Category: Finance

Finance

Calcutta Stock Exchange Prepares for Final Exit After 117 Years

Tanisha Cardozo

The end of an era is near for one of India’s oldest financial landmarks. The Calcutta Stock Exchange (CSE), established in 1908, is preparing to voluntarily exit its role as a stock exchange after years of operational dormancy and prolonged legal battles.

A century ago, CSE was a powerhouse of trade in the eastern region of India, standing toe-to-toe with the Bombay Stock Exchange. Its building on Lyons Range in Kolkata symbolized prosperity, enterprise, and financial ambition for decades. However, over time, the momentum slowed. After a massive settlement crisis tied to the Ketan Parekh scam in the early 2000s, CSE’s influence began to wane. Trading was officially suspended by SEBI in April 2013 due to regulatory non-compliance and failure to adopt modern trading frameworks.

In February 2025, the exchange submitted a formal application for voluntary exit to SEBI. The decision followed a shareholder vote held in April 2025, where the majority approved a transition plan that would see CSE shift from an exchange to a holding company. Its broking subsidiary, CSE Capital Markets Pvt Ltd (CCMPL), will continue operations through affiliations with the BSE and NSE.

SEBI has appointed Rajvanshi & Associates as the valuation agency to oversee the financial assessment of the exchange, and the exchange has already offered a Voluntary Retirement Scheme (VRS) to employees. The move is expected to save ₹10 crore annually, with ₹20.95 crore allocated for staff exit packages.

Part of the transformation also involves the sale of CSE’s prized 3-acre property on EM Bypass to real estate group Srijan for ₹253 crore — another indicator of the exchange’s shift from traditional market functions to asset management.

The 2025 Diwali season is likely to be its last as a functioning entity — a poignant and symbolic farewell. Kolkata’s iconic financial monument, which has stood tall for 117 years, will cease to operate as a stock exchange, representing the larger story of how India’s capital markets have consolidated over the last two decades.

This voluntary exit is more than a regulatory process. It is the final chapter of a historic institution that once played a pivotal role in India’s financial growth — and a reflection of how regional exchanges have given way to national and global trading platforms in an increasingly digital, centralized world.

Finance

Axis Bank Launches India’s First Gold-Backed Credit Line on UPI via Freecharge

Tanisha Cardozo

Axis Bank, one of India’s largest private sector banks, has announced a groundbreaking new offering in collaboration with Freecharge: India’s first gold-backed credit line on the Unified Payments Interface (UPI). This pioneering product is set to redefine how secured credit is accessed in India, particularly for micro, small and medium enterprises (MSMEs), self-employed professionals, and merchants operating across urban and rural markets.

The offering enables users to avail instant credit against their gold holdings, transforming an age-old asset into a dynamic financial tool for modern digital use. The standout feature of the product is its integration with UPI, making both transactions and repayments simple, fast, and accessible from any UPI-enabled app, including Freecharge. Customers only pay interest on the utilized credit amount, ensuring a cost-effective way to manage cash flow, address urgent liquidity needs, or fuel business growth.

Existing Axis Bank customers with gold loan eligibility can avail this credit line through a completely digital journey, removing the need for physical branch visits after onboarding. The product is designed for seamless digital interaction—users can borrow and repay in real-time through UPI, with clear visibility into their credit line usage.

Speaking at the launch, Munish Sharda, Executive Director at Axis Bank, highlighted the innovation, stating that combining the trust of gold with the flexibility of UPI positions this product as a landmark in digital lending. It underlines Axis Bank’s commitment to expanding financial inclusion and pioneering secure credit solutions in the digital age.

This launch also aligns with the National Payments Corporation of India (NPCI)’s recent guidelines permitting credit lines on UPI, opening up new avenues for banks and fintech players to collaborate and deliver accessible credit. Sohini Rajola, Executive Director – Growth at NPCI, noted that the infrastructure now in place allows financial institutions to build simplified and secure digital credit products that are scalable across India.

With Axis Bank’s expertise in credit and its vast branch network, coupled with Freecharge’s fintech innovation and digital-first approach, this new offering brings together the best of traditional finance and modern technology. It provides an innovative, trusted, and user-friendly credit solution, significantly raising the standard for digital lending in the country.

This marks a significant step forward in India’s journey toward inclusive, technology-driven financial services, and opens new possibilities for individuals and businesses to unlock the value of their assets instantly, anytime, anywhere.

Finance

Dr. Pramod Sawant Chairs EDC Limited Board Meeting; ₹77 Crore Profit Before Tax Approved for FY 2024-25

Tanisha Cardozo

Chief Minister Dr. Pramod Sawant chaired the 405th Board Meeting of EDC Limited, reinforcing the government’s commitment to transparency, accountability, and performance in public sector undertakings.

At the meeting, the Board approved the Consolidated Accounts for the Financial Year 2024-25. EDC Limited reported ₹137 crore in revenue and ₹60 crore in expenses, resulting in a Profit Before Tax of ₹77 crore. This strong financial performance underscores the effective governance and strategic financial management employed under the leadership of Dr. Sawant and the Board.

