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Axis Bank CFO Puneet Sharma joins HDFC Bank

HDFC Bank has appointed Puneet Sharma, the outgoing Chief Financial Officer (CFO) of Axis Bank, as its new finance chief, strengthening its senior leadership at a time when the country’s largest private sector lender is focused on long-term growth.

Sharma will join HDFC Bank after completing his notice period at Axis Bank and after receiving the required regulatory approvals. He is expected to succeed the bank’s current finance leadership as HDFC Bank continues to integrate operations following its merger with Housing Development Finance Corporation (HDFC).

A seasoned banking professional, Sharma has over two decades of experience in finance, treasury, strategy and corporate banking. During his tenure at Axis Bank, he played a key role in strengthening the bank’s financial position, improving capital management and driving business transformation.

His move comes shortly after Axis Bank announced that Sharma would step down as CFO in August. The leadership change has drawn attention across the banking sector, given his experience and the significance of the role at HDFC Bank.

For HDFC Bank, the appointment comes at an important stage as it continues to manage post-merger integration, improve operational efficiency and maintain steady business growth.

The appointment also reflects HDFC Bank’s focus on bringing experienced leaders into key positions as competition in the banking sector continues to intensify.

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HDFC Bank names Rajiv Kumar part-time chairman

HDFC Bank has appointed former Finance Secretary Rajiv Kumar as its Part-Time Chairman, marking a significant leadership change at India’s largest private sector lender. His appointment, approved by the bank’s board, will take effect after receiving the necessary approvals from the Reserve Bank of India (RBI) and shareholders.

Rajiv Kumar succeeds Atanu Chakraborty, whose tenure as Part-Time Chairman ends after completing the maximum term permitted under banking regulations. Kumar has been appointed for a three-year term, subject to regulatory clearance.

A seasoned bureaucrat with decades of experience in public finance and economic policymaking, Kumar has held several key positions in the Government of India. He served as Finance Secretary and was also the country’s Chief Election Commissioner (CEC). During his career, he was closely associated with major financial sector reforms and represented India on several international financial institutions.

HDFC Bank said Kumar’s wide-ranging experience in governance, financial regulation and public policy will strengthen the bank’s board as it continues to expand its operations following its merger with Housing Development Finance Corporation (HDFC).

The appointment comes at a crucial time for the bank, which has been focused on integrating its businesses after the landmark merger and accelerating growth across retail and corporate banking. Industry observers believe Kumar’s policy expertise and understanding of the financial system will help the bank navigate a rapidly evolving banking landscape.

Rajiv Kumar has also served on the boards of several important financial institutions and regulatory bodies during his career. His experience in economic administration and institutional governance is expected to add strategic depth to HDFC Bank’s decision-making process.

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Kotak Bank CEO Ashok Vaswani announces exit

Kotak Mahindra Bank shares came under pressure on Monday after Managing Director and Chief Executive Officer Ashok Vaswani said he will not seek reappointment when his current term ends on December 31, 2026. The announcement raised concerns about the bank’s leadership transition, with the stock falling more than 2–3% during the trading session.

The bank said Vaswani has decided to step down for personal reasons and that the board has already begun the process of identifying his successor. The appointment of a new CEO will be completed in line with regulatory requirements, allowing for a smooth transition before his term ends.

Vaswani took charge as Kotak Mahindra Bank’s CEO in January 2024, succeeding founder Uday Kotak after decades of founder-led leadership. During his tenure, he focused on strengthening technology, expanding lending and accelerating growth after regulatory challenges linked to the bank’s digital systems.

While the announcement led to an immediate drop in the share price, several brokerages maintained a positive long-term view on the bank. Analysts said the market reaction was driven mainly by uncertainty around the leadership change rather than concerns about the bank’s financial health. They noted that Kotak Mahindra Bank continues to have a strong balance sheet, healthy capital position and steady earnings growth.

Brokerage firms also believe the bank has enough time to identify a capable successor, reducing the risk of disruption to its long-term strategy. Some analysts suggested that an experienced internal candidate could ensure continuity in operations and reassure investors.

