Kotak strengthen its consumer-focused businesses.

At Kotak Mahindra Bank, Saha will oversee key areas including consumer banking, marketing and data analytics. These divisions are central to the bank’s strategy as it focuses on expanding its customer base and improving digital banking services.

Industry experts say leadership changes like this are becoming increasingly important in India’s banking sector as competition grows and financial institutions invest more in technology and data-driven services.

Saha had earlier joined Kotak Mahindra Bank’s senior management team as a Whole-time Director (designate), subject to regulatory approval. With the RBI now giving its formal clearance, the appointment process has been completed.

Kotak Mahindra Bank believes Saha’s experience in building large-scale financial businesses and driving innovation will help the bank strengthen its retail banking operations and improve customer engagement.

Also Read: Tata Power, Salesforce partner to boost clean energy

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Corporate

Tata Power, Salesforce partner to boost clean energy

Tata Power has partnered with Salesforce to build an artificial intelligence (AI)-driven digital platform aimed at strengthening India’s clean energy ecosystem. The collaboration is expected to help expand renewable energy services and improve how energy solutions are delivered to customers.

Under the partnership, Tata Power will use Salesforce’s AI and cloud technologies to manage and streamline its clean energy operations. The new system will help the company analyse large amounts of data, automate processes and improve customer interaction across its renewable energy businesses.

The collaboration will focus mainly on areas such as rooftop solar installations, electric vehicle (EV) charging infrastructure and smart home energy solutions. By using advanced data tools and automation, the companies aim to make these services easier to access and more efficient for consumers and businesses.

Officials said the AI platform will also help Tata Power better track energy usage, improve service response time and provide personalised solutions for customers. This could help households and companies manage their electricity consumption more effectively while adopting cleaner energy sources.

The partnership is also expected to support faster growth of Tata Power’s renewable energy projects across the country. By using digital tools, the company plans to simplify operations, improve planning and scale up its clean energy offerings.

India has been focusing on expanding renewable energy as part of its climate goals. The government aims to increase the share of clean energy in the country’s power mix and reduce dependence on fossil fuels. Industry experts say digital technology and artificial intelligence can play an important role in achieving these targets by improving efficiency in energy production and distribution.

For Tata Power, the collaboration is part of its broader strategy to transform into a leading clean energy company. The firm has been expanding its renewable energy portfolio through solar power projects, EV charging networks and distributed energy solutions.

Salesforce, which provides cloud-based software and AI tools, said the partnership will demonstrate how digital technology can help accelerate the transition to cleaner energy systems.

Also Read: China consumer inflation rises in February

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1 Minute-Read

China consumer inflation rises in February

China’s consumer prices increased in February, helped by higher spending during the Lunar New Year holiday. Data showed the country’s Consumer Price Index (CPI) rose 1.3% from a year earlier, marking the fastest rise in more than three years. Prices for services such as travel, dining and tourism increased as people spent more during the festive period.

However, price pressure at factories remained weak. China’s Producer Price Index (PPI) fell 0.9% year-on-year, though the decline was smaller than in the previous month. Economists say the data indicates some improvement in consumer demand, but the economy still faces challenges from weak industrial activity and slow domestic recovery.

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Beyond

Kuwait cuts oil output due to Hormuz tensions

Kuwait has reduced its oil production and refinery operations after shipping activity slowed in the Strait of Hormuz, one of the world’s most important oil transit routes. The decision comes as rising tensions in the Middle East disrupt tanker movement and create uncertainty in global energy markets.

Officials said Kuwait took the step as a precaution because fewer oil tankers are currently able to pass safely through the strategic waterway. The slowdown in shipments has affected the flow of crude oil from the Gulf region to international markets.

The Strait of Hormuz connects the Persian Gulf with the Arabian Sea and is considered a crucial passage for global energy trade. Around one-fifth of the world’s oil supply normally moves through this narrow route. Any disruption there can quickly impact global oil prices and supply chains.

Recent tensions involving Iran, the United States, and Israel have increased security concerns in the region. As a result, tanker traffic has slowed significantly, prompting several oil-producing countries to reassess their production levels.

Kuwait, a member of the Organization of the Petroleum Exporting Countries, decided to scale back both crude production and refining operations until the situation becomes clearer. The move is aimed at avoiding excess supply while exports remain uncertain.

The disruption has already affected global oil markets. International crude prices have risen sharply, with Brent crude crossing $100 per barrel amid fears that prolonged tensions could further reduce supply from the Gulf region.

The situation could have wider economic consequences, especially for countries that rely heavily on imported oil. For example, India imports a large share of its crude oil from Gulf nations, and much of it passes through the Strait of Hormuz. Any prolonged disruption in this route could increase fuel costs and put pressure on the country’s economy.

The current developments highlight how geopolitical tensions in the Middle East can quickly affect global energy markets. If tanker traffic continues to remain slow, oil prices may stay elevated, potentially increasing inflation and energy costs worldwide.