The profitability of EDC Limited is a testament to its significant role in promoting entrepreneurship, industrial development, and financial support in the state of Goa. These results not only reflect sound fiscal discipline but also the broader vision of sustainable and inclusive economic growth envisioned by the government.

Dr. Pramod Sawant continues to lead from the front, ensuring that institutions like EDC Limited contribute meaningfully to the state’s development goals and economic self-reliance.

Finance

Axis Bank Launches ‘Dil Se Open Celebrations 2025’ with Exciting Season-Long Festive Offers

Tanisha Cardozo

Axis Bank, one of India’s leading private sector banks, has officially launched its flagship festive campaign, Dil Se Open Celebrations 2025. This nationwide, season-long initiative is designed to deliver maximum value, exclusive deals, and seamless joy to millions of customers across the country as they celebrate India’s rich and diverse festive season.

Starting from September 2025, and continuing throughout key Indian festivals including Navratri, Diwali, Christmas, and beyond, the campaign emphasizes Axis Bank’s customer-first philosophy. The campaign carries the theme “Sirf ek festival nahi, poore festive season chalega,” positioning Axis Bank as a trusted celebration partner—not just for a day, but through the entire season.

Customers can enjoy a variety of special offers across categories like shopping, electronics, travel, dining, and lifestyle, all through Axis Bank Credit Cards and select banking products. These include exciting EMI options on high-ticket purchases, cashback rewards, discounts, and exclusive partner collaborations with leading national and global brands.

In the shopping and e-commerce category, Axis Bank has partnered with Amazon, Flipkart, Haier, LG, Samsung, Sony, OnePlus, Motorola, Xiaomi, Blinkit, Bigbasket, and Instamart. The fashion and lifestyle segment features brands such as Jack&Jones, Vero Moda, ONLY, Selected, Shoppers Stop, Tira, and luxury names under Reliance Brands including Coach, Michael Kors, Mothercare, and Hamleys. In the travel segment, offers extend to Cathay Pacific, Cleartrip, ITC Hotels, ixigo, MakeMyTrip, and SriLankan Airlines.

Alongside credit card benefits, the campaign includes competitive offers on loans and liabilities. Home loans start at an attractive rate of 7.40% until September end, and personal loans are available from 9.99% with low processing fees. Special rates are being offered on two-wheeler EV loans, superbike loans, commercial vehicle and construction equipment loans, and car loans—with added benefits such as fee waivers and extended tenures. Locker registration charges are also waived for new bookings during the campaign period from 22nd September to 31st October 2025.

Arnika Dixit, President & Head – Cards, Payments and Wealth Management at Axis Bank, emphasized that this initiative reflects the bank’s goal to offer meaningful and rewarding customer experiences. She highlighted the bank’s focus on combining innovation with value through exclusive partnerships and offers.

Echoing this, Anoop Manohar, Chief Marketing Officer of Axis Bank, explained that the campaign was designed to mirror the cultural and emotional depth of India’s festive season. “This initiative goes beyond banking benefits; it is about being present in our customers’ lives during the most cherished time of the year,” he said.

With Dil Se Open Celebrations 2025, Axis Bank positions itself not just as a financial institution but as a holistic celebration partner for Indian households. The campaign aims to set new benchmarks in festive marketing and deepen customer trust through emotional connection and practical rewards.

Finance

Bank of Baroda Wins First Prize in Rajbhasha Kirti Puraskar for Excellence in Official Language Use

Closed Account

Written by Intern Queeny George M.H, Team Allycaral

Bank of Baroda, one of India’s foremost public sector banks, has been honoured with the First Prize under the Government of India’s prestigious Rajbhasha Kirti Puraskar scheme for the year 2024–2025. This award recognises the bank’s exceptional contribution to the promotion and effective use of Hindi as the official language across its services and operations.

The award ceremony took place on 14 September 2025, during the Hindi Day celebration and the Fifth All India Official Language Conference held at the Mahatma Mandir Convention and Exhibition Centre, Gandhinagar. The honour was conferred by the Hon’ble Union Minister of Home Affairs and Cooperation, Shri Amit Shah.

Accepting the award on behalf of the bank was Dr. Debadatta Chand, Managing Director and CEO of Bank of Baroda. He was accompanied by Executive Director Ms. Beena Vaheed and Mr. Sanjay Singh, Head of Official Language and Parliamentary Committee.

Speaking on the occasion, Dr. Chand expressed the bank’s commitment to inclusivity through language. “This award reflects the bank’s sensitivity towards its millions of customers who interact in Hindi and other Indian languages and feel more comfortable availing banking services in their native languages,” he said.

Bank of Baroda has significantly expanded its multilingual capabilities across its digital platforms, including its flagship mobile banking app BoB World and WhatsApp Banking services. The bank also ensures that transaction-related SMS, chatbot conversations, and customer support are accessible in Indian languages, fostering a more inclusive and user-friendly banking environment.

The Rajbhasha Kirti Puraskar is one of the highest honours awarded by the Government of India to institutions for outstanding performance in implementing the official language policy. This recognition positions Bank of Baroda not only as a leader in banking services but also as a pioneer in promoting linguistic inclusion in the financial sector.

With this award, Bank of Baroda reinforces its commitment to enhancing customer experience by speaking the language of its people – both literally and technologically.