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  • Apple Unveils Dazzling ‘Liquid Glass’ UI in iOS 26 Developer Beta

    Hours after revealing its new software at the Worldwide Developers Conference (WWDC) 2025 in California, Apple has made the iOS 26 developer beta update available.

    ‘Liquid Glass’ is a new UI design language that Apple has included in its developer beta to allow app developers to improve their apps before the software’s final release. This is the largest change. Given that it is beta software, there may be glitches, and the program itself may feel shaky, particularly in the early iterations.

    Therefore, installing beta software is not recommended for users that use the device on a daily basis, as per various tech experts. To utilise it on Apple devices, wait for the official launch.

    How Liquid Glass Works?

    Apple’s latest design interface language, Liquid Glass, is translucent and acts like glass in real life. It cleverly adjusts its hue to light and dark conditions based on the material around it.

    Buttons, switches, sliders, text, tab bars, and sidebars for app navigation are just a few of the tiny elements that users interact with, according to Apple’s statement on 10 June.

    Notably, the updated design is compatible with iOS 26, iPadOS 26, macOS Tahoe 26, watchOS 26, and tvOS 26 for the first time.

    Refining iPhone Experience Through Apple Intelligence

    The iPhone experience is improved by Apple Intelligence, which also makes it easier for consumers to complete tasks and opens up new ways to interact with the screen.

    Messages, FaceTime, and Phone all have live translation built in to facilitate multilingual communication by instantly translating text and audio. Apple-built models that operate fully on the device enable live translation, ensuring that customers’ private chats remain private.

    Visual intelligence expands on Apple Intelligence by enabling users to search and interact with everything they see across apps on their iPhone screen.

    Users can search Google, Etsy, or other compatible apps to find related images and products, or they can ask ChatGPT questions about what they’re seeing onscreen to find out more.

    Additionally, visual intelligence may identify when a user is viewing an event and recommend that they add it to their calendar, updating important information such as the date, time, and location.

    Users may express themselves in even more ways with Genmoji and Image Playground, such as by combining their favourite emoji, Genmoji, and descriptions to create original content. These days, shortcuts are smarter and more potent than before.

    In addition to seeing specific actions for features like Writing Tools and Image Playground, users may access intelligent actions, a whole new set of shortcuts made possible by Apple Intelligence.

    Users can now view their complete order details and progress notifications in one location, even for transactions made outside of Apple Pay, thanks to Apple Intelligence’s ability to automatically recognise and compile order tracking information from emails received by delivery carriers and merchants.

    Furthermore, any app can now directly access the on-device foundation model at the heart of Apple Intelligence thanks to a new Foundation Models framework. This gives developers access to powerful intelligence that is quick, built with privacy at its core, and accessible offline through free AI inference.

  • Daily Indian Funding Roundup – June 09, 2025

    Today’s funding rounds reflect a balance between growth-stage bets in core sectors like defence, mobility, and fintech, and early-stage innovation in lifestyle tech. While valuations face pressure, strategic capital continues to flow into startups building strong technological foundations.

    📊 Funding Roundup – 09 June 2025

    Startup Funding Lead Investor(s) Use of Funds / Notes
    Cred $72 M / ₹617 Cr GIC’s Lathe Investment, RTP Global, Sofina, QED Down‑round; valuation now ~$3.5 B; core fintech focus
    Sanlayan Technologies ₹186 Cr (~$22 M) Ashish Kacholia, Lashit Sanghvi, Jungle Ventures Scale defence‑tech R&D and hiring; radar, EW, avionics solutions
    Vecmocon Technologies $18 M (~₹153 Cr) Ecosystem Integrity Fund (EIF), Blume, Aavishkaar, BII Enhance EV tech, embedded systems; global expansion
    Rapido ₹125 Cr (~$15 M) Nexus Venture Partners Expand into food delivery and insurance services
    Roomstory.ai ₹3 Cr (~$0.36 M) Rukam Sitara Fund, Aakash Anand, Wolfpack Labs Pre‑seed round to develop AI‑based interiors shopping platform

    CRED

    Fintech unicorn CRED has raised $72 million (₹617 crore) in a down‑round led by GIC’s Lathe Investment, with additional support from RTP Global, Sofina Ventures, and QED Innovation Labs (Kunal Shah’s family office).
    This puts its valuation at approximately $3.5 billion, almost a 45% decline from its peak, yet it signals enduring investor confidence in its core payments business.

