Category: Beyond

ICICI Bank has sharply increased the minimum average monthly balance (MAMB) requirement for new savings accounts opened on or after August 1, 2025. For customers in metro and urban areas, the MAMB has been raised fivefold to ₹50,000 from the earlier ₹10,000. In semi-urban branches, it has gone up to ₹25,000 from ₹5,000, and in rural branches, the requirement has doubled to ₹10,000 from ₹5,000.

The bank said its decision to implement location-based minimum balance requirements reflects the varying economic realities across India. Customers in metro and urban regions, who typically have higher incomes and broader banking relationships, are considered better placed to meet the higher thresholds compared to those in rural areas.

Until July 31, 2025, the minimum monthly average balance (MAB) for ICICI Bank savings accounts was ₹10,000 across most categories. The latest move significantly raises the entry threshold for new account holders.

What has RBI said in response to ICICI

Reserve Bank of India (RBI) Governor Shaktikanta Das on August 11 clarified that the matter does not fall “under any regulatory domain.” Speaking about ICICI Bank’s hike in the minimum balance requirement for non-salary accounts, Das noted that the RBI has left it to individual banks to set their own minimum balance policies.

“Every bank has its own minimum balance requirement. Some banks have kept it at ₹10,000, some at ₹2,000, and some have even waived it. This is not in the RBI’s regulatory domain,” RBI Deputy Governor Swaminathan J. Malhotra said on the same day.

The RBI’s stance underscores that such decisions are part of banks’ commercial strategies, allowing them to independently determine MAB thresholds without regulatory intervention.

Jay Kotak criticises move

The sharp hike has drawn criticism from several quarters, including Jay Kotak, son of Kotak Mahindra Bank founder Uday Kotak. On social media platform X (formerly Twitter), Kotak called the move impractical for India’s vast middle class.

“Every Indian must access our financial sector. 90% of India makes less than ₹25,000 a month. A ₹50,000 minimum balance implies a sum equal to around 94% of Indians’ monthly income is to be left with the bank at all times, else a fee!” Kotak wrote.

He also expressed his preference for digital banking and the growing fintech ecosystem over traditional banks, arguing that fintech players offer more inclusive and accessible financial services without such steep deposit requirements.

Kotak’s comments have amplified concerns that the higher MAMB could exclude lower and middle-income individuals from mainstream banking, pushing them towards alternative financial channels.

As the revised Income Tax Bill 2025 prepares to take center stage in the Lok Sabha on August 11, 2025, the nation watches closely. This landmark legislation promises to transform India’s tax landscape by simplifying the code, enhancing taxpayer benefits, and offering fresh incentives to businesses for strengthening the country’s economic future.

This is cited as a significant landmark move by the government that aims to replace the decades-old Income Tax Act of 1961 by consolidating over 4,000 amendments into 536 sections and 16 schedules. By incorporating 285 Select Committee recommendations, the bill uses clearer language to simplify the tax code and reduce complexity for taxpayers and professionals. strengthening the country’s economic future.

What the Revised Bill Brings: Key Highlights

1. Simplified Tax Structure
   The bill removes ambiguous provisions to reduce litigation and improve compliance by making the tax code clearer and more organized.
    
2. Enhanced Taxpayer Benefits
    
   • Rebate threshold under Section 87A raised from ₹7 lakh to ₹12 lakh.
      
   • Maximum rebate increased from ₹25,000 to ₹60,000.
      
   • Introduction of a standard deduction of ₹75,000, effectively making income up to ₹12.75 lakh tax-free for salaried individuals. Allow taxpayers to avail NIL TDS certificate.
      
3. Refund Flexibility
   Taxpayers can claim refunds even if returns are filed after the due date, provided other conditions are met, resolving a long-standing refund issue.
    
4. Property Taxation
   Proposed higher taxes on vacant properties have been dropped, maintaining current tax treatment and easing the burden on property owners.
    
5. Taxpayer-Friendly Compliance Measures
   Genuine mistakes will no longer attract penalties, encouraging voluntary compliance. The bill also emphasizes straightforward language for better understanding of tax obligations.
    
6. Restoration of Section 80M Deduction
   Deductions on inter-corporate dividends are reinstated, benefiting companies enjoying concessional tax rates.
    
7. Introduction of ‘Tax Year’ Concept
   The bill replaces “Previous Year” and “Assessment Year” with a single, simplified term — “Tax Year.”
    
8. Strengthened Digital Administration
   The Central Board of Direct Taxes (CBDT) gains expanded rule-making powers to promote efficient, technology-driven tax administration.
    

