In March, India recorded a significant drop in its retail inflation. It zoomed all the way down to its lowest point since August 2019. The country’s annual Consumer Price Index (CPI) now reports a number of 3.34%. That is well below the market’s forecast of 3.60%. This number, of course, is lower than the number recorded in February, which was at 3.61%. There’s a look going back to the late 3s from late last year.
The softening inflation we see today is mostly due to the consistent easing of food costs. In fact, when we look at the overall Consumer Price Index (CPI), markedly food prices have been the main areas driving that index down. They have been. So, when we break down inflation, food inflation has dropped fairly dramatically. March saw food inflation drop to 2.69% from 3.75% in February. This is the lowest reading in food inflation since November 2021. And it is occurring while we are also seeing some pretty remarkable decreases in food prices, most notably vegetable prices, which are down 7.04% year-on-year.
Food Prices Offer Crucial Relief
The overall retail price pressure has been reduced by the steady drop in food inflation. This is mainly due to better climatic conditions and improved agricultural outputs, which have loosened long-standing supply-side constraints. Wheat prices fell 5.46% in March, while pulses saw prices drop 8.34%. These drops in food prices have helped reduce overall inflation.
This moderation is especially welcome after last year’s unrelenting upswings in staple food prices that strained household budgets and pushed inflation above the RBI‘s target range. Stabilizing food costs offer beleaguered consumers some breathing room and give policymakers a chance to regain lost leeway in supporting economic momentum.
RBI Poised for More Rate Cuts
The RBI has already reacted to the forecast of falling inflation by cutting its key interest rate for the second time this year. With inflation now comfortably below its 4 percent target, with projections calling for it to hold around 3.5 percent for the next couple of years, the central bank seems ready to do more, if necessary, to keep growth on track.
Experts believe that India might get to see a minimum of two more rate cuts before the end of 2025, and this is contingent upon both domestic and international circumstances. If external factors, like the protracted U.S.-China trade spat, impact global growth even more severely, then another rate cut could come into play. Indeed, a third rate cut is very much a possibility under this set of circumstances.
The next monetary policy review by the RBI is set for June, and the market’s eyes will be fixed firmly on it. We want to know where the central bank is headed, and how it plans to tackle the mix of a global economy that is slowing and a domestic one that is recovering.
Favorable Monsoon May Boost Outlook
Adding to the positive expectations is India’s forecast of above-average monsoon rains this year. A strong monsoon almost always ensures much better agricultural output, which in turn, means easing food prices and sharper increases in rural consumption.
While inflation is cooling and the macroeconomic situation seems to have stabilized, India currently seems to be in a rare position of strength within an uncertain global landscape. If the recent positive trends continue, this could give the central bank an opportunity to use monetary policy to try to push the economy even further in the right direction.
In a recent move, the Reserve Bank of India lowered the repo rate by 25 basis points to reach 6%. The banks responded quickly, trimming their fixed deposit (FD) interest rates in short order across a range of tenures. The shift is now pretty much where you want it, aimed at liquidity, and looking to stimulate through an accommodative policy stance that makes retail banking products a little less attractive.
SBI, BOI Lead the Rate Reduction
The largest lender in India, the State Bank of India (SBI), has declared a decrease of 10 basis points in FD rates for deposits of under INR 3 crore, effective April 15, 2025. For time deposits of 1-2 years, the interest rate is now 6.70%, down from 6.80%. For fixed deposits with maturities between 2 and 3 years, the interest rate is now 6.90%, decreased from the previous rate of 7.00%. Senior citizens continue to earn 50 bps more under the “SBI We-Care” program, which offers preferential rates for time deposits.
Bank of India (BOI) has done one better and cut FD rates by a further 25 basis points. The rate for 1-2 year deposits, for example, is now at 6.75% (down from 6.80%). For short-term deposits (tenure 91 days to 1 year), the bank has also slashed rates; and it has done away with its high-yielding 400-day scheme that offered a premium of 7.30% before this cut was announced.
Private Banks Adjust Long-Term Rates
The private sector behemoths HDFC Bank and Yes Bank have also followed the trend of cutting rates. HDFC Bank has cut rates for its longer-term deposits by 35 to 40 basis points, which affects deposits that mature in 2 years and 11 months and 4 years and 7 months. Yes Bank has made a uniform cut for FDs that mature between 12 and 24 months. All of this demonstrates the wider industry ripple effect of the central bank cutting rates.
PNB and Canara Bank Fine-Tune Offerings
Other public sector players, such as Punjab National Bank (PNB) and Canara Bank, have also made adjustments to their FD rates. While PNB maintains an offering of up to 7.10% for its 390-day deposit, Canara Bank made some trims to its select suite of rates, with the most notable being a reduction of 20 basis points to some of its terms (not including the 444-day FD). However, the offer with the bank that stands out is still the 444-day FD at 7.25%. This sky-high rate, if you want to call it that, is still a very attractive option for not just long-term savers but also for senior citizens, who are receiving an extra 50 basis points on what is an already elevated rate.
As fixed deposits across the board have seen their rates softening, it is high time that we took a step back and re-evaluated our income strategies. Broadly, our financial advisors have suggested looking more towards short-duration debt funds and even some kind of niche deposit scheme that might be yielding better than the kind of fixed deposits we are used to. The distance we seem to be from the next rate hike entails that our fixed deposit returns might be compressed even further for the kind of time frame we might have considered a “safe” space.