    Sanlayan Technologies

    Bangalore‑based defence electronics startup Sanlayan has secured ₹186 crore (~$22 million) in a Series A round led by industrial heavyweights Ashish Kacholia, Lashit Sanghvi, and Jungle Ventures, along with Gemba Capital, Singularity, and newcomer Shastra VC. Co‑founded by ex‑Zetwerk engineers, the company focuses on radar, electronic warfare, and avionics systems — the fresh capital will boost R&D and scale up hiring of technical and defence‑domain talent.

    Vecmocon Technologies

    Deep‑tech startup Vecmocon, headquartered in Delhi NCR and incubated at IIT‑Delhi, has raised $18 million (~₹153 crore) in Series A funding. The round was led by Ecosystem Integrity Fund, with participation from Blume Ventures, Aavishkaar Capital, BII, and existing backers. The funds will support the development of its electric‑vehicle stack, including battery‑management systems, vehicle‑intelligence modules, and AI‑analytics, and support global expansion.

    Vecmocon Technologies Secures $18M to Boost Global EV Innovation
    Vecmocon Technologies, a deep-tech electric mobility solutions provider, today announced the successful closure of its Series A funding round, raising a total of $18 million.
    StartupTalkyStartupTalky News

    Rapido

    Urban mobility player Rapido is set to raise ₹125 crore (~$15 million) in its Series E round via the issuing of ~23,872 preference shares to Nexus Venture Partners at ₹52,467 each. The funding will support its foray into food delivery and insurance services — the app processed 4 million rides in one day recently, and aims to undercut commissions charged by Zomato and Swiggy.

    Roomstory.ai

    Interior‑tech start‑up Roomstory.ai has raised a ₹3 crore (~$360k) pre‑seed round led by Rukam Sitara Fund, with participation from Aakash Anand (Bella Vita) and Wolfpack Labs. Co‑founded by Ekatva Jain, Sahil Lunia, and Punit Jain, Roomstory.ai offers users AI‑powered interior decor inspiration with integrated e‑commerce links — “bridging the gap between browsing and buying”.

  • Starlink Set to Launch in India with INR 3,000 Monthly Plans, INR 33,000 Setup Fee

    With an anticipated monthly price of INR 3,000 for limitless bandwidth and a one-time fee of INR 33,000 for the receiver kit, Elon Musk’s satellite internet business Starlink is getting closer to offering its services in India.

    According to a media site, the service is anticipated to launch within the next 12 months. On June 6, Starlink achieved a significant milestone in its attempts to join the Indian broadband market by obtaining a vital licence from the Ministry of Telecommunications.

    With this approval, Starlink becomes one of the three companies permitted to provide satellite-based internet services in India, joining Bharti Airtel’s OneWeb and Reliance Jio’s satellite division.

    Through its constellation of low-Earth orbit (LEO) satellites, Starlink intends to provide 600–700 Gbps of bandwidth, focusing on rural and isolated regions where traditional fibre and mobile networks are still scarce or unreliable.

    Starlink is establishing itself as a premium service in areas where terrestrial internet is not an option, even though India is renowned for having some of the lowest data prices in the world. There were differing initial predictions regarding Starlink’s pricing in India.

    Sanjay Bhargava, the former head of Starlink India, had projected an initial cost of INR 1.58 lakh, which would drop to INR 1.15 lakh in later years. The revised numbers align the price with Starlink’s recent debut in Bangladesh, where the service is available for INR 3,000 per month with a hardware cost of INR 33,000.

    At the moment, Starlink serves a few Asian nations, such as Bangladesh, Bhutan, Malaysia, Indonesia, the Philippines, and Japan. Standard plans cost between INR 4,000 and INR 6,000 per month, depending on the market, whereas Residential Lite plans in the region usually cost between INR 2,600 and INR 3,000.

    The first-year cost in Bangladesh, where the pricing plan is very similar to that suggested for India, is approximately INR 66,000. Before Starlink can begin operations in India, it still needs to clear further regulatory obstacles even after obtaining its operating licence.

    The DoT has yet to approve the spectrum allotment proposals made by the Telecom Regulatory Authority of India (TRAI). The necessary paperwork for DoT clearance has already been sent in by the business.

     After Starlink promised to abide by the most recent national security regulations for satcom operators, DoT granted initial clearance.