Also Read: OpenAI robotics head quits over Pentagon AI deal

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Leaders

OpenAI robotics head quits over Pentagon AI deal

A senior robotics executive at OpenAI has stepped down after raising concerns about the company’s agreement to provide artificial intelligence technology to the United States Department of Defense.

Caitlin Kalinowski, who led OpenAI’s robotics and consumer hardware division, announced that she was leaving the company following the deal that allows OpenAI’s AI tools to be used within the Pentagon’s secure systems. Her resignation has brought renewed attention to the ethical debate surrounding the use of artificial intelligence in military operations.

In a message explaining her decision, Kalinowski said she believes artificial intelligence can be useful in many areas, including national security. However, she expressed concern about how such powerful technology might be used in warfare or surveillance if strict safeguards are not in place.

The partnership between OpenAI and the Pentagon is intended to help the US military use advanced AI systems for tasks such as analysing large amounts of data, improving decision-making and supporting defence operations. Supporters of the agreement say such technology can help the military respond more effectively to security challenges.

However, the deal has also sparked debate within the technology community. Some experts and industry professionals worry that partnerships between major AI companies and defence organisations could lead to the development of systems that may be used for surveillance or autonomous weapons in the future.

OpenAI has said that its agreement with the Pentagon includes clear restrictions. The company stated that its technology will not be used for domestic surveillance or to create fully autonomous weapons. It also said it remains committed to developing AI responsibly and ensuring that its systems are used safely.

Kalinowski joined OpenAI in 2024 after previously working at Meta Platforms, where she was involved in hardware development for augmented reality projects.

Also Read: Lok Sabha to take up motion against Om Birla

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Beyond

Rupee falls to 92.28 per dollar

Indian rupee weakened sharply against the US dollar on Monday. In early trade, the rupee fell about 46 paise to ₹92.28 against the US dollar, moving close to its all-time low levels. The decline came as global markets reacted to rising oil prices and increased uncertainty in the Middle East.

Forex traders said the main reason for the rupee’s weakness was the sharp rise in crude oil prices. Brent crude crossed the $100 per barrel mark, raising concerns about higher import costs for India. Since the country depends heavily on imported oil, any increase in global prices significantly raises demand for dollars from oil companies, putting pressure on the rupee.

The stronger US dollar also contributed to the fall in the Indian currency. During periods of global uncertainty, investors tend to move their funds into safer assets such as the US dollar, which leads to weakness in emerging market currencies like the rupee.

Market experts also pointed to foreign fund outflows and weakness in domestic equity markets as additional factors weighing on the currency. Indian stock markets saw heavy selling during the session as investors reacted to the spike in oil prices and geopolitical risks.

At the same time, government bond yields moved higher in the domestic debt market. Rising yields often reflect concerns about inflation and borrowing costs, especially when global commodity prices increase.

Traders said the Reserve Bank of India (RBI) is likely to keep a close watch on the currency market. If volatility increases further, the central bank may step in to stabilise the rupee by selling dollars from its foreign exchange reserves.

Analysts believe the rupee’s movement in the coming days will depend largely on global developments, particularly crude oil prices and geopolitical tensions. If oil prices remain elevated and global uncertainty continues, the rupee may stay under pressure in the near term.

Also Read: Gold slips to ₹1,63,630, silver falls to ₹2,84,900

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Beyond

Gold slips to ₹1,63,630, silver falls to ₹2,84,900

Gold and silver prices declined slightly in domestic markets on Monday as a stronger US dollar weighed on bullion demand despite rising geopolitical tensions and higher crude oil prices.

In the national capital, 24-carat gold slipped by ₹10 to ₹1,63,630 per 10 grams, while 22-carat gold was priced at around ₹1,49,990 per 10 grams, according to market data. Silver also recorded a marginal fall, declining ₹100 to ₹2,84,900 per kilogram in major markets.

The small drop in precious metal prices comes amid volatility in global commodity markets. Analysts said the strengthening of the US dollar has reduced the attractiveness of gold and silver for international investors. When the dollar rises, bullion becomes more expensive for buyers using other currencies, which often leads to weaker demand.

At the same time, geopolitical tensions have increased following the ongoing conflict involving the United States and Iran. The tensions have pushed global crude oil prices sharply higher, with Brent crude crossing the $100 per barrel mark. Rising oil prices have triggered concerns about global inflation and economic uncertainty.

Normally, geopolitical tensions and economic uncertainty tend to boost demand for safe-haven assets such as gold. However, analysts say the strong dollar and expectations of higher interest rates have limited gains in bullion prices.

In the international market, gold prices also slipped during Asian trading hours, while silver registered sharper losses. Reports indicate that gold declined by more than 2 per cent globally, while silver dropped over 3 per cent as commodity markets reacted to the surge in oil prices and currency movements.

There is a close watch on the global macroeconomic developments, including the strength of the US dollar, inflation trends and crude oil price movements. These factors are expected to play a key role in determining the near-term direction of bullion prices.

Also Read: Sensex tanks over 2,400 points, Nifty slips below 24,000

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Corporate

Sensex tanks over 2,400 points, Nifty slips below 24,000

Indian stock markets tumbled sharply on Monday as rising global crude oil prices and geopolitical tensions triggered heavy selling across sectors. Benchmark indices — the BSE Sensex and NSE Nifty 50 — opened with steep losses, reflecting investor concerns about inflation and economic uncertainty.