The Reserve Bank of India‘s decision to reduce the repo rate by 25 basis points has created renewed worries for depositors and savers, even as borrowers greet the decision with smiles. Over the last two months, the repo rate has been trimmed by a total of 50 basis points, a cut that is a signal change in the RBI’s stance even as inflation remains muted and growth remains fragile. There is no question that this is a benign development for those who have taken loans, both in terms of getting new funds and for those who are repaying old loans. But what this means for Fixed Deposit (FD) holders is another matter.
In response, banks have started to modify their deposit schemes. Kotak Mahindra Bank was the first to take such action, paring down fixed deposit rates by as much as 15 basis points across some tenures. As of April 9, 2025, the bank offers rates across various tenures that range from 2.75% to 7.30% for the general public and 3.25% to 7.80% for senior citizens.
Senior Citizens and Conservative Investors Take a Hit
People reliant on set incomes, especially older adults, are likely to take the hardest hits from this shift. Such investors have usually counted on the safe, dependable returns of term deposits.
As more banks align with the RBI’s direction, rates will likely keep sliding. HDFC Bank has already lowered its FD returns, discontinuing its high-interest schemes that previously offered up to 7.40% for longer terms. In recent days, Bandhan Bank, Yes Bank, and Equitas Small Finance Bank have also trimmed their FD rates.
Shrinking Margins, Changing Liquidity Dynamics
The relatively stable nature of savings deposit rates, accounting for around 30% of deposit share, has dampened the overall transmission of the policy rate cuts to the depositors, according to the State Bank of India. But with CASA deposits declining and banks being under pressure to manage liquidity, even these rates may not hold steady for long.
SBI observes that term deposit rates are impacted in a much stronger way than lending rates. This starts to compress the net interest margins for banks, a kind of no-man’s-land indicator that could signal at least two broader trends. One is what’s happening on the funding side. Since term deposits are generally less liquid than demand deposits and there is still a healthy growth in demand deposits, banks could be moving towards a structure where they pay less for the funds they are using to make loans.
As fixed deposit rates are expected to fall even more in the coming months, analysts suggest that investors should take the time to secure high-yield rates. Vijay Kuppa, CEO of InCred Money, said that locking in current FD offers is a good strategy for investors, much more so, he said, if inflation remains low and future interest rate cuts are seemingly on the horizon.
Endorsement is a form of brand communication in which a celebrity works as the brand’s spokesman, certifying the business’s claim and stance by lending his or her personality, popularity, social standing, or industry experience to the brand. In a market with a lot of local, regional, and international companies, celebrity endorsement was once regarded as a good way to stand out.
In cricket, Kannanur Lokesh Rahul is a household name. He has recently achieved recognition for both good and negative reasons, but happily, things did not turn sour for him. Rahul has been a brand ambassador of various brands in different sectors because of his strong yet calm personality. On that note, let us jump right into the list of brands that KL Rahul endorses.
KL Rahul, the Indian cricket star, has teamed up with Metaman not just as a brand ambassador but also as an investor! Known for his love of style and fragrances, Rahul is now part of Metaman’s journey as they launch a premium perfume collection.
Metaman, which started as a men’s jewelry brand, is now expanding into high-quality, luxurious, yet affordable perfumes. Rahul, who has always been passionate about fashion and wellness, sees this as more than just a business move—it’s a long-term commitment.
With his sharp style and global exposure, Rahul aims to bring world-class fragrances to India.
Police Lifestyle
Police Lifestyle – KL Rahul Brand Endorsements
In November 2024, lifestyle brand Police announced a two-year partnership with Indian cricketer KL Rahul, appointing him as their brand ambassador for India and the Middle East. This collaboration is part of the Police’s “Audacity Wanted” campaign, which celebrates individuality and self-expression.
As part of this partnership, Police has launched the Police x KL Rahul accessories collection, featuring leather goods designed for the modern man. The campaign showcases Rahul in various visuals, offering a localized perspective on the “Audacity Wanted” concept.
This collaboration inspires individuals to embrace their uniqueness and make bold statements in every aspect of life, reflecting KL Rahul’s journey and the Police’s commitment to authentic self-expression.
Dream11
Dream11 – KL Rahul Brand Endorsements
KL Rahul, the renowned Indian cricketer, has been featured in several Dream11 advertising campaigns over the years. In 2024, during the Indian Premier League (IPL), he appeared in a humorous advertisement alongside fellow cricketers. This ad showcased a light-hearted family dinner scenario, highlighting the playful dynamics between the cricketing stars and the Bollywood actor, which resonated well with the audience.
These collaborations between KL Rahul and Dream11 emphasize his significant presence in the cricketing community while showcasing his appeal in mainstream media, bridging the gap between sports and entertainment.
BharatPe
BharatPe – KL Rahul Brand Endorsements
Indian cricketer KL Rahul has been associated with BharatPe, a prominent fintech company in India, through various collaborations focusing on empowering merchants and promoting secure digital transactions.
KL Rahul actively promoted BharatPe’s services on his social media platforms. In February 2025, he shared a reel emphasizing the importance of strong defense in cricket and payments, highlighting BharatPe UPI’s secure transactions.
Additionally, in January 2025, he posted about trusting BharatPe UPI for secure transactions, backed by BharatPe Shield’s free protection cover of up to ₹5,000.
XYXX Crew
XYXX – KL Rahul Brand Endorsements
Indian cricketer KL Rahul has collaborated with men’s innerwear and comfort wear brand XYXX in multiple capacities, including as an investor, brand ambassador, and central figure in several of their advertising campaigns.
Moreover, he became both an investor and the first-ever brand ambassador for XYXX. This partnership aims to leverage Rahul’s popularity to expand XYXX’s customer base, strengthen its online presence, and enter new markets. The collaboration reflects a shared ethos, with Rahul embodying the brand’s belief in trusting one’s instincts.