The leadership change comes at a time when India’s private banking sector is seeing strong credit demand and rising competition. Investors will now closely watch the succession process and the bank’s future strategic direction.

For now, market sentiment is expected to remain cautious, although many believe the bank’s fundamentals remain intact and that the CEO transition is unlikely to alter its long-term growth path.

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Candere signs Smriti Mandhana as ambassador

Candere, the lifestyle jewellery brand from Kalyan Jewellers, has appointed Indian cricketer Smriti Mandhana as its new brand ambassador, marking a significant step in the company’s strategy to strengthen its appeal among young and style-conscious consumers.

The partnership comes as Candere looks to expand its presence in India’s organised jewellery market by connecting with a new generation of buyers who increasingly prefer contemporary, lightweight and everyday jewellery. The company believes Mandhana’s confident personality, modern outlook and growing popularity make her an ideal face for the brand.

Announcing the association, Candere said the Indian vice-captain represents qualities such as confidence, authenticity and individuality, values that closely match the brand’s identity. Through the collaboration, the company hopes to inspire customers to see jewellery as a part of everyday fashion rather than something reserved only for weddings and festivals.

Mandhana, one of India’s most celebrated women cricketers, said she was delighted to join hands with Candere. She noted that jewellery today is an expression of personal style and individuality, and appreciated the brand’s focus on modern designs that suit different occasions and lifestyles.

As part of the partnership, Mandhana will appear in Candere’s advertising campaigns across digital platforms, social media and other promotional channels. The campaigns are expected to showcase jewellery collections designed for daily wear, gifting and special occasions while highlighting the brand’s blend of elegance and contemporary fashion.

The collaboration also reflects a wider trend in the jewellery industry, where brands are increasingly partnering with young celebrities to attract digitally connected consumers. With online jewellery shopping becoming more popular, companies are focusing on personalities who resonate with millennials and Gen Z buyers.

Backed by Kalyan Jewellers, Candere has steadily expanded its online presence while growing its network of physical stores across India. The brand offers a wide range of gold, diamond and gemstone jewellery designed to suit modern lifestyles.

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OpenAI taps Prabhjeet Singh to lead India expansion

OpenAI has appointed former Uber India and South Asia President Prabhjeet Singh as its Managing Director for India, signalling a major push to strengthen its presence in one of the company’s fastest-growing markets. Singh will join OpenAI in September and become the company’s most senior executive in India, leading its business strategy and expansion across the country.

In his new role, Singh will oversee consumer growth, enterprise adoption, strategic partnerships, regulatory engagement and day-to-day operations. He will report to Kiran Mani, Managing Director for Asia Pacific, and will work closely with businesses, developers, government institutions and policymakers to expand the use of OpenAI’s artificial intelligence technologies across India.

Singh joins OpenAI after spending nearly 11 years at Uber, where he most recently served as President for India and South Asia. During his tenure, he led the company’s operations across India, Sri Lanka and Bangladesh, introduced new mobility services and helped expand Uber’s presence in the region through partnerships and digital initiatives. His experience in building large-scale businesses is expected to play a key role in OpenAI’s next phase of growth in India.

The appointment reflects OpenAI’s increasing focus on India, which has emerged as the company’s second-largest market for ChatGPT users globally. India is also among OpenAI’s fastest-growing markets for enterprise AI adoption and software development tools such as Codex. Over the past year, the company has expanded its local presence through new offices, strategic partnerships and investments aimed at supporting businesses, developers and educational institutions.

For Singh, the move marks a transition from mobility to artificial intelligence, while for OpenAI it represents another significant investment in India.

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Amazon CEO meets PM Modi, commits $48 bn

Amazon has announced a massive $48 billion investment plan for India through 2030, reaffirming its long-term commitment to one of its fastest-growing markets. The announcement was made by Amazon CEO Andy Jassy after meeting Prime Minister Narendra Modi in New Delhi.

The new commitment includes an additional $13 billion for expanding artificial intelligence (AI) and cloud infrastructure, taking Amazon’s planned investment in India between 2026 and 2030 to $48 billion. The latest funding builds on the $35 billion investment plan the company announced last year. Overall, Amazon’s cumulative investments in India from 2010 to 2030 are expected to cross $88 billion.

