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Month: September 2025

BFSI

IndusInd Bank Appoints Pragati Gondhalekar as Head of Internal Audit

Observenow Desk September 5, 2025

IndusInd Bank has announced the appointment of Pragati Gondhalekar as Head – Internal Audit and Senior Management Personnel, effective September 1, 2025. The move strengthens the bank’s leadership team as it sharpens its focus on governance, risk management, and compliance in an increasingly dynamic financial sector.

Gondhalekar brings more than 27 years of experience in audit and consulting, having worked across global and domestic institutions. Her professional journey includes senior roles at Deutsche Bank, L&T Financial Services, and PricewaterhouseCoopers, where she gained exposure to financial controls, risk frameworks, and operational excellence.

A chartered accountant qualified in both India and Canada, Gondhalekar also holds the Certified Internal Auditor designation and is a US Certified Public Accountant. This strong academic and professional foundation underscores her expertise in regulatory compliance, international standards, and corporate governance.

At IndusInd Bank, Gondhalekar will be responsible for providing independent assurance on the bank’s internal controls and governance processes, while also strengthening oversight across its diverse operations. She will work closely with the board and senior leadership to ensure alignment with evolving regulatory expectations and industry best practices.

The appointment comes at a time when Indian banks are facing greater scrutiny from regulators, with a strong emphasis on transparency, risk resilience, and digital security. By bringing in a seasoned leader, IndusInd Bank aims to reinforce its internal audit function as a critical pillar of sustainable growth and trust-building among stakeholders.

Industry observers note that her experience across multinational and domestic financial institutions positions her well to add value in a competitive banking landscape. Her leadership is expected to enhance the bank’s ability to identify risks early, ensure robust compliance, and strengthen operational discipline across all verticals.

Tags: IndusInd BankPragati Gondhalekar

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BFSI

RBI Clears Reappointment of R. Gandhi as Yes Bank Chairman

Observenow Desk

The Reserve Bank of India has approved the reappointment of Rama Subramaniam Gandhi as part-time non-executive chairman of Yes Bank. According to the approval, Gandhi will serve from September 20, 2025, until May 13, 2027. The decision reflects the central bank’s confidence in his leadership and extensive experience in India’s financial system.

Gandhi brings with him over 37 years of expertise in central banking. He served as Deputy Governor of the RBI from 2014 to 2017, overseeing critical functions such as currency management, financial stability, and payment systems. His tenure also saw him deeply involved in the regulation of non-banking financial companies, cooperative banks, and credit information systems.

Beyond his service at the RBI, Gandhi has held other notable positions, including a three-year term at the Securities and Exchange Board of India, where he contributed to strengthening market regulations. He also served as Director of the Institute for Development and Research in Banking Technology, where he was instrumental in advancing innovations in payment infrastructure and banking technology.

Yes Bank, which has undergone a major turnaround in recent years, is expected to benefit from Gandhi’s reappointment as it continues to reinforce its governance framework and expand its retail and corporate banking businesses. His experience in steering policy and regulatory frameworks is likely to provide valuable guidance to the bank’s board and management team.

Industry observers believe Gandhi’s presence will reassure investors and regulators alike, bringing stability and strategic direction at a crucial time for the bank. The move also highlights the RBI’s focus on ensuring that private sector lenders are guided by leaders with proven integrity and strong regulatory acumen.

Tags: Rama Subramaniam GandhiReserve Bank of IndiaYes Bank

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BFSI

Axis Max Life Partners with India Post Payments Bank to Boost Rural Insurance Access

Observenow Desk

Axis Max Life Insurance has joined hands with India Post Payments Bank (IPPB) to extend the reach of its life insurance products to rural and semi-urban markets. The partnership is designed to leverage IPPB’s widespread network, which includes 650 branches and over 1.64 lakh access points across the country, giving Axis Max Life a powerful channel to connect with underserved communities.

Through this alliance, customers in Tier 3, Tier 4, and remote areas will have access to a curated set of insurance offerings. These include the Smart Wealth Advantage Guarantee Plan (SWAG), Smart Vibe, and a range of term policies aimed at addressing diverse needs such as savings, protection, and long-term financial security. The focus is on affordability and customization so that households with different income profiles can find plans suited to their requirements.

Axis Max Life will oversee the rollout through its regional leadership teams, who will coordinate with zonal heads and ensure seamless execution across states. The distribution strategy seeks not just to provide products, but also to raise awareness about the importance of life insurance in securing families against financial uncertainties.

The collaboration aligns with the broader goal of increasing insurance penetration in India. Despite steady growth, coverage levels remain low in rural regions, where awareness and accessibility have often been barriers. By combining Axis Max Life’s expertise in designing customer-focused plans with the trust and reach of India Post’s network, the initiative is expected to close critical protection gaps.

This step also supports the industry-wide vision set by the Insurance Regulatory and Development Authority of India to achieve “Insurance for All by 2047.” For millions of households, it represents an opportunity to access reliable financial protection closer to home.

Tags: Axis Max Life InsurancePost Payments Bank

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BFSI

State-Run Insurers to Launch GST-Free Policies to Expand Coverage

Observenow Desk

India’s leading state-run life and general insurers are preparing to roll out individual policies that will be exempt from the Goods and Services Tax (GST). The move comes after the GST Council’s recent decision to waive taxes on certain insurance products, a step aimed at making premiums more affordable and expanding protection coverage across the country.

For consumers, this initiative is expected to significantly lower the cost of both life and health insurance. At present, a GST of 18 percent is levied on premiums, which has often acted as a barrier to wider adoption of insurance, particularly in middle- and lower-income segments. By removing this tax burden, the government hopes to deepen insurance penetration and move closer to its long-term goal of “Insurance for All.”

However, the exemption is not without challenges. Insurers will no longer be able to claim input tax credits on expenses related to agent commissions, IT systems, or other operational costs. This could impact profitability in the short term, as companies will need to absorb these additional costs. Analysts caution that until higher policy volumes compensate for the loss of credits, public insurers may face pressure on their margins.

Despite the immediate strain, the industry outlook remains positive. Experts suggest that as lower premiums attract more customers, the scale of business will eventually offset the initial financial hit. Some reports indicate that health insurance premiums could fall by up to 15 percent, giving families much-needed relief and encouraging more people to opt for coverage.

The government is also expected to monitor the rollout closely to ensure that the tax benefits are passed on to consumers rather than absorbed through hidden increases in base premiums. If executed well, this reform could mark a pivotal moment in India’s journey toward universal insurance access.

Tags: Goods and Services TaxGST

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BFSI

Citibank Names Kaustubh Kulkarni as Co-Head of Asia-Pacific Investment Banking

Observenow Desk

Citibank has appointed veteran banker Kaustubh Kulkarni as co-head of investment banking for the Asia-Pacific region, a move aimed at strengthening its presence in one of the world’s fastest-growing financial markets. Kulkarni will take charge in December and will be based in Singapore. He will work alongside Jan Metzger, Citi’s current regional head, to oversee operations across Japan, North Asia, Australia, and South Asia.

Kulkarni joins Citi after a distinguished three-decade career at JPMorgan, where he held several senior roles including Senior Country Officer for India, Vice Chair for Asia-Pacific, Head of Investment Banking in India, and Co-Head for Southeast Asia. Over the years, he has been instrumental in executing landmark mergers and acquisitions, as well as equity and debt offerings that shaped corporate strategies across the region.

Industry insiders view this appointment as a strong signal of Citi’s intention to expand its deal-making capabilities in Asia, particularly at a time when global investment flows are shifting toward emerging markets. With deal activity in sectors like technology, healthcare, and renewable energy gaining momentum, Citi is positioning itself to compete aggressively with rivals for advisory and financing mandates.

The bank is also expected to leverage Kulkarni’s extensive network and experience to deepen client relationships in India and Southeast Asia, two regions that are expected to drive future growth. His expertise in navigating complex cross-border transactions is likely to be an asset as Citi targets larger and more diversified deals.

By bringing in a seasoned leader, Citi aims not only to reinforce its regional leadership team but also to capture a greater share of investment banking opportunities across Asia-Pacific. The move underscores the bank’s broader strategy to invest in senior talent and cement its standing as a leading global financial institution.

Tags: CitibankKaustubh Kulkarni

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Technology

Google Ordered to Pay $425 Million in Privacy Class Action Verdict

Observenow Desk September 4, 2025

Google has been ordered by a U.S. federal jury to pay $425 million in compensatory damages in a privacy-related class action lawsuit. The case centered on allegations that the company continued to collect user data even after individuals had opted out of tracking through the “Web & App Activity” setting. The jury’s decision marks one of the most significant privacy verdicts against a major tech firm in recent years.

The lawsuit covered nearly 98 million users and more than 174 million devices. Plaintiffs argued that Google’s practices misled users, as they believed disabling the setting would halt data collection. However, evidence presented in court showed that Google continued to gather information via third-party apps such as Uber, Venmo, and Instagram. This data, according to the claimants, was used to enhance advertising revenues and analytics despite users’ explicit choices.

The jury found Google liable on two out of three alleged violations, though it stopped short of awarding punitive damages, citing a lack of malicious intent. The compensatory damages, however, reflect the scale of the class and the impact on millions of consumers who expected their privacy settings to be honored.

In response, Google stated that it plans to appeal the verdict, maintaining that its data practices are transparent and within the bounds of user agreements. The company emphasized that it provides multiple tools for individuals to control their data, though critics argue these tools remain confusing and ineffective.

This ruling underscores the growing scrutiny over how big technology companies handle personal data and the accountability they face when transparency is questioned. With regulators and courts increasingly prioritizing consumer rights, the case could set an influential precedent in shaping future privacy standards across the digital ecosystem.

Tags: Google

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Technology

Infosys Picks Up 5 Business Ideas from Employees to Incubate & Offer to Customers

Observenow Desk

Infosys has announced the selection of five innovative business ideas from its employees to be incubated and developed into client-ready solutions. The initiative is part of the company’s in-house entrepreneurship program, aimed at encouraging employees to channel their creativity and technical skills into building scalable businesses.

Out of 18 employees who pitched their concepts, five were chosen for their potential to address emerging industry demands. These ideas cover areas such as software-driven mobility, services-as-a-software models, and new-age SaaS offerings. Infosys believes these concepts have strong market relevance and can be transformed into impactful solutions for its global client base.

The employees behind these projects will transition into full-time incubator roles, giving them the opportunity to focus entirely on their innovations. Infosys has committed to providing not only funding and infrastructure but also access to mentorship, client validation channels, and technical expertise. To further motivate participants, the company has announced rewards of up to $2,000 (around ₹1.7 lakh) for selected innovators.

This program underscores Infosys’ broader strategy of fostering an entrepreneurial mindset within the organization while keeping pace with the rapidly evolving digital services landscape. By supporting internal talent, the company aims to build an innovation pipeline that leverages employee insights into real-world business challenges.

Industry experts note that such initiatives strengthen employee engagement while helping companies stay competitive. For Infosys, it provides an avenue to create differentiated offerings in areas that are expected to see strong demand, from enterprise mobility solutions to SaaS-driven business models.

With this incubation effort, Infosys is signaling its intent to not just deliver technology services but also to shape the next generation of business solutions by empowering its own people.

Tags: Infosys

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Technology

Former Flipkart Executive Ranjith Boyanapalli Launches AI-Powered Shopping Assistant

Observenow Desk

Ranjith Boyanapalli, former Senior Vice President at Flipkart, has unveiled his latest venture, Flash AI, a shopping assistant designed to transform the way people buy online. The platform, launched under his startup Flash.co, is already available in more than 100 countries, marking a strong debut on the global stage.

Flash AI leverages artificial intelligence to simplify the shopping process by allowing consumers to compare products across multiple e-commerce platforms. Users can instantly access detailed specifications, price comparisons, ratings, and customer reviews, enabling smarter and faster purchasing decisions. By consolidating information that is often scattered across different websites, the tool eliminates the hassle of switching between platforms, giving customers a seamless shopping experience.

Boyanapalli, who played a pivotal role in scaling Flipkart’s ecosystem during his tenure, said the goal of Flash AI is to bring transparency and efficiency to online shopping. With the rise of digital marketplaces, consumers are overwhelmed by options, and Flash AI addresses this challenge by functioning as a personalized assistant that does the heavy lifting in product research.

The launch comes at a time when AI-driven consumer tools are rapidly gaining traction worldwide. By combining ease of use with advanced algorithms, Flash AI is positioned to serve as both a productivity enhancer for busy shoppers and a trusted companion for value-conscious buyers. Its early availability across a vast number of countries also highlights the company’s ambition to build a truly global product from day one.

Industry watchers see the platform as a significant step in the evolution of digital commerce, as it bridges the gap between consumer expectations and the often-fragmented online shopping experience. With Boyanapalli’s experience and the growing demand for AI-based solutions, Flash AI is well-placed to redefine the future of e-commerce.

Tags: FlipkartRanjith Boyanapalli

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Technology

AI-Crafted Durga Idols in UP’s Gorakhpur Draw Global Demand

Observenow Desk

In Gorakhpur, Uttar Pradesh, artisans at the renowned Gorakhnath Temple are blending tradition with technology to create Durga idols inspired by artificial intelligence designs. These unique idols, which feature modern artistic elements, are generating unprecedented demand both in India and abroad.

Over 20 skilled artisans are working tirelessly to meet the surge in orders, which far exceed their usual production of around 100 idols during the festive season. With AI-generated design inputs, the idols are taking on a new creative form. Distinct features include a central Shiva figure, demon figures with sculpted six-packs, and lions depicted in strikingly dynamic poses. This combination of tradition and modernity is setting a new benchmark in festive artistry.

The popularity of these idols has grown rapidly, attracting buyers not only from Gorakhpur and nearby towns but also from neighboring Nepal and even overseas patrons. Prices for the idols range from ₹10,000 to ₹2 lakh, depending on size, intricacy, and the level of