In May 2024, XYXX released a campaign featuring Rahul in a dystopian narrative where men are physically shackled by uncomfortable underwear. The campaign promotes XYXX’s products as a liberating alternative, encouraging men to break free from discomfort.
Carriall
Carriall – KL Rahul Brand Endorsements
Carriall, a brand renowned for its innovative smart travel luggage, appointed Indian cricketer KL Rahul as its brand ambassador. This collaboration aims to blend elegance, sophistication, and practicality, aligning with Carriall’s product philosophy and Rahul’s stylish persona.
With this partnership, Carriall sought to promote KL Rahul’s widespread appeal across India to expand its offline presence. While the brand has primarily operated online, Rahul’s endorsement is expected to facilitate a stronger foothold in offline markets nationwide, enhancing brand visibility and accessibility.
Red Bull
Red Bull – KL Rahul Brand Endorsements
KL Rahul’s collaboration with Red Bull has been a significant aspect of his cricketing journey, offering him platforms to showcase his talent and connect with fans. Red Bull has facilitated various interactive sessions with KL Rahul, including live interviews and Q&A sessions, allowing fans to gain insights into his preparations, mentality, and personal anecdotes.
These engagements have strengthened the connection between Rahul and his supporters, reflecting Red Bull’s commitment to bringing athletes closer to their audiences.Through these collaborations, Red Bull has played a significant role in glorifying KL Rahul’s presence both on and off the field, supporting his journey and enabling deeper fan interactions.
HyugaLife
HyugaLife – KL Rahul Brand Endorsements
Indian cricketer KL Rahul expanded his entrepreneurial ventures by investing in and becoming a brand ambassador for HyugaLife.com, a health and wellness platform offering a diverse range of products, including supplements, health foods, and sports nutrition.
Rahul’s collaboration with HyugaLife aims to inspire individuals across India to prioritize their well-being and adopt healthier lifestyles. These initiatives reflect KL Rahul’s dedication to fostering a health-conscious culture in India and HyugaLife’s commitment to providing authentic, high-quality wellness products to its customers.
Nayara Energy
Nayara Energy – KL Rahul Brand Endorsements
In April 2024, Nayara Energy, a prominent downstream energy company, launched its annual ‘Mahabachat Utsav’ campaign with celebrated Indian cricketer K.L. Rahul as the face of the initiative. This collaboration aimed to offer significant consumer savings on petrol purchases at Nayara’s extensive network of over 6,300 fuel stations across India.
This collaboration underscores Nayara Energy’s dedication to enhancing customer experiences and rewarding loyalty while also leveraging K.L. Rahul’s popularity to strengthen the campaign’s reach and impact.
Aditya Birla Capital
Aditya Birla Finance – KL Rahul Brand Endorsements
Aditya Birla Finance Ltd (ABFL) launched the ‘Ab Kahani Badlegi’ campaign, featuring Indian cricketer KL Rahul as its brand ambassador. This collaboration aims to inspire individuals to overcome challenges and achieve their aspirations, aligning with ABFL’s mission to empower people through tailored financial solutions.
The ‘Ab Kahani Badlegi’ campaign portrays ABFL as a financial powerhouse, offering products and services such as personal loans, business loans, SME loans, and loans against property with minimal documentation, faster disbursement, and a Flexi loan facility with a 100% online process that enable consumers to realize their long-held dreams. This nationwide effort, released on television and online platforms, aims to reach people of all ages.
Too Yumm
Too Yumm – KL Rahul Brand Endorsements
KL Rahul collaborated with Too Yumm, a popular healthy snacking brand, as part of its efforts to promote guilt-free indulgence. The collaboration aligns with Rahul’s image as a fitness-conscious athlete who maintains a balanced diet while enjoying tasty snacks.
Too Yumm, known for offering baked, not fried, snacks, has previously partnered with sports personalities to highlight its health benefits. Rahul’s association with the brand likely includes social media promotions, advertisements, and possibly campaign endorsements that emphasize the idea of snacking smart while maintaining an active lifestyle.
This partnership further strengthens Too Yumm’s appeal to young, health-conscious consumers who look up to athletes like KL Rahul for fitness inspiration.
KL Rahul, the renowned Indian cricketer, has collaborated with SG Cricket to introduce the Signature KLR x SG collection, a premium line of cricket equipment and gear. This collection features top-quality English willow bats, including the KLR Series, KLR Ultimate, KLR Xtreme, and KLR Edition, each designed to enhance performance on the field.
The bats are crafted from the finest English willow, traditionally shaped, and equipped with imported cane handles for superior grip and control. Additionally, the collection offers batting gloves and pads, all tailored to meet the high standards expected by professional cricketers.
KnobbX
Indian cricketer KL Rahul partnered with KnobbX, an apparel brand specializing in modern accessories. As a brand ambassador, Rahul has been featured in various advertising campaigns promoting KnobbX’s products.
This collaboration aligns with Rahul’s trendy persona, making him a suitable representative for nobbX’s contemporary designs.
This partnership is one among several in Rahul’s portfolio, reflecting his influence in the fashion and lifestyle sectors.
Hublot
Hublot – KL Rahul Brand Endorsements
KL Rahul, the renowned Indian cricketer, has been associated with Hublot, the luxury Swiss watch brand, as a brand ambassador since June 2023. This collaboration aligns Rahul with Hublot’s legacy of precision and elegance, reflecting his sophisticated and stylish image.