    These comprise 29 new requirements, including the usage of local data centres, the requirement for interception and monitoring systems, the ability for mobile terminals to track, and the stringent localisation of infrastructure and services.

  • Vecmocon Technologies Closes $18 Million Series A Round to Power Advanced EV Intelligence Platforms

    • Fresh funding of $8 million is being raised in Phase 2 of the Series A round led by Ecosystem Integrity Fund (EIF), with participation from Aavishkaar Capital
    • This funding builds upon the earlier Series A capital of $10 million, raised in November 2024, which was led by Ecosystem Integrity Fund (EIF) and included participation from British International Investment (BII) and Blume Ventures

    Vecmocon Technologies, a deep-tech electric mobility solutions provider, today announced the successful closure of its Series A funding round, raising a total of $18 million. The round was led by Ecosystem Integrity Fund (EIF), with participation from Blume Ventures and Aavishkaar Capital. This funding expands upon the earlier Series A capital of $10 million, raised in November 2024 from EIF, British International Investment (BII), and existing investor Blume Ventures, which also backed the company at the pre-Series A stage.

    “This infusion of capital will be used to further accelerate our Research and Development endeavours, with a goal of building the most robust and advanced platforms for connected electric vehicles and energy storage ecosystems. We are committed to designing, developing, and manufacturing entirely within India to address both Indian and global market demands effectively. In doing so, we are preparing to become a significant contributor to the global transition efforts towards sustainable electric mobility and clean energy.” Said Peeyush Asati, CEO and Co-Founder, Vecmocon.

    Vecmocon is developing a future-ready EV intelligence stack that includes functional safety-compliant Battery Management Systems (BMS), Smart chargers, Vehicle Intelligence Modules (VIMs), secure OTA infrastructure, and AI-native analytics platforms to support OEMs, fleet operators, and EV ecosystem and infrastructure companies in India and international markets.

    Speaking on funding, Devin Whatley, Managing Partner at EIF, said, “At EIF, we’re thrilled to support Vecmocon as it builds the technical backbone for India’s rapidly expanding EV ecosystem. Its cutting-edge solutions unlock smarter, safer, and more reliable EVs – accelerating the shift to sustainable transportation. With its customer-centric approach, demonstrated performance, and passionate team, we believe Vecmocon is well-positioned to lead the EV intelligence movement in the country.”

    Aligned with India’s strategic initiatives, including Make in India, FAME-II, and the Production Linked Incentive (PLI) scheme, PM-eDrive Vecmocon’s products are fully designed and manufactured domestically, fostering technological sovereignty and self-reliance.

    “We are delighted to support Vecmocon in their mission to revolutionise sustainable and clean mobility. This investment aligns perfectly with our commitment towards fostering innovative solutions that drive positive environmental impact,” said Shashvat Rai, Partner at Aavishkaar Capital. “ The Vecmocon team has made great strides in developing the right solutions for marquee Indian OEMs, and we believe Vecmocon’s cutting-edge technology will play a critical role in shaping the future of the global electric vehicle industry.”

    With its sights set on global electric vehicle (EV) markets, Vecmocon is proactively preparing its product roadmap to address growing international demand. The company is focused on integrating advanced technological innovations, including zonal ECU-compliant architectures, 5 G-enabled V2X communication devices, secure boot environments, and comprehensive automotive cybersecurity protocols, ensuring reliability, safety, and enhanced connectivity for next-generation electric vehicles.

    About Vecmocon Technologies

    Founded in 2016 and incubated at IIT Delhi, Vecmocon Technologies is a full-stack, deep-tech company developing safety-critical electronic and software platforms for electric vehicles. Its offerings include Battery Management Systems (BMS), intelligent chargers, Vehicle Intelligence Modules (VIM), motor controllers, and cloud-based analytics, ensuring superior performance, reliability, and data-driven insights for EV OEMs, fleet operators, and financial institutions. Vecmocon’s solutions are enabling more than 100,000 vehicles, including two-wheelers, three-wheelers, and light commercial vehicles. Expansion plans target high-voltage vehicles, passenger cars, fleet operators, electric buses, electric trucks, and energy storage systems in both Indian and international markets.

    Rahul Goenka on ElectroRide’s Ambitious Vision to Lead India’s EV Revolution
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    StartupTalkyMuskaan Kapoor

  • Blinkit Shuts Down in Pune by FDA for Operating Without License

    In the Balewadi-Baner neighbourhood of Pune, the dark store “Energy Darkstore Services”, one of the stores of Blinkit, has been the target of significant action from the Maharashtra Food and Drug Administration.