A significant portion of the fresh investment will be used to strengthen Amazon Web Services (AWS) by expanding data centre capacity in Mumbai and Hyderabad. The company said the move will help startups, businesses and government organisations access advanced AI tools, cloud technologies and computing infrastructure to accelerate innovation.

Amazon is also stepping up its e-commerce and logistics network. This year, it plans to open more than 20 new fulfilment centres and over 100 delivery stations, with a stronger focus on improving services in smaller cities and expanding faster delivery options. The company is simultaneously scaling up its quick-commerce business as demand for rapid deliveries continues to grow across urban India.

Speaking about India’s growth story, Jassy said Amazon’s priorities closely align with the country’s focus on AI adoption, digital transformation, job creation and support for small businesses. He described India as an increasingly important global hub for cloud computing and AI, citing strong demand for digital infrastructure.

Amazon said its long-term plans also include supporting 3.8 million jobs, enabling $80 billion in cumulative exports, helping millions of small businesses adopt AI technologies and expanding digital skills initiatives.

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Vishal Sikka launches AI firm Hang Ten, secures $32 mn

Former Infosys CEO Vishal Sikka has returned to the startup spotlight with the launch of Hang Ten Systems, a new artificial intelligence-focused company that has already secured $32 million in funding.

The venture aims to help businesses adopt and scale AI technologies more effectively at a time when demand for artificial intelligence solutions is growing rapidly across industries. The funding round has attracted support from investors who see significant opportunities in enterprise AI and the next phase of digital transformation.

Announcing the launch, Sikka described the current AI boom as a transformational moment for technology and business. He said organisations around the world are looking for practical ways to integrate AI into their operations, products and customer experiences, creating a major opportunity for companies that can simplify that transition.

Hang Ten Systems plans to focus on AI-powered services and solutions for enterprises. While specific product details remain limited, the company is expected to help businesses deploy AI tools, automate processes and improve decision-making through advanced technologies. The startup’s strategy is centred on making artificial intelligence more accessible and useful for organisations seeking measurable business outcomes.

Sikka is widely recognised for his role in shaping Infosys’ digital transformation strategy during his tenure as chief executive. After leaving the IT giant, he remained active in the technology sector through research, innovation and entrepreneurship initiatives. His latest venture reflects his continued belief that AI will fundamentally reshape industries and the future of work.

The launch comes amid intense global competition in artificial intelligence. Technology companies, startups and investors are pouring billions of dollars into AI development as businesses increasingly seek solutions that improve efficiency, productivity and customer engagement.

The $32 million funding provides the startup with resources to build technology, attract talent and expand operations. It also signals investor confidence in Sikka’s vision and leadership within the rapidly evolving AI landscape.

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Noel Tata steps down as Trent chairman

A significant chapter in Indian retail is coming to a close as Noel Tata prepares to step down as chairman of Trent after nearly three decades of leadership that helped transform the company into one of the country’s most successful retail businesses.

Noel Tata’s final annual general meeting as chairman marks the end of a 26-year journey during which Trent evolved from a relatively modest retail player into a major force in India’s fast-growing consumer market. Under his leadership, the company expanded aggressively and built some of the country’s most recognised retail brands.

When Noel Tata took charge, organised retail in India was still in its early stages. Over the years, he played a key role in shaping Trent’s growth strategy, focusing on affordability, customer experience and expansion into new markets. The company steadily increased its footprint across the country, benefiting from rising consumer spending and urbanisation.

One of the biggest success stories during his tenure was the rapid growth of Westside, which became one of India’s leading fashion and lifestyle retail chains. Trent also strengthened its position through formats such as Zudio, which has emerged as a major player in the value-fashion segment and attracted younger, price-conscious shoppers.

Industry observers credit Noel Tata with maintaining a long-term approach to business, prioritising sustainable growth over rapid expansion. His leadership helped Trent navigate changing consumer trends, economic cycles and increasing competition from both domestic and international retailers.