Hublot’s involvement in cricket includes a partnership with the International Cricket Council (ICC), serving as the official timekeeper for major ICC. This association emphasizes Hublot’s commitment to the sport and its athletes, with KL Rahul representing the brand’s dedication to excellence both on and off the field.
KL Rahul, the prominent Indian cricketer, has been associated with ARC – Athlete Recovery, a company specializing in sports recovery technology. Founded in 2023 by former Karnataka Ranji player David Mathias, ARC focuses on providing innovative recovery solutions, such as portable ice baths, to enhance athletic performance. Rahul was an early adopter of ARC’s vision and has been a significant supporter of their mission to revolutionize athlete recovery.
Realme
Realme – KL Rahul Brand Endorsements
Realme, a rapidly growing smartphone brand, appointed cricketer KL Rahul as the brand ambassador for its smartphone category. This collaboration was designed to align with Realme’s youthful and dynamic image, leveraging Rahul’s popularity and style to resonate with a broader audience.
As part of this partnership, KL Rahul became the face of the Realme 9 Pro+ 5G campaign, embodying the brand’s “Dare to Leap” philosophy. The campaign highlighted the smartphone’s advanced features, including its powerful performance and stylish design, aiming to appeal to tech-savvy consumers seeking both functionality and aesthetics.
boAt
boAt – KL Rahul Brand Endorsements
KL Rahul, the renowned Indian cricketer, has been associated with boAt, a leading Indian audio and wearable brand, as a brand ambassador. In this role, he has actively participated in promoting boAt’s range of products, including their audio devices and smartwatches. This collaboration is part of boAt’s broader strategy to partner with prominent figures in the sports industry to enhance its brand presence
Zenovit
Zenovit – KL Rahul Brand Endorsements
KL Rahul has signed a new sponsorship contract. He is now the face of the Zenovit dietary supplement line. Raveena Tandon, a Bollywood actress, had previously sponsored Zenovit. KL Rahul will star in a TV commercial for the brand that will be released soon. Due to Zenovit’s lack of social media presence, it does not appear that a digital advertising strategy will be implemented.
Puma
Puma – KL Rahul Brand Endorsements
Rahul will be seen endorsing Puma’s latest product lines in the performance and sport style categories through various brand advertisements as part of the contract.
Choosing to solely collaborate with a sportswear brand is a critical decision, and we have hit it out of the park with this collaboration,” Rahul said in a statement about the partnership with Puma.
As a cricketer, I am always trying to stay one step ahead of the game, both on and off the field, and Puma, the ever-faster brand, shares my ambitions and ideals. Working with Puma and joining their fantastic roster of athletes and superstars will be incredible,” he continued.
“Rahul is a natural fit for the brand due to his exceptional performance on the field, effortless style off the field, and propensity for fitness”. His demeanour is completely in line with Puma’s brand approach, and we are thrilled to be working with him and to begin this new partnership. Puma India MD Abhishek Ganguly said.
Cure.fit
Cure.fit – KL Rahul Brand Endorsements
KL RAHUL, a dashing Indian cricketer, has been appointed as a brand ambassador for Cure.fit. Cure.fit is a Bengaluru-based health and fitness start-up. Rahul will support cure.fit’s new CULT brand, which is a chain of high-end fitness centres, in order to broaden the brand’s reach. According to rumours, Cure.fit and the cricketer have agreed on a cash and equity deal.
Rahul has wowed everyone with his batting prowess and hard ethic, and he has made an impact on both the home and international circuits. Cornerstone Sport, a brand consultant and talent representation agency, brokered the arrangement.
Cricketer K L Rahul remarked of his partnership with Cult.fit, “I am immensely thrilled about my collaboration with Cult.fit.” As a sportsperson, fitness is important not only for improving on-field performance but also for improving overall health. Cult.fit’s machine-free workouts are impressive, and anyone who wants to get in shape may do it without using a machine.
In collaboration with retail partner Zeko online Pvt. Ltd., Indian opener KL Rahul established Gully, a “cult streetwear brand.” In the beginning, the brand’s products will be offered on one of India’s biggest online marketplaces as well as the Zeko online website. Rahul is also one of the brand’s co-owners.
T-shirts, joggers, and shorts will be the first items to be released, followed by jeans and sweatshirts later this year. Gully’s primary values are street culture, hip-hop, rap, and street sports. In Western countries, streetwear labels are immensely popular. Currently, there is no competition in the Indian market.
When it comes to creating and building brands, our idea is to first discover a market gap and then locate the proper partners with whom to collaborate. KL Rahul is one of the most fashionable cricketers and embodies the Gully spirit. Another important factor was in-house manufacturing, which provided the flexibility and agility needed for a new brand to prosper, according to Jogesh Lulla, COO, Cornerstone Sport.
RBI
RBI – KL Rahul Brand Endorsements
As the 2018 Indian Premier League (IPL), India’s biggest cricket extravaganza, draws to a close with Chennai Super Kings (CSK) claiming the title, the Reserve Bank of India (RBI) took advantage of the media frenzy to promote financial literacy.
Interestingly, during the event, a commercial depicting renowned batsman KL Rahul aired on TV channels.
Furthermore, he discussed the rules as well as the RBI’s new no-frills savings account system.
The cricketer, on the other hand, did not receive any compensation for his appearance in the commercial. However, because he is an RBI employee, they did not impose any fees.
NUMI
Numi Paris – KL Rahul Brand Endorsements
Actor Athiya Shetty and Ace Cricketer KL Rahul have been named as brand ambassadors for NUMI Paris, a French luxury eyewear brand that has recently arrived in India. NUMI Paris has enlisted the help of the skilled and beautiful actor, as well as the successful cricket player, to promote their elegantly handcrafted eyewear collection.