The revised Income Tax Bill 2025 underscores the government’s commitment to creating a more transparent, efficient, and taxpayer-friendly system. This is expected to take effect from the next financial year and it promises to ease compliance and provide greater benefits for individuals and businesses across India.

The Uttar Pradesh government has allocated land to Bayview Projects, a firm backed by filmmaker Boney Kapoor and developer Bhutani Infra, for the construction of the Noida International Film City.

The project, set to span 1,000 acres with the initial phase covering 230 acres in Sector 21 on Yamuna Expressway, is estimated to cost Rs 1,510 crore and is expected to be completed in eight years.

Arun Vir Singh, CEO of the Yamuna Expressway Industrial Development Authority (YEIDA), expressed that the vision of Chief Minister Yogi Adityanath to establish an international film city is now materialising. Bayview Projects signed a concession agreement with YEIDA on June 27, 2024, for the development of the film city, which is strategically located 4 km from the upcoming Noida International Airport. Speaking to reporters, Boney Kapoor stated that the aim is to create a world-class film city attracting filmmakers globally. He mentioned plans to establish an institute for training, a retail outlet, a village, and a film museum within the city. Kapoor added that visitors would have the opportunity to closely observe film shootings and enjoy activities.

The film city will also feature a viewing gallery with sound-proof glass for visitors to watch shootings and a world-class golf course with day and night facilities for tourists. YEIDA CEO confirmed that all formalities are complete, and groundwork will commence soon, with the foundation stone to be laid before the Noida airport's inauguration. Nand Gopal Gupta Nandi, Minister for Industrial Development, remarked that the Film City near Jewar Airport is poised to significantly boost Uttar Pradesh's industrial growth, potentially generating 5-7 lakh jobs directly and indirectly. He suggested that the project’s success could inspire similar initiatives across various sectors, aligning with the state’s goal to become a $1 trillion economy swiftly.

The Noida International Film City will include film production studios, post-production units, a commercial hub, and a film institute offering courses in filmmaking, acting, music, and cinematography.

Former ICICI Bank chief, Chanda Kochhar, who was ousted from the role following allegations of loan fraud, is now easing into a new role – that of a podcaster.

She launched her YouTube podcast series, ‘Journey Unscripted with Chanda Kochhar’ earlier this month. Kochhar told Hindustan Times, who first reported on this, that she believes people’s journeys are a “huge source of learning”.

She said that understanding how people deal with situations can be a huge source of learning that she wants to take to a larger set of people. The banker, who is out on bail at present along with her husband, is awaiting the resolution of their case. She told the news daily that she is “open to everything” at the moment and that this podcast can lead to bigger things. She said she does the research and chooses the guests herself, and aims to do three podcasts a month.

Her first guest on the show was Harsh Mariwala, founder and chairman of Marico. Her second guest will be an actor but she refused to disclose the name. Chanda Kochhar’s podcast has been executed and produced by The Salt Inc, an independent content and design agency, with a focus on technology. The banker, 63, who was recruited by ICICI Bank in 1984, went on to become its MD and CEO in 2009. Kochhar was one of the most celebrated names in the industry, was also named one of the 100 most powerful women by Forbes in 2010. She was awarded the prestigious Padma Bhushan, as well as several international awards. However, it all came apart when the Central Bureau of Investigation launched a preliminary inquiry into allegations of loan fraud in 2017.

She was accused of misusing her role as the bank’s head to issue loans worth Rs 3,250 crore to Videocon Group of Industries. In 2019, CBI in its FIR stated that Kochhar was part of the sanctioning committee that disbursed Rs 300 crore to Videocon promoter Venugopal Dhoot, and the company finally defaulted on it. The CBI accused Kochhar of being part of a quid pro quo between Dhoot, her husband Deepak Kochhar, and herself. Videocon reportedly invested Rs 64 crore in Deepak Kochhar’s company NuPower Renewables a day after Rs 300 crore loan was cleared for Videocon.

Ahmedabad-based Torrent Group is set to pick a majority stake in Indian Premier League (IPL) franchise, Gujarat Titans. The group will purchase a 67 per cent stake in the team from CVC Capital Partners. 

CVC had bought the team in 2021 for Rs 5,625 crore in 2021. Torrent Group, through its subsidiary, Torrent Sports Ventures, had previously bid for Ahmedabad  (Rs 4,653 crore) and Lucknow (Rs 4,356 crore) in 2021. It had later made an unsuccessful attempt to acquire one of the three teams up for grabs in the inaugural Women's Premier League (WPL).

The Torrent-CVC deal is now awaiting approval from the IPL governing body. It could take control ahead of the upcoming season which will begin on March 21.

