Category: Finance

Business, Finance

SBI to Launch Mega Hiring Drive: 18,000 Employees to Be Recruited in FY26

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The State Bank of India (SBI), the country’s largest lender, has announced its most ambitious recruitment effort in over a decade. The bank plans to hire nearly 18,000 new employees in FY26, signaling a major expansion of its workforce at a time when both traditional banking and digital services are growing rapidly.

The hiring push will span a wide range of roles across the organization. Notably, SBI will bring on 1,600 system officers, underlining the bank’s focus on strengthening its technology infrastructure and supporting its ongoing digital transformation journey.

This large-scale recruitment initiative comes as the Indian banking industry undergoes significant change. Increasing digitization, the adoption of fintech solutions, and rising customer expectations for seamless services are pushing traditional banks to reimagine their operations. For SBI, which serves millions of customers nationwide, enhancing its tech capabilities is crucial to maintaining its leadership position.

The last time SBI undertook such a large-scale recruitment effort was over ten years ago. This year’s hiring drive underscores the bank’s long-term vision of investing in people and innovation.

For job seekers, this represents a major opportunity in both banking and technology domains. The bank is expected to roll out detailed notifications for various roles in the coming months, with application and recruitment processes to follow.

By expanding its workforce with a strong focus on technology, SBI aims not only to support its existing operations but also to future-proof itself in an increasingly digital economy.

Finance

HDFC Bank Unveils Festive Treats 2025 with Over 10,000 Exclusive Offers Nationwide

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Written by Intern Queeny George M.H , Team Allycaral

HDFC Bank, India’s leading private sector bank, has launched its highly anticipated Festive Treats 2025 campaign, setting the tone for the country’s bustling festive shopping season. With over 10,000 offers rolled out across a spectrum of banking and financial services including credit cards, personal loans, PayZapp, and EASYEMI, the campaign is designed to deliver value, convenience, and smart spending options to customers across India.

Announcing the campaign, Mr. Parag Rao, Country Head – Payments, Liability Products, Consumer Finance and Marketing, HDFC Bank, said, “As the country begins to wrap itself in festive delights, we bring to our consumers myriad offers that provide tangible value. Festive Treats is our annual property that drives demand and supports consumption patterns of the country by giving our customers opportunities to optimise their savings on festive spends.”

Mr. Ravi Santhanam, Group Head and CMO, Head – Direct to Consumer Products, HDFC Bank, added, “A multi-year franchise, Festive Treats is like a clarion call for the festive season. We bring these curated offers to our customers through our strong physical and digital footprint. By rolling out Festive Treats in phases from Onam through to Diwali with hyperlocal activations, we will ensure that the offers are not only compelling but also deeply relevant to local communities.”

The scale of the campaign is unmatched, with HDFC Bank planning over 37,000 on-ground activations at retail hubs, residential societies, and corporate offices to ensure the offers reach customers where they are. The bank will leverage its vast network of 9,499 branches, 21,251 ATMs, and more than 600,000 merchant and dealer touchpoints across India. The campaign reflects HDFC Bank’s commitment to driving financial accessibility and retail growth during India’s biggest shopping season.

As customers prepare for celebrations, gifts, and home improvements, Festive Treats 2025 arrives as the perfect partner in making those dreams affordable and rewarding.

Finance

Axis Bank Launches ‘Pink Capital’ to Spotlight Queer Financial Ecosystem

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Written by Intern Queeny George M.H , Team Allycaral

Axis Bank, one of India’s largest private sector banks, has launched ‘Pink Capital: The Spectrum of Queer Money’, a qualitative and insightful report exploring the financial lives of India’s LGBTQIA+ community. With this move, the bank signals a bold and necessary step towards understanding and addressing the specific financial needs of a community that has long remained underserved and overlooked in traditional banking models.

The report offers a deep dive into the lived experiences of queer individuals when it comes to money—how they earn, save, invest, and plan for the future. A key insight that emerged is that while symbolic gestures and inclusive branding are welcomed, they are not enough. What truly builds loyalty and trust among queer consumers is everyday inclusion: joint accounts, access to pensions and loans, inclusive healthcare benefits, and respectful customer service that recognizes and affirms their identities.

The financial goals and needs across age groups also vary sharply. Younger individuals emphasized the importance of educational loans, queer-focused savings accounts, and financial literacy programs. In contrast, the older cohort spoke about the urgency of creating community housing models and retirement homes that are queer-affirming, safe, and supportive. This gap underscores the need for tailored financial products that span different life stages.

Axis Bank’s Executive Director, Munish Sharda, highlighted the growing trust of the queer community in the bank, sharing that Axis has already serviced thousands of accounts opened under the gender-neutral honorific ‘Mx’ and by transgender individuals. Rajkamal Vempati, Group Executive and Head of Human Resources, emphasized the larger vision: “By making Pink Capital visible, we are not just doing the right thing, we are building the future of inclusive finance in India.”

The report was launched as part of Sparsh Week, Axis Bank’s flagship celebration that honours customer experience, inclusion, and culture. The initiative reinforces Axis Bank’s broader commitment to a more inclusive and equitable financial ecosystem — one that recognizes, respects, and responds to the spectrum of queer money in India.

Finance

Sikkim: The Only Indian State Where Natives Can Earn Crores Tax-Free

Tanisha Cardozo

As the rest of India gears up for the FY25 Income Tax Return (ITR) filing season, the small Himalayan state of Sikkim quietly stands apart—home to a rare legal privilege no other Indian state enjoys. In Sikkim, certain native residents are completely exempt from paying central income tax, regardless of how much they earn. Whether it’s from salaries, businesses, capital gains, or high-yield investments, qualifying individuals in Sikkim can legally earn crores and pay absolutely nothing in income tax.

This extraordinary benefit is rooted in the historical and constitutional fabric of India. When Sikkim merged with the Indian Union in 1975, a unique provision was introduced to protect the region’s legal and administrative autonomy. Article 371(F) of the Indian Constitution was enacted, ensuring that Sikkim’s existing laws, including tax laws, remained in force unless specifically repealed or amended by Parliament. Alongside this, Section 10(26AAA) of the Income Tax Act was introduced, explicitly stating that income earned by Sikkimese individuals—registered under the Sikkim Subjects Regulation of 1961—would be exempt from central taxation.

But this exemption isn’t universal across Sikkim’s population. To qualify, individuals must be recognized as “Sikkim Subjects”—their names (or their ancestors’) must appear in official registers created before the state’s merger in 1975. Migrants or those who became residents later are not eligible. Those who do qualify, however, enjoy full income tax immunity, even if their earnings run into crores.

This exemption has been in place for nearly 50 years, making Sikkim the only Indian state where a portion of the population lives under a completely different income tax regime. While across India, only specific sources of income—like agriculture or scholarships—are tax-free, Sikkim stands as an exception where entire income portfolios can be tax-exempt for eligible natives.

The implications are profound. Sikkim’s tax-free environment leads to higher personal savings, encourages reinvestment, and supports entrepreneurship. It has shaped unique financial behaviors in the region, allowing qualified individuals to build wealth without the tax liabilities that affect the rest of the country.

As FY25 unfolds and millions across India file their returns, Sikkim remains a reminder of how history, policy, and constitutional protections can create truly unique financial ecosystems. In a nation where taxation is often a constant topic of concern, Sikkim’s continued exemption remains a fascinating anomaly in India’s tax landscape.

Finance

GCCI Applauds Historic GST Reforms Aimed at Economic Growth and Social Inclusion

Tanisha Cardozo

The Goa Chamber of Commerce & Industry (GCCI), under the leadership of its President Ms. Pratima Dhond, has expressed strong support for the sweeping Goods and Services Tax (GST) reforms announced at the 56th GST Council Meeting. These reforms, hailed as one of the most progressive steps in India’s tax history, aim to simplify the indirect tax structure while promoting inclusive economic growth.

The introduction of a simplified two-slab GST structure — with rates of 5% and 18% — accompanied by a special 40% slab for luxury and sin goods, is expected to bring stability and clarity to the tax regime. GCCI believes this will lead to improved compliance, reduced litigation, and heightened investor and consumer confidence.

Among the most lauded aspects of the reform is the complete removal of GST on all individual life and health insurance policies — a move expected to increase affordability, boost insurance penetration, and strengthen the country’s financial safety net. GCCI considers this a landmark development towards financial inclusion and social security.

In the healthcare sector, the exemption of GST on 33 lifesaving drugs, and reduced rates on others including medical equipment, is expected to reduce the cost burden on citizens and enhance accessibility.

MSMEs, which form the backbone of India’s economy, stand to benefit significantly from reduced compliance burdens and lower tax costs. This boost to competitiveness could further energize employment and innovation in the sector.

The reforms also provide considerable relief to farmers and workers in labor-intensive industries. Reduced GST on tractors, farming equipment, textiles, leather goods, marble, and handicrafts is aimed at reviving rural and artisanal economies.

For households and the common man, daily-use products like soaps, hair oil, milk products, tea, coffee, namkeens, and bicycles now fall under the 5% or NIL tax bracket, improving affordability and encouraging consumption. This is expected to increase demand for discretionary and aspirational products including consumer durables, automobiles, and home appliances — potentially adding 20 to 50 basis points to GDP growth.

The operationalisation of the long-awaited GST Appellate Tribunal is expected to reduce legal disputes and foster ease of doing business. GCCI noted that the reforms address both industry concerns and public needs, maintaining a thoughtful balance. While the government may incur a revenue loss estimated between ₹0.7 to ₹1.8 trillion annually, this is offset by the continued application of the 40% GST rate on luxury and sin goods such as pan masala, aerated drinks, and tobacco.

GCCI President Ms. Dhond summed up the mood, stating, “This across-the-board reform is not only pro-business and pro-consumer, but also pro-society. By making insurance and healthcare affordable, while boosting consumption and competitiveness, the GST reforms will go a long way in strengthening India’s economic growth and socio-economic fabric of our nation.”

These reforms mark a turning point in India’s economic journey — blending fiscal prudence with inclusive growth.