I am ecstatic to be welcomed into the NUMI Paris family,” NUMI has all of the qualities that I look for in a brand when I indulge. And I’m delighted to say that NUMI is a natural extension of my personality KL Rahul said.
FAQs
What is full name of KL Rahul?
Kannur Lokesh Rahul
Which major brands does KL Rahul currently endorse?
KL Rahul endorses a diverse range of brands, including Puma, Red Bull, BharatPe, Realme and more.
Does KL Rahul endorse only Indian brands, or also international ones?
He endorses both Indian and international brands, reflecting his widespread appeal.
A mobile application developed by the Reserve Bank of India (RBI) will provide users with access to over 11,000 distinct sets of economic data about the Indian economy. The RBIDATA app allows users to download statistics for analysis and includes information on data source, unit of measurement, frequency, and recent developments for better comprehension. The software is designed to help researchers, students, and the general public, the central bank said in a statement. It also provides fast access to the database on the Indian economy webpage.
This comes at a time when, in addition to launching programs for better data access throughout the nation, the RBI is also implementing a number of measures to fight financial crime and enhance transaction security. In order to combat cybersecurity threats and illicit actions like phishing, the central bank, for example, launched a special domain, “bank.in,” for Indian banks earlier this month.
Commenting on this development Rajjat Gulati, Co-Founder, plutosONE stated, “The Reserve Bank of India is a treasure trove of information about the Indian Economy. From data about Payment Systems, to Macroeconomic Indicators, to the opinions of Policy-makers, Business Leaders depend on this information for knowledge and decision-making. By releasing the RBIDATA App, the RBI has taken a large step towards making this information much more accessible. Anyone looking to understand the Indian Economy or take Business Decisions will now have access in the palm of their hands. We know this will greatly benefit our workflows.”
Echoing similar thoughts, Rajesh Katoch, CEO, EZ Capital said, “The Reserve Bank of India (RBI) has made an important move in the direction of greater transparency and access to financial data with its new mobile application, RBI Data. This revolutionary platform empowers the user through instant access to a treasure of economic and financial data, comprising major indicators, reports, and statistics that form the basis for sound decision-making. In the age of data-driven insights, the RBI Data app is an invaluable resource for researchers, policymakers, and the public at large. By providing access to this information at their fingertips, the RBI is not only encouraging a culture of engaged financial literacy but also active participation in the economic landscape of India.”
Further applauding the development, Sahil Lakshmanan, Chief Business Officer, CarePal Money stated,”The launch of the RBIDATA app is a significant step toward democratizing access to economic and financial data in India. For the lending industry, access to comprehensive macroeconomic and financial data is crucial for assessing market trends, credit risk, and economic stability. With features enabling real-time data analysis, the RBIDATA app can help lenders make more informed decisions, improve risk assessment models, and ultimately drive financial inclusion by enabling better access to credit.”
‘bank.in’ to Combat Financial Fraud
Recently, the Reserve Bank of India has launched an exclusive domain name for Indian banks, “bank.in.”. This was announced at the Monetary Policy Committee meeting by Sanjay Malhotra, the recently appointed governor of the RBI. Later on, the central bank would also launch “fin.in” for the financial industry. “The Reserve Bank shall implement the ‘bank.in’ exclusive Internet domain for Indian banks,” the central bank stated in its most recent notification. This domain name registration will start in April of this year. This will lessen the likelihood of banking fraud. The finance industry’s “fin.in” domain will come after this. All Indian banks will be required to use the “bank.in” domain starting in April 2025.
This would lessen digital fraud by assisting consumers in distinguishing authentic banking websites from counterfeit and similar ones. Stricter regulations for online banking have been strengthened by the RBI’s introduction of Additional Factor of Authentication (AFA) for domestic digital payments. The Reserve Bank has been taking a number of steps to improve digital security in the banking and payments system, according to the central bank’s official statement. One such approach is the implementation of Additional Factor of Authentication (AFA) for domestic digital payments. It is suggested that AFA be expanded to include digital payments made to offshore merchants who have been granted access to such authentication.
Ongoing Scenario of Cybercrime in India
A report by the Data Security Council of India claims that the country’s cyber threat landscape has reached a turning point, characterised by an unparalleled level of sophistication and number of threats aimed at both individuals and organisations. This research identifies 369.01 million unique malware detections using telemetry data from Seqrite’s installation base, which includes 8.44 million endpoints across the country. Rapid digitalisation in India has greatly improved connectivity and technological adoption in a number of industries, but it has also increased the attack surface and made the country more vulnerable to cyberattacks. These findings, which highlight important trends, threat vectors, and strategic implications for organisations, show the growing problems posed by cyber threats amid India’s rapid digital transformation.
According to the Reserve Bank of India (RBI), Kotak Mahindra Bank is now free to continue issuing new credit cards and onboarding new clients online after restrictions were removed. This follows the RBI’s decision in April of last year to stop Kotak Mahindra Bank from accepting new clients via its mobile and online banking platforms. Additionally, it was prohibited from issuing new credit cards by the central bank. The RBI observed that the bank has submitted compliance and taken action to resolve the previously raised supervisory concerns.
The RBI further emphasised that an external audit was conducted on the bank to confirm these compliances. The central bank stated in a statement released on February 12 that in order to confirm the compliance, the bank also hired an outside auditor with RBI’s prior consent. The Reserve Bank has now chosen to remove the aforementioned restrictions imposed on Kotak Mahindra Bank Limited after being satisfied with the bank’s representations and corrective actions.