"The talks of Torrent Group taking two third ownership (67 per cent) is at an advanced stage. The lock-in period for CVC group as sole owners ends in February 2025 after which they are free to sell the stakes," an IPL source told PTI

The source said that Torrent, one of the biggest names in the pharmaceutical sector, had shown interest when BCCI invited bids for two new teams. The deal would need BCCI’s approval, which is expected to be given in the coming days. 

Gujarat Titans had bagged the title in 2022 under Hardik Pandya, and were the runner-up in 2023. Under Shubman Gill, the team finished eighth last year. Apart from Gill, Afghanistan spinner Rashid Khan, England white-ball captain Jos Buttler, and India pacer Mohammed Siraj are also part of the Gujarat Titans.

Adani Group will spend Rs 6,000 crore in setting up two 1,000-bed multi-specialty hospitals and medical colleges in Mumbai and Ahmedabad in partnership with Mayo Clinic. 

“Proud to launch Adani Health City in partnership with Mayo Clinic, pioneering world-class medical research, affordable healthcare & education. Starting with two 1000-bed hospitals and medical colleges in Ahmedabad & Mumbai, we are on a mission to bring cutting-edge medical innovation across India. This is just the beginning for a healthier, stronger India – one campus at a time!” Gautam Adani wrote in a post on X (formally Twitter). 

Mayo Clinic, the world’s largest integrated not-for-profit medical group practice, will provide technical expertise, Adani Group said in a statement. 

Adani Group will fully meet the cost of building affordable, world-class medical care and medical education to people from all strata of society pan India, the company said in a statement. The family will donate upwards of Rs 6,000 crore to build the first two of these integrated health campuses in Ahmedabad and Mumbai, it added. 

Gautam Adani has plans for more such integrated Adani Health Cities in cities and towns across India, the statement said without giving details. 

Each of these integrated campuses will comprise 1,000-bed multi-super-specialty hospitals, medical colleges with an annual intake of 150 undergraduates, 80+ residents and 40+ fellows, step-down and transitional care facilities, and cutting-edge research facilities. 

This medical ecosystem aims to serve people from all socio-economic backgrounds, train the next generation of doctors and focus on clinical research, artificial intelligence and biomedical informatics, the statement added. 

Adani Group has engaged USA’s Mayo Clinic to provide strategic advice on organizational objectives and clinical practices at these establishments. Mayo Clinic will also offer expert guidance on the integration of technology, with a focus on digital and information technology and healthcare quality enhancement. 

“Two years ago, as a gift to me on my 60th birthday, my family committed Rs 60,000 crore towards improving healthcare, education and skill development,” said Gautam Adani. “The development of Adani Health City is the first of many major projects from this contribution, which will go a long way towards providing affordable, world-class healthcare to people from every section of the Indian society. I am confident that our partnership with Mayo Clinic…will help elevate healthcare standards in India, with a special emphasis on complex disease care and medical innovation.” 

Mayo Clinic extends its expertise to independent healthcare providers wherever they are located. The Mayo Clinic program provides a tailored approach by designing engagements that help clients get the right answers from the right experts to help them achieve their goals. 

Entrepreneur and artist, Ananya Birla, has announced her entry into the booming Indian beauty and personal care industry. Her new venture aims to introduce a range of innovative beauty and personal care brands across India throughout 2025. 

The Indian BPC market is expected to reach $34 billion by 2028, growing at a compound annual growth rate of 10-11 per cent, driven by increasing disposable incomes, e-commerce growth, and consumer openness to new products.

Ananya Birla's company will launch products in categories such as makeup and fragrances, targeting a diverse consumer base through a phased rollout. She emphasised that the Indian beauty industry is evolving rapidly, with consumers seeking products that reflect their individuality. 

The venture will focus on a product-first strategy, featuring differentiated packaging and international quality standards.

Ananya Birla's latest business move highlights her entrepreneurial journey, which began at 17 with the launch of Svatantra Microfin. She is also a mental health advocate through the Ananya Birla Foundation, which has partnered with over 25 nonprofits, affecting more than 30,000 people in five states. Ananya Birla also launched Sophius, an AI platform, at IIT Bombay, with plans for global expansion. 

Ananya Birla serves on the board of the Aditya Birla Group’s apex strategic body and contributes to the boards of Hindalco, Grasim, and ABFRL.

Kunal Shah-backed investment platform Stack Wealth is under the radar after an undated video featuring its CEO Smriti Tomar went viral on social media for all the wrong reasons. In this video, Tomar can be seen reprimanding a group of employees because they were unable to meet the sales targets. 

She can be heard telling a group of employees: "If you have not done enough sales, you are not getting your full and final (FNF) settlement. To make matters worse, she can be heard referring to an employee as "stupid". 