The announcement comes at a time when Trent is enjoying strong business momentum. The company has reported impressive growth in recent years, driven largely by the success of its fashion and value-retail formats. Investors have rewarded that performance, making Trent one of the standout performers in India’s retail sector.

Although Noel Tata is stepping down from the chairman’s role, his influence on the company’s direction and culture is expected to remain significant. His tenure is widely viewed as one of the most successful leadership periods within the Tata Group’s retail businesses.

As Trent prepares for its next phase of growth, the transition also highlights Noel Tata’s broader contribution to Indian retail. From expanding store networks to building powerful consumer brands, his legacy is closely linked to the rise of organised retail in India.

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Realme India CEO Michael Guo resigns

Realme India is set for a significant leadership transition after CEO Michael Guo stepped down amid a broader restructuring exercise led by parent company Oppo. The move comes as Oppo pushes ahead with plans to bring Realme and OnePlus closer under a unified operating structure aimed at streamlining operations and improving efficiency.

According to company sources, Michael Guo resigned due to health-related reasons after spending nearly eight years working on Realme’s India business. Guo took charge of the India operations in 2023 following the departure of former Realme India head Madhav Sheth and played a key role in expanding the brand’s presence in one of its most important global markets.

His exit comes at a time when Oppo is reshaping its smartphone business strategy. The Chinese technology giant is reportedly working towards managing Oppo, Realme and OnePlus as part of a coordinated ecosystem rather than as separate competing brands. Under the new structure, Realme is expected to gradually transition from operating as an independent smartphone brand to functioning more like a product series within the larger Oppo ecosystem.

As part of the transition, Chase Xu, Vice President of Realme Global, is expected to oversee the India business. Industry observers believe the integration could help Oppo reduce operational overlap, improve resource sharing and strengthen supply-chain management at a time when smartphone makers are facing rising competition and margin pressures.

The restructuring is also expected to lead to workforce rationalisation over the coming months, with duplicate roles across teams likely to be reviewed. Reports suggest that some employees have already exited as the company begins aligning operations with the new structure.

For consumers, the changes may not be immediately visible. Realme and OnePlus are expected to continue operating as distinct brands in the market, with separate product identities and customer communities. However, behind the scenes, product development, distribution and support functions are likely to become increasingly integrated.

The development marks one of the biggest organisational changes for Realme since its launch in India and signals Oppo’s intent to build a more unified smartphone ecosystem as competition intensifies across price segments.

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Fed legend Alan Greenspan dies aged 100

Alan Greenspan, the former US Federal Reserve chairman whose words could move markets, has died at the age of 100. Reports said he died from complications linked to Parkinson’s disease. For decades, he was one of the most closely watched figures in global finance.

Greenspan was born in New York City in 1926. His early path was unusual for a central banker. Before turning to economics, he studied music and played jazz professionally. He later earned economics degrees from New York University and built a reputation as a serious thinker long before he reached the Fed.

He led the Federal Reserve from 1987 to 2006. That made him one of the longest-serving central bank chiefs in US history. He served under four presidents and guided the economy through major shocks. These included the 1987 stock market crash, the Asian financial crisis, the dot-com boom and bust, and the aftermath of the September 11 attacks.

During his tenure, Greenspan was often credited with helping keep inflation low and growth steady through much of the 1990s. His calm style and careful language gave him enormous influence. Investors, bankers and policymakers around the world watched his every remark. He became known as “The Maestro.”

Before becoming Fed chair, Greenspan had already held senior roles in Washington. He served as chairman of the Council of Economic Advisers under President Gerald Ford. Ronald Reagan later appointed him to the Fed in 1987. He was then reappointed by George H.W. Bush, Bill Clinton and George W. Bush. That rare cross-party support reflected his standing in public life.

But his legacy was not without controversy. After the 2008 global financial crisis, critics said his support for deregulation and low interest rates helped fuel the housing bubble. Greenspan later admitted he had placed too much faith in the ability of financial institutions to manage risk on their own.

Outside economics, he was known for his marriage to journalist Andrea Mitchell and for his guarded public style. That mystery only added to his reputation. Tributes have now begun to pour in from across the financial world, closing the chapter on a long and closely debated life.

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