Why RBI Barred Kotak Mahindra Bank?
It is important to remember that the RBI subsequently banned the bank, stating that it had concerns after conducting an IT investigation of the bank and that the bank had “continued” to fail to adequately and promptly resolve these concerns. The RBI went on to state that significant shortcomings and non-compliances were found in the following areas: vendor risk management, business continuity, disaster recovery rigour and practice, patch and change management, user access management, IT inventory management, and data security and data leak prevention strategy.
Over the years, the RBI has been examining banks and other financial organisations more closely. The country has also witnessed the central bank crack down on Paytm last year, which resulted in the closure of Paytm Payments Bank on March 15. Persistent compliance problems and supervisory worries, including infractions of customer due diligence regulations, were among the reasons given. Similar limits were imposed on HDFC Bank by the RBI in 2020, which prevented the bank from obtaining new credit card clients and from commencing its upcoming digital business-generating initiatives. But nearly two years later, in 2022, HDFC Bank was freed from this restriction.
RBI Enhancing Security Features of India’s Banking Services
The central bank has made a number of steps to better oversee the rapidly expanding digital banking and lending industry, even as its grip on surveillance is clear. In an effort to fight financial fraud, the central bank most recently announced during its monetary policy meeting on February 7 that it would launch an exclusive domain name for Indian banks, “bank.in.”
The RBI released digital lending rules in 2023 with the goals of protecting consumers, safeguarding data, and monitoring unlicensed technology partners engaged in lending. It released a framework for fintech self-regulatory organisations (SROs) in September 2024 with the goal of advancing accountability, transparency, and consumer protection.
This article has been contributed by Amol Bansal, Founder of MyGold.
India is home to an extraordinary quantity of gold, with households and temples collectively holding over 25,000 tonnes. Despite this immense wealth, much of it remains unused, yielding no financial returns. Gold leasing provides a way to mobilize this asset, transforming it into a productive resource while maintaining its cultural and emotional significance.
Gold has historically been regarded as a valuable asset and a cultural emblem. However, its full financial utility often remains unrealized. Gold leasing has emerged as a viable financial strategy, offering individuals and businesses a method to derive value from dormant gold holdings. This innovative approach enables owners to benefit from their assets without parting with them.
Leasing gold entails lending it to financial entities, refiners, or jewelers in exchange for fixed returns, such as monetary payments, interest, or equivalent benefits. Ownership remains intact, while the lessee utilizes the gold for jewellery manufacturing or trade. Unlike selling, this method allows holders to preserve their assets while simultaneously generating returns.
How Gold Leasing Functions
The process of leasing gold is systematic and structured. Initially, the gold is assessed for purity and weight at dedicated centers or through specialized services that offer doorstep evaluations. A formal agreement is established once the asset is verified, detailing the terms, duration, and expected returns. During the lease period, the lessor earns income, which may include compounded benefits that enhance the value of the gold over time. Upon completion of the term, the asset is returned in its original state.
Modern leasing platforms enhance this process by incorporating conveniences such as insured storage facilities, real-time access to gold, and secure redemption mechanisms. These advancements provide participants with a seamless and reassuring experience.
Relevance of Gold Leasing in Current Times
The increasing value of gold has bolstered its appeal as a financial tool. Recent data from the World Gold Council highlights this trend, showing that India’s gold purchases in the third quarter of 2024 amounted to INR 1.65 lakh crore, marking a 52% increase compared to the same period in 2023. This surge occurred despite a 28 percent rise in global gold prices, underlining the resilience of domestic demand.
Further illustrating the importance of gold, the Reserve Bank of India acquired 73 tonnes between January and November 2024, bringing its total reserves to 876 tonnes. These acquisitions positioned the RBI as the second-largest buyer globally, reflecting the strategic and economic importance of the metal. Such developments underscore gold leasing’s potential as a mechanism to leverage an invaluable asset.
Advantages of Leasing Gold
Gold leasing offers a spectrum of benefits. It provides a means to generate income while retaining ownership, enabling holders to capitalize on their assets without relinquishing them. The liquidity derived from leasing serves as a practical solution for financial needs, avoiding the necessity of loans or outright sales.
For businesses, particularly those in the jewellery sector, leasing eliminates the requirement for significant upfront investments. This approach reduces inventory expenses and enhances operational efficiency. Moreover, the risks associated with leasing are minimal compared to other investment avenues, as agreements typically guarantee the asset’s security.
Some platforms offer the added advantage of compounding returns, where the weight of the leased gold increases over time. For instance, leasing 100 grams today could result in a substantially larger amount after a decade and a half. This feature makes leasing a compelling option for long-term financial growth.
Gold’s Role in Indian Traditions
In India, gold exceeds its monetary value, holding a prominent place in cultural and religious practices. It plays an important role during festivals such as Deepavali. According to All India Gem and Jewellery Domestic Council (GJC) Chairman Saiyam Mehra, Dhanteras in 2024 saw a 15-20% increase in gold value, noting that gold sales were of about INR 16,000 crore and the full jewellery sector saw INR 18,000- INR 20,000 crore sales. Weddings and other significant occasions also contribute to the demand, with gold symbolizing prosperity and heritage.
The practice of leasing ensures that gold continues to fulfill its traditional roles while becoming a source of financial security. By enabling owners to maintain their heirlooms and generate value, this model aligns with the cultural reverence for the metal.
Practical Applications of Leasing
Gold leasing serves diverse beneficiaries. Families with substantial gold reserves can convert their holdings into a source of passive income. Rather than leaving gold unused in safes, owners can ensure it contributes to their financial well-being.