    The FDA has ordered this establishment to close immediately due to numerous major irregularities and operating without a valid food licence. Following an on-the-spot examination on June 5, this action was conducted.

    This establishment is classified as a food business under Section 31(1) of the “Food Safety and Standards Act, 2006” and requires a licence to operate, per the order issued by the FDA Joint Commissioner’s Office. Energy Darkstore Services was nevertheless delivering and keeping food items without a legitimate licence.

    FDA Inspection Reveals Massive Irregularities

    Numerous abnormalities that Blinkit engaged in during its regular business operations were discovered during a recent FDA team examination. Although a licence was applied for, it was never submitted. The food was stored in rusting racks.

     It was discovered that the store’s cleanliness regime was incredibly subpar. Food package information was discovered to be inaccurate. The employees lacked hygienic certifications and wore no protective gear, such as headgear. For milk and fruits, the necessary certificate was not accessible.

    FDA Giving Stern Warning to Store Manager and Owner

    Omprakash Mantri, the establishment’s owner, and Jai Arvind Bhaskar, the store manager, were found guilty of breaking food safety regulations. Legal action has been threatened against each of them.

    In June 2024, Energy Darkstore Services requested a food licence; however, the licence was denied since the necessary paperwork was not correctly provided. In spite of this, the corporation proceeded to distribute food, which is against the law. The FDA has made it clear that more than one retailer would be affected by the action.

    Every dark store and online food distribution centre in Pune is undergoing a thorough inspection. According to FDA officials, any operation will be deemed a violation of the regulations as long as there is no legal food licence.

    However, by filing all the necessary paperwork, the business can receive a licence under the Food Safety Act and resume operations if it so chooses.

    Dark businesses deliver food straight to customers who place internet orders. According to officials, if these establishments fail to adhere to safety, storage, or cleanliness criteria, it is directly affecting the public’s health.

    The Food Safety and Standards Act will be strictly enforced, the FDA has warned, if it is discovered that such operations are running without a licence.

    This move serves as a reminder to all other underground businesses to promptly obtain legitimate documents. According to FDA authorities, this is only the start. The watchdog body is currently monitoring all dark businesses in Pune city.

  • Reliance & Shein to Take India-Made Fashion Global Within a Year

    According to numerous media reports, fashion retailer Shein and partner Reliance Retail intend to quickly grow their Indian supplier base and begin selling Shein-branded clothing abroad in the next six to twelve months.

    As per stories published in the media, the Singapore-based e-commerce company, which was started in China, has been in talks with the Indian retailer about plans ever since the US put tariffs on Chinese goods, which made sourcing more difficult. The goal is to increase the number of Indian suppliers from 150 to 1,000 in a year.

    Shein said it licensed its brand for use in India. Shein sells inexpensive clothing, like dresses for $5 and pants for $10, that are supplied straight from 7,000 Chinese vendors to consumers in about 150 countries. Its largest market is the United States, where it is acclimating to tariffs on low-value, duty-free Chinese e-commerce packages.

    As part of government action against companies with ties to China amid border tensions with its northeast neighbour, the shop started in India in 2018, but its app was blocked in 2020. In February, it made a comeback under a licensing agreement with the Reliance Industries division, which established SheinIndia.in to sell clothing bearing the Shein name made in nearby factories. Shein’s other websites, on the other hand, primarily feature Chinese products.

    Reliance Building its Garment Manufacturing Network

    As per reports, Reliance, which is owned by Asia’s richest man, Mukesh Ambani, has agreements with 150 clothing manufacturers and is in talks with 400 more. Within a year, 1,000 Indian manufacturers are expected to produce Shein-branded clothing for the Indian market as well as to supply some of Shein’s international websites.

    Shein initially intends to list clothing made in India on its websites in the US and the UK. Discussions have been going on for months, and depending on the number of suppliers, the six- to 12-month launch date may change.

    Reliance, which handles manufacturing, supply chain management, sales, and operations in the Indian market, has been granted a domestic brand licence by Shein, the company announced in a statement.

    The goal of the Shein-Reliance alliance, according to Minister of Commerce and Industry Piyush Goyal, was to establish a network of Indian suppliers of Shein-branded clothing for sale “domestically and globally” in December.