When one of the employees reads out the terms and conditions of the contract, she threatens that she'll send another mail with regards to the same. 

Needless to say, the viral video left netizens irate. They called the young CEO an "entitled brat" and batted for a structure and proper laws to hold people in power responsible for their actions. 

"I spoke to Smriti once, she is way too entitled brat and considers most people beneath her," a user said.

"I had interviewed here and almost planned on joining this, but the negotiations made me feel a bit off, so I didn't joined. And Thank god I didn't joined this," a second user wrote.

"I think we really need a structure and proper law to hold these people responsible, The startup ecosystem in India is getting pathetic day by day. My friend is working at ola and seriously the environment is so bad that I can even describe, same with my colleague at zepto. No working hours people are randomly working till 4-5 am in the morning," a third user commented. 

"I think she should sit and do the job of the sales man… People should realise that marketing and sales are one of the toughest jobs to do!! The company should have a strategy and teach the sales man to pitch the right way instead of putting all the burden on them and blaming for not making enough sales… I believe people do put in hardwork in private sector jobs because they don't want to go through this," another user noted. 

Yet another user wrote: "I got a call from Stealth for an opening. But then they ignored me even after following them quiet a few times. Extremely lucky to not be part of such a Workplace!"

Meanwhile, a former employee said in a LinkedIn post that he was terminated without any prior notice on January 4, while alleging the company withheld his salary for the month of December.

He said that he was informed only a day later that he wouldn't be receiving his salary and that several others were let go on the same day under similar circumstances.

When he sought clarification, all he was told was that his performance was not enough and he soon found out that Stack Wealth owes around ₹7.5 lakh in unpaid rent for their office building. 

A Bengaluru techie has compared his nine-year stint at one of India’s largest IT companies to "unchained slavery," revealing his shocking experience in a Reddit post. Despite nearly a decade of service, his monthly salary was just ₹35,000 when he left the company. 

Today, working for a global IT giant, his earnings have surged by nearly 400%, underlining the glaring pay disparity he endured.

His story sheds light on systemic issues plaguing the organization. Low annual increments—often between 4-6%—left salaries stagnant, while a system of "progression" merely shuffled employees to sub-levels without pay raises or expanded roles. "When I left after nine years, my monthly salary was ₹35k. Today, I earn ₹1.7 lakh," he wrote, calling for change in the corporate culture.

In his Reddit post, the techie criticized policies that ignored market salary corrections, unlike his current and previous employers, which routinely adjusted pay to match industry standards. 

Employees at his former company faced single-digit hikes, leaving them underpaid despite years of service. Referrals to his new employer often earned former colleagues an 80-100% salary increase, underscoring the discrepancy.

Beyond salaries, the techie detailed other burdens. Employees were charged ₹3,200 per month for transportation, while parking fees further added to their expenses. Cafeteria costs were steep, with a glass of juice priced at ₹40—double what he now pays at his current workplace.

The company mandated a minimum number of physical work hours, tracked through ID card swipes. This led to employees visiting the office on weekends for trivial reasons, like completing laundry, just to meet the required hours.

While the company’s leadership projected a philanthropic image, employees often joked that some of that generosity could have been directed toward staff welfare and better pay.

The techie urged for systemic reform, advocating for a "Minimum Wage Policy" across all sectors in India. His story is not just a personal narrative but a rallying cry for fair treatment, better pay structures, and labor policies that prioritize employee dignity.

As per the revised guidelines, unmarried couples will no longer be permitted to check in, according to a report by PTI. This policy will come into effect this year.

Under OYO’s updated policy, all couples, including those with online bookings, must now present valid proof of their relationship at the time of check-in.

Initially implemented in Meerut, Uttar Pradesh, the new guidelines are based on local feedback. Partner hotels in the city have been directed to enforce the rules immediately.

Sources indicate that the company may expand the policy to other cities, depending on the response and effectiveness observed in Meerut.

Reports suggest that OYO has previously been approached by civil society groups, particularly in Meerut, requesting action on this matter.

Sources also revealed that residents from other cities have submitted similar petitions. “OYO has received feedback in the past from civil society groups, especially in Meerut urging action to address this issue. Additionally, residents from few other cities have petitioned for disallowing unmarried couples to check-in at OYO hotels,” they stated.
Pawas Sharma, Region Head for OYO North India, stated that this initiative is part of OYO's effort to reshape its image and establish itself as a trusted brand offering safe experiences for families, students, business travelers, religious pilgrims, and solo travelers.

To further this goal, OYO has launched several initiatives nationwide, including organizing joint seminars with police and hotel partners to promote safe hospitality practices, blacklisting hotels found engaging in unethical activities, and cracking down on unauthorized establishments misusing OYO’s branding.