Jewellery manufacturers, who rely heavily on gold as a raw material, find leasing a cost-effective alternative to bulk purchases. This approach reduces their need for capital investments, improving inventory management and cash flow.
Industries involved in manufacturing or trade also benefit significantly. By leasing rather than purchasing, these businesses can allocate resources more efficiently, enhancing overall productivity.
Advancements in technology and service delivery have streamlined the gold leasing process, making it accessible and convenient. Some platforms offer doorstep evaluations and consultations, addressing the common concerns of safety and transparency. Real-time tracking systems allow users to monitor their assets and returns, fostering trust and confidence.
Partial leasing options further enhance flexibility, enabling owners to lease only a portion of their holdings while retaining items with sentimental value. These innovations cater to a wider audience, ensuring that gold leasing is both practical and appealing.
Broader Implications for the Economy
Gold leasing carries significant economic benefits. India imports between 700 and 900 tonnes of gold annually. By utilizing even a fraction of the gold already present within the country, leasing can reduce dependence on imports, conserving foreign exchange reserves. The jewellery and bullion industries, which are vital to the economy, benefit from an accessible and cost-effective supply of raw materials through leasing. This approach supports job creation and boosts industrial output.
At a macroeconomic level, integrating dormant gold into active circulation contributes to the country’s financial inclusion goals. By mobilizing a traditionally static asset, leasing aligns with India’s vision for sustainable economic growth.
Important Considerations
While gold leasing offers numerous advantages, careful evaluation is essential. Ensuring the purity and authenticity of gold is critical to avoid discrepancies. Partnering with reputable institutions or platforms with proven track records minimizes risks and guarantees reliability.
Understanding the terms and conditions of the lease agreement is equally important. Factors such as duration, expected returns, and redemption policies should be reviewed thoroughly. Flexible options, including partial leasing and early withdrawal, add to the convenience and usability of this financial strategy.
Consulting with financial advisors to understand potential tax implications can help individuals make informed decisions and maximize the benefits of leasing.
Quick commerce and e-commerce are fuelling private consumption in the nation, according to the Reserve Bank of India (RBI). According to the central bank’s monthly report, e-commerce and q-commerce are driving the economy’s recovery in private final consumption. The central bank went on to say that encouraging competition is more vital than imposing restrictions on certain markets. In the same sentence, the RBI pointed out that the October–December quarter saw a little increase in demand for household commodities. The RBI claims that the middle class, particularly in cities, is counting on relief from food inflation in order to increase their disposable incomes. The central bank proposed that increasing consumption is a means of reviving the economy’s animal spirits.
Rural India Goldmine for Ecommerce Platforms
According to the RBI, the country’s rural areas should continue to see rapid volume growth. It is important to remember that the RBI stated in November of last year that during the festive season, rural India became a treasure trove for e-commerce platforms. The development coincides with the emergence of fast commerce as the next arena of competition in the e-commerce industry. Among the leading companies in the market are Zepto, Swiggy’s Instamart, and Zomato‘s Blinkit. In FY24, the three of them recorded combined revenue of nearly $1 billion. Amazon and Flipkart, two of the biggest online retailers, have also joined the market with their products, nevertheless. Additionally, BigBasket and JioMart are vying for a piece of the action.
Changing Dynamics of Quick Commerce Business
Although quick commerce began with grocery delivery, more businesses are entering the food delivery market and providing services in ten to fifteen minutes. Swiggy has introduced Bolt and SNACC for speedy delivery, while Zomato has introduced Blinkit’s Bistro and a 15-minute meal delivery service. To provide comparable features, Zepto has also released its own stand-alone app called “Zepto Cafe.” Additionally, recent entrants like Zing and Swish are providing fast meal delivery services.
The Present State of the Quick Commerce Industry in India
According to industry data, the rapid commerce business in India has expanded by 280% in the past two years, and the top three companies, Blinkit, Zepto, and Swiggy Instamart, have combined to generate over $1 billion in revenue for FY24. This occurs as Indian businesses are stepping up their rapid commerce solutions. Amazon India is getting ready to debut its rapid commerce service, Tez, while Myntra recently introduced M-Now for 30-minute- to 2-hour deliveries. The fierce competition in the rapid commerce area is shown by Zepto’s recent $350 million fundraising round, which was led by Motilal Oswal’s Private Wealth division. The company has raised $1.35 billion this year alone to increase the number of its dark stores and diversify its product offerings, demonstrating the significant investments being made by competitors to gain market share in this quickly expanding industry.
E-commerce and other retail formats are being disrupted by quick commerce, which, according to a recent Bernstein analysis, is expanding more quickly than contemporary retail chains like Reliance Retail, Dmart, and Spencer Retail. This is one of the reasons why consumer platforms are responding to the shift by preparing to deliver a variety of goods outside of groceries in 10–20 minutes.
A draft bill that seeks to outlaw unregulated lending practices in the nation has been put out for public comment by the finance ministry. The draft measure, which is titled “Banning of Unregulated Lending Activities” (BULA), will be available for public comment until February 13, 2025. All organisations not approved by the Reserve Bank of India (RBI) are to be prohibited from engaging in public lending activities by the proposed bill. Additionally, the proposed bill forbids anybody from “wrongfully” enticing the public to engage in unregulated lending practices. In order to persuade someone else to seek or accept a loan from lenders engaged in unregulated lending activity, this includes making any “statement, promise, or forecast that is false, deceptive, or misleading in material facts or purposefully concealing any material facts, digitally or otherwise.” Additionally, it stipulates that criminals who engage in or encourage unregulated loan activities could be imprisoned for two to seven years.
Fines Between INR 2 Lakh to 1 Crore Might be Imposed
Additionally, the offending platforms may be fined between INR 2 lakh and INR 1 crore by the appropriate authorities. Repeat offenders may face a fine of INR 10 Lakh to INR 50 Cr in addition to five to ten years in prison. According to the draft bill, “any lender who lends money, whether digitally or otherwise, and uses unlawful means to harass and recover the loan shall be punished with imprisonment for a term that shall not be less than three years but which may extend to ten years and with a fine that shall not be less than five lakh rupees but which may extend to twice the amount of the loan.” Furthermore, the measure gives the Centre the authority to designate and report “certain activities” as unregulated loan activity after consulting with the relevant regulators.
Designating Competent Authority
Twenty government departments and agencies, including the RBI, SEBI, PFRDA, NABARD, SIDBI, states, and federal ministries, are included in the draft bill as being in charge of regulated lending activities. The proposed regulations also allow the union government to choose a “competent authority” to establish, manage, and run an internet database containing data on lenders doing business in the nation. The public will also have access to this database, allowing users to report fraudulent or cloned creditors and obtain information on regulated lenders. It is important to remember that earlier this year, the RBI was allegedly considering creating a public registry of lending applications that were whitelisted in order to combat the threat of illicit lending apps in the nation. According to reports, the Digital India Trust Agency (DIGITA) would be responsible for vetting the aforementioned lenders.
In the meanwhile, the proposed bill requires all lenders in the nation to provide all relevant business information at the time the act is implemented. The “competent authority” may think about providing the CBI or the state police with information about the platforms in question if it has grounds to suspect that they are providing services that fall under the purview of “unregulated lending activity.” Additionally, the draft bill suggests creating special courts to hear these matters, with a District and Sessions Judge presiding over them.
Actions Recommended by Working Group on Digital Lending
The authorities will also have the jurisdiction to issue an order to temporarily seize the accounts, funds, or property obtained in the lender’s name after identifying such criminals. The RBI-led Working Group on Digital Lending (WGDL) has created the draft bill. After initially submitting its report on the issue in November 2021, the WGDL recommended a number of actions, one of which was the introduction of legislation to outlaw unregulated lending. This comes in addition to the Centre’s continuous efforts to target unregulated online lending platforms. Many of these internet loan sharks utilise aggressive measures to reclaim the money they have stolen, after first luring potential borrowers with cheap interest rates and simple disbursements. Additionally, this has resulted in several suicide deaths throughout the nation. At the 28th Financial Stability and Development Council (FSDC) meeting in February, important government representatives talked about how to limit these platforms in order to control this. This is in spite of the fact that Google, the electronics and IT ministry, and the RBI have been actively working together to remove unregulated lending platforms from the Play Store, a key app marketplace.
In order to establish guidelines for the ethical and responsible application of AI in the banking and financial industries, the Reserve Bank of India (RBI) has established a committee. In addition to outlining a plan for the long-term integration of AI, the group is responsible for tackling pressing issues including algorithmic bias, data privacy, and the explainability of decisions. According to RBI governor Shaktikanta Das, who spoke after the Monetary Policy Committee meeting, technologies such as cloud computing, artificial intelligence, and tokenisation are fast changing the banking system.
A group of specialists from many domains will be formed to ensure that these technologies are used to their full potential while minimising dangers like algorithmic bias, lack of transparency, and privacy of personal information. He also mentioned that this group will be recommending a framework for the ethical and responsible implementation of artificial intelligence (FREE-AI) in the banking industry.
Robust, Comprehensive, and Adaptable Framework
To meet the specific demands of the financial industry, the proposed committee—which would consist of experts from a range of fields—strives to provide a framework that is strong, thorough, and flexible. Addressing dangers associated with AI should be prioritised through early intervention, according to the RBI. The benefits of AI are undeniable, but the risks, such as algorithmic bias, data privacy problems, and choices that are difficult to justify, are just as great. It is crucial to handle these risks at the early phases of adoption, according to the central bank, in order to fully reap the benefits. Governor Das has already brought attention to the concerns associated with AI, such as the increased likelihood of cyberattacks and data breaches.
Another thing he brought up was how difficult it is to audit and understand the algorithms that support financial decisions due to the opaque nature of AI systems. Along with this statement, the Reserve Bank of India (RBI) also introduced a model dubbed MuleHunter that is powered by artificial intelligence and machine learning. Artificial intelligence (AI) to identify mule bank accounts, which enables small financing banks (SFBs) to provide pre-approved credit lines through the Unified Payments Interface (UPI), among other things.
RBI will Introduce Podcasts
In addition, Das announced that the RBI will be launching podcasts to reach a wider audience as part of its outreach efforts. Cyber fraud cost Indians up to 11,333 crore rupees in the first nine months of 2024, according to official statistics. In particular, during the first half of the current fiscal year 2024-25 (FY25), there were 6.32 lakh instances of UPI fraud totalling INR 485 cr.
The Reserve Bank has improved its communication skills and toolbox throughout the years to increase openness and strengthen ties with the public. During the meeting of the monetary policy committee (MPC), Governor Shaktikanta Das stated that the bank is planning to expand its communication tools to include “podcasts” in order to reach a wider audience with its information. Publishing informational pamphlets in regional languages is one of the many new ways the central bank is reaching out. This change is a component of RBI’s larger plan to increase openness and participation from the public. The Santali language pamphlets were issued in November by the central bank with the goal of promoting financial literacy across various demographics, such as students, farmers, entrepreneurs, and the elderly.