    Shein Gaining Popularity in India

    Shein is a massive fast-fashion company that makes over $30 billion a year thanks to its aggressive marketing and inexpensive costs. Although some of its items are created in Turkey and Brazil, the majority come from China.

    The company’s expansion in India is indicative of the interest in the country from Walmart and other global fashion and retail companies, particularly those seeking suppliers outside of China as a result of the Sino-US trade conflict.

    According to data from market research firm Sensor Tower, the Shein India app has been downloaded 2.7 million times on the Apple and Google Play stores, with an average monthly growth of 120%.

    Only 12,000 designs have been offered in the first four months, which is a small portion of the 600,000 products on its US website. As of June 9, the cheapest item in the women’s dresses category is 349 Indian rupees ($4), while the US website charges $3.39.

  • Roomstory.ai Raises INR 3 Crores in Pre-Seed Funding Led by Rukam Sitara to Power AI-Driven Interior Commerce

    • Aakash Anand, Founder of Bella Vita Organic, along with Wolfpack Labs, participated in the pre-seed funding round led by Rukam Sitara
    • Funds to boost platform’s AI capabilities, launching the website and mobile applications, and delivering a seamless digital experience

    Roomstory.ai, India’s first AI-powered shopping assistant for all things interiors, has raised INR 3 Crores in a pre-seed round led by Rukam Sitara Fund. The company will use the raised capital to enhance its AI capabilities, launch its website and mobile applications for a seamless digital user experience, and grow its user base while building a community of interior design enthusiasts.

    “Most interior platforms force you to choose between inspiration and shopping, we eliminate that divide. Roomstory doesn’t just show you a beautiful room; it hands you the exact tools to recreate it, wherever you prefer to shop,” said Ekatva Jain, Co-founder & CEO of Roomstory.ai.

    Rukam Sitara Fund’s participation reflects its belief in the potential of design-tech platforms to scale meaningfully. Known for backing visionary consumer-first brands, the fund brings strategic support along with capital to help Roomstory build its next phase of growth.

    On investment, Archana Jahagirdar, Founder and Managing Partner, Rukam Sitara Fund, asserted, “Roomstory is the kind of bold, intuitive idea we love to support, rooted in deep design expertise and powered by cutting-edge AI. Their platform unlocks massive potential in a category that has long lacked innovation. We believe Roomstory is poised to reshape how modern consumers design and shop for their homes.” 

    “Roomstory is tapping into a massive shift in how modern consumers discover and buy for their homes. Their AI-native approach bridges the long-standing gap between dreaming and doing.” added Aakash Anand, Founder, Bella Vita Organic.

    Founded by architect-entrepreneurs and longtime friends Ekatva Jain (CEO), Sahil Lunia (Chief Design Officer), and Punit Jain (COO), Roomstory combines over a decade of design experience and 100+ completed interior projects with a tech-first approach to transform how people create and furnish their spaces. Roomstory.ai is an AI-powered platform that allows users to explore beautifully styled rooms and instantly shop every item through direct links to retail partners, offering a seamless & Pinterest-like experience. The platform focuses on inspiration-first commerce, bridging the gap between browsing and buying in the interior design space.

    Globally, the home and interior shopping category, valued at over $800 billion, is shifting toward visual-first, AI-powered discovery. In India, this trend aligns with a rapidly growing market. Research shows that the interior design sector is expected to be valued at $38.2 billion by 2027, growing at a CAGR of 30% between 2021 and 2027. When combined with the Indian furniture market, the total opportunity reaches around $76 billion. This rapid growth both in India and globally signals a clear need for bold, tech-first solutions like Roomstory.ai and reinforces the critical role of visionary entrepreneurs and a strong ecosystem in redefining the future of interior commerce. 

    About Rukam Sitara 

    Rukam Sitara is a venture capital (VC) fund located in New Delhi, committed to fostering the growth and development of early-stage technology startups. It focuses on investment activities of enterprises founded by innovative and ambitious Indian entrepreneurs. Rukam Sitara’s mission is to identify, invest in, and accelerate the progress of the most promising tech ventures in India. Its purpose extends beyond financial investment; Committed to supporting and nurturing the spirit of entrepreneurship and innovation in India.