The Sensex plunged more than 2,400 points to around 76,500, while the Nifty 50 dropped over 700 points to fall below the 24,000 level in early trade. The sharp decline came after global crude oil prices surged past $105 per barrel, raising fears of higher fuel costs and pressure on India’s economy.

India, which imports a large share of its crude oil requirements, is particularly vulnerable to spikes in global oil prices. Analysts say higher oil prices increase import bills, widen the current account deficit and add to inflationary pressure, all of which can negatively affect investor sentiment.

Despite the overall market weakness, a few stocks managed to register gains. Shares of metal and pharmaceutical companies showed relative strength, with Tata Steel, Sun Pharma and Hindalco trading higher during early market hours. Investors moved towards these sectors as defensive and commodity-linked stocks often perform better during periods of global uncertainty.

However, most sectors witnessed significant declines. Banking and financial stocks were among the biggest losers, dragging the indices lower. Shares of HDFC Bank, ICICI Bank and Kotak Mahindra Bank fell sharply as investors trimmed exposure to financial stocks amid the broader market sell-off.

Aviation and oil-sensitive companies also faced heavy pressure due to rising fuel costs. Stocks such as IndiGo’s parent InterGlobe Aviation declined as higher crude prices directly impact airline operating expenses.

Market volatility also increased as foreign investors remained cautious amid global uncertainty. The surge in oil prices was linked to escalating geopolitical tensions in the Middle East, which raised concerns about possible supply disruptions.

The Indian rupee also weakened against the US dollar during the session, adding to market worries. A weaker currency can further increase the cost of crude imports and fuel inflation.

Analysts say investors will closely track crude price movements and geopolitical developments in the coming days. Until oil prices stabilise, market sentiment is expected to remain cautious, with global cues likely to continue driving market direction.

Also Read: US loses 92,000 jobs in February 2026

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Beyond

US loses 92,000 jobs in February 2026

The United States economy unexpectedly lost 92,000 jobs in February, raising concerns that the country’s labour market may be starting to weaken. At the same time, the unemployment rate rose to 4.4%, up from 4.3% in January, according to the latest government data.

Economists had earlier expected the economy to add new jobs during the month. Instead, the report showed a sharp drop in employment, suggesting that companies may be becoming more cautious about hiring.

Several sectors recorded job losses. The healthcare sector saw a significant decline in employment, partly due to labour strikes and disruptions in some medical services. Other industries such as manufacturing, transportation and information services also reported fewer jobs, reflecting slower business activity and economic uncertainty.

The data also showed that about 7.6 million people are currently unemployed in the United States. Meanwhile, the labour force participation rate, which measures the share of people either working or actively looking for work, remained around 62%.

Despite the fall in employment, wages continued to rise slightly. Average hourly earnings increased compared to last year, showing that some companies are still raising pay in order to keep workers. This suggests that while hiring may be slowing, demand for skilled workers remains relatively steady.

Some experts believe the drop in jobs may have been influenced by temporary factors, including strikes and severe winter weather that disrupted business activities in some parts of the country. However, others say the report could be a sign that the strong job market seen in recent years is gradually cooling.

The weaker labour data has also drawn attention from policymakers. The US Federal Reserve closely watches employment figures when deciding on interest rates and economic policy. A slowdown in hiring could increase pressure on the central bank to support economic growth.

Also Read: Sundar Pichai’s pay package may reach $630 mn

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Leaders

Sundar Pichai’s pay package may reach $630 mn

Google CEO Sundar Pichai could earn as much as $692 million over the next three years after parent company Alphabet Inc. approved a new compensation package linked largely to company performance.

The pay package places Pichai among the highest-paid executives in the global technology industry. However, most of the amount is not a fixed salary. Instead, it comes in the form of stock awards that depend on how well the company performs in the coming years.

Pichai’s base salary will remain $2 million per year, which is relatively modest compared to the overall compensation. The bulk of the package will come through performance-based shares that could increase in value if Alphabet continues to grow.

Reports say the deal includes performance stock units worth around $126 million, which could rise to about $252 million if the company significantly outperforms other large firms in the S&P 100 index. In addition, he will receive restricted stock worth about $84 million, which will be granted gradually over three years as long as he remains with the company.

The company has also linked part of the incentives to the growth of some of its future-focused businesses. These include self-driving car project Waymo and drone delivery service Wing. If these businesses perform well, Pichai could receive additional stock rewards.

Alphabet’s board said the compensation structure is meant to reward long-term leadership and align the CEO’s pay with the company’s success. In other words, Pichai will benefit the most only if the company performs strongly in the coming years.

Pichai has led Google since 2015 and became CEO of Alphabet in 2019. Under his leadership, the company has expanded rapidly in areas such as cloud computing, artificial intelligence, hardware and digital services.

Also Read: Pakistan rejects JPMorgan bid for Roosevelt Hotel