Tag: Finance

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

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.

International

UAE Launches Digital Dirham: A New Era of Money Is Coming by End of 2025

Tanisha Cardozo

The United Arab Emirates is on the brink of a historic financial transformation. By late 2025, the Central Bank of the UAE (CBUAE) will roll out the Digital Dirham, a state-backed central bank digital currency (CBDC) designed to revolutionize everyday payments, business transactions, and cross-border remittances.

Not Cryptocurrency — A Legal Digital Currency

Unlike cryptocurrencies, the Digital Dirham is fully regulated, legally recognized, and directly backed by the UAE government. It holds the same value and legitimacy as the physical dirham and will be widely accepted across the country — from supermarkets and taxis to school payments and utilities.

Key Features of the Digital Dirham

🔹 Instant, Low-Cost Transfers:
 Built on blockchain infrastructure, the Digital Dirham enables real-time, low-fee transactions — especially useful for the UAE’s expat community, which sends billions of dirhams abroad annually. During a trial involving China and India, a Dh50 million transfer was completed in just seven seconds.

🔹 Accessible to All:
 No bank account? No problem. Through dedicated digital wallets offered by banks, exchange houses, and fintech apps, the Digital Dirham is designed to be inclusive, ensuring even unbanked residents can participate in the digital economy.

🔹 Blockchain-Powered Security:
 Every transaction will be recorded and traceable, minimizing fraud and making the system more secure than cash.

🔹 Smart Contract Integration:
 Recurring payments such as rent, subscriptions, or EMIs can be automated using smart contracts, simplifying financial management. This also enables tokenization of assets and new forms of investment.

What It Means for You

The Digital Dirham will function just like cash — it can be used to pay for groceries, fuel, school fees, and more. But the difference lies in its speed, security, and flexibility. You’ll be able to make instant payments online and in-store, without needing a physical card, and avoid high transfer fees when sending money abroad.

It will also improve interactions with government services, such as paying fines, renewing licenses, or submitting business fees — all in a seamless, digital experience.

Part of the UAE’s FIT Program

This launch is a major pillar of the Financial Infrastructure Transformation (FIT) initiative, which aims to create a modern, interconnected, and cashless economy. It follows the introduction of a new Dirham symbol earlier this year — a stylized ‘D’ with two horizontal lines — reflecting the country’s modern monetary vision.

The Future of Money Is Here

The UAE’s embrace of the Digital Dirham positions it as a global leader in financial innovation. As the 2025 rollout nears, residents can expect even more convenient and secure financial services, paving the way for a faster, smarter, and fully digital economy.

Business

Castrol India Appoints Mrinalini Srinivasan as New Chief Financial Officer

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Mumbai, July 8, 2025: In a significant leadership announcement, Castrol India Ltd. has appointed Mrinalini Srinivasan as its new Chief Financial Officer (CFO), effective July 28, 2025.

With a solid track record in the finance sector, Mrinalini Srinivasan will play a pivotal role in driving Castrol India’s financial strategy and operations. She takes over the role from the outgoing CFO and is expected to guide the company’s financial operations with her vast expertise in corporate finance, business strategy, and financial management.

Mrinalini Srinivasan comes with an impressive background in finance, having worked with several reputed organizations across diverse sectors. With over two decades of experience in leadership roles, she brings a wealth of expertise in managing corporate finance, strategic planning, mergers and acquisitions, and risk management.

Her appointment marks a key milestone in Castrol India’s continued commitment to strengthening its leadership team as part of its long-term vision for growth and innovation in India’s automotive and lubricants market.

As CFO, Srinivasan will be responsible for overseeing all financial functions, including financial planning, reporting, risk management, and strategic investments. She will be working closely with the leadership team to execute the company’s long-term strategies and ensure continued financial growth.

Castrol India has always been known for its focus on innovation and sustainable growth, and with the addition of Mrinalini Srinivasan, the company is set to further enhance its financial performance and contribute to the continued success of the business.

Mrinalini Srinivasan’s appointment is seen as a significant move by Castrol India as the company gears up for its future in the rapidly evolving automotive sector. As the world moves towards electrification and sustainability, the role of finance will be crucial in navigating the challenges and opportunities of these transitions.

Her appointment is also a testament to Castrol India’s ongoing commitment to attract top-tier talent to lead its business forward, ensuring that the company remains at the forefront of the industry.