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  • Sunnova Slashes Over Half its Workforce, Lays Off 718 Employees in Major Shake-Up

    In an attempt to cut expenses while one of its companies declares bankruptcy, Sunnova Energy has let go of 718 workers, or around 55% of its workforce. In a filing on 5 June’s afternoon, Sunnova informed federal regulators that its wholly owned subsidiary, Sunnova TEP Developer LLC, had declared Chapter 11 bankruptcy on 8 June.

    Companies that file for Chapter 11 bankruptcy have the opportunity to restructure their finances and continue operating. In its notice to the Securities and Exchange Commission, Sunnova stated that the bankruptcy filing “is not expected to have a material effect on our servicing operations for existing customers.”

    Sunnova, once a symbol of Houston’s transformation from the oil-and-gas city to the energy transition capital more generally, has seen a sharp decline in popularity, which is reflected in the enormous layoffs and bankruptcy filing.

    The company’s headquarters in Houston is also home to a large number of Sunnova’s staff. Since the start of the year, Sunnova has lost about 1,000 workers, including the over 300 workers it let go in February.

    Inimical Environment for Sunnova

    In March, Sunnova issued a warning to investors that there was “substantial doubt” that the company would be able to avoid going bankrupt the following year. John Berger, the company’s original CEO, left a week later.

     Since then, Sunnova has been “working diligently” to obtain funding, the company wrote in a May 30 letter to the Texas Workforce Commission. However, “after extensive negotiations”, it has yet to get sufficient investor backing to prevent the mass layoffs.

    According to Sunnova’s worker adjustment and retraining notification, some of its investors have “unexpectedly shut off access” to more loans, which “in turn prevents the continued origination of new solar systems and the completion of existing solar systems.”

    The self-described “faltering company” claimed in the notification that Sunnova’s financial situation was further limited by its incapacity to finish current solar installations.

    On May 30, the same day Sunnova delivered its letter to the Texas Workforce Commission, the mass layoffs went into effect. The letter stated that the company’s “unforeseeable business circumstances” prevented it from informing the state agency sooner.

    According to Sunnova, the entire renewables business was shaken by an abrupt, unexpected, and difficult macroeconomic environment.

    Lack of Strong Support and High Interest Rates Choking the Business Operations

    High borrowing rates and diminished state subsidy programs have hampered Sunnova, as they have hurt other residential solar enterprises. These factors make rooftop solar technology more costly for prospective buyers.

    Additionally, the US Senate is considering whether to remove federal tax subsidies for home solar systems as part of President Donald Trump’s “big, beautiful bill.” The cost of the technology would increase if those tax benefits stopped.

    Sunnova claims that it was the driving force behind the Department of Energy’s recent decision to revoke the majority of its $3 billion loan guarantee. The money would have been used to support Sunnova’s now-canceled initiative to increase solar access for Puerto Ricans, low-income individuals, and those with poorer credit ratings.

    Due to its $1.9 billion in debt that must be paid off in full by the end of 2028, Sunnova is particularly susceptible to these issues facing the industry.

  • Home Loan Rates Drop After RBI Cut — Big Relief for Existing Borrowers!

    Four significant public sector banks have changed their lending rates in response to the Reserve Bank of India’s (RBI) recent move to lower the repo rate by 50 basis points, which reflects the central bank’s monetary easing stance.

    In the face of persistent difficulties, the action seeks to boost credit expansion and sustain economic activity. One of the first banks to lower its repo-linked lending rate (RLLR) by 50 basis points was Bank of Baroda, which did so on June 7, 2025, when it dropped to 8.15%.

    Following suit, Punjab National Bank (PNB) maintained its Marginal Cost of Funds based Lending Rate (MCLR) at 8.35% but reduced their RLLR by 50 basis points to 8.35% as of June 9. Likewise, on June 6, Bank of India reduced its repo-based lending rate by 50 basis points to 8.35%.

    UCO Bank reduced its MCLR by 10 basis points over a range of tenures, with the one-year MCLR now at 9%. It also reduced its RLLR by 50 basis points starting on June 9 and now stands at 8.30%.

    Beginning on June 7, HDFC Bank, a prominent private sector lender, likewise lowered its MCLR by 10 basis points throughout all tenures. The overnight and one-month MCLR rates decreased to 8.9% as a result of this modification.

    Bringing a Big Smile on the Face of Existing Borrowers

    Floating-rate loans, which are required by RBI regulations to be adjusted in accordance with the benchmark repo rate, are immediately impacted by the RBI’s repo rate drop. Lower interest rates will therefore be an immediate benefit for current borrowers with floating-rate loans.

    However, because banks are anticipated to adjust the spreads they charge over the repo rate in order to remain profitable, new borrowers might not fully benefit from the rate decrease. For instance, Bank of Baroda’s home loan rates for first-time borrowers now start at 8% following the change.

    Due to this selective adjustment, current borrowers stand to benefit more than new ones, as many of them previously obtained loans at reasonable rates as a result of market competition. A number of public sector banks, including Union Bank of India, Bank of India, Bank of Maharashtra, and Central Bank of India, were providing home loans with interest rates as low as 7.85% for loans up to INR 30 lakh prior to the RBI rate drop.

    Home loans were available at 7.90% from other lenders such as Canara Bank, Indian Bank, Indian Overseas Bank, and UCO Bank; Canara’s rate applied to loans above INR 75 lakh, while others applied to smaller credit amounts.

    FDs will Fetch Lesser Returns Now

    Lenders are also anticipated to lower returns on fixed deposits (FDs) in order to maintain profitability in the face of rate cuts and increasing liquidity in the banking system. In the short term, this change might make fixed deposits less alluring to savers.

     While trying to promote economic growth through lower borrowing costs, the RBI’s drop of the repo rate and the banks’ subsequent adjustments show continuous efforts to balance credit availability, profitability, and competitive pressures in the Indian banking sector.

  • Lilavati Hospital Trustee Files Fraud Case Against HDFC Bank CEO in Explosive Claim

    With the CEO of HDFC Bank now also named as an accused for allegedly targeting and harassing founder trustee Kishor Mehta, the ongoing conflict between the current trustees and former trustees of the Lilavati Kirtilal Mehta Medical Trust (LKMMT), which operates the renowned Lilavati Hospital in Bandra West, Mumbai, has intensified.

     In connection with the INR 1,250 crore embezzlement scandal, Prashant Mehta, the current permanent trustee, has filed a formal complaint against the CEO of HDFC Bank and seven other former trustees, including Chetan Mehta and other members of the LKMMT, for criminal breach of trust and deceit.

     Prashant Mehta, a permanent trustee of the LKMMT, filed the FIR in response to an order from a Bandra magistrate court against Sashidharan Jagdishan, the CEO of HDFC Bank, and seven other people, including previous trustee Chetan Mehta. Chetan Mehta and several previous trustees were charged by Prashant Mehta in March with embezzlement of trust funds, money laundering, and other financial violations.

    After then, FIRs were filed, and an inquiry was requested from the Enforcement Directorate. Speaking at a press conference on June 7, Prashant Mehta charged that Sasidharan and prior trustees, notably Chetan Mehta, had harassed Kishor Mehta. The Bandra police filed a formal complaint against Sasidharan and the other suspects in accordance with the magistrate’s court order.

    HDFC Calling it a Strategy to Thwart Recovery

    HDFC Bank, a prominent private sector lender, has refuted allegations against its CEO, Sashidharan, asserting that the allegations were intended to impede the recovery process of loans borrowed from the bank by the trustees.

    However, Prashant Mehta asserted that Kishor Mehta, who is 84 years old, was continuously harassed by more than 100 court summonses for reporting the operations of the trust. Kishor Mehta passed away in the midst of ongoing legal and medical issues, Prashant Mehta added.

    INR 1.5 Crore Bribe-Falsely Presented as CSR Donation: Mehta

    The permanent trustee also claimed that senior hospital doctors were bribed with INR 1.5 crore under false pretences of a CSR donation in order to try to hide or destroy important documents. This is neither a personal quarrel nor a business miscommunication, according to Prashant Mehta.

    This is a pervasive criminal breach of the rule of law, charity law, fiduciary duties, and public funds. In addition to suppressing the truth, Mr. Sashidhar Jagdishan has obstructed justice by abusing his institutional position. In order to rebuild trust in India’s banking and judicial systems, the trust requests that he be removed immediately.

    There is substantial documentary evidence to support the complaint against Mr. Jagdishan: A recovered cash diary shows that prior trustees paid Mr. Jagdishan INR 2.05 crore in unauthorised cash transfers.

    INR 25 crore in trust funds were illegally deposited into HDFC Bank without any kind of resolution, authorisation, or supervision. Mehta claimed that Mr. Jagdishan and his family received preferential medical care and waivers at Lilavati Hospital in return for their quiet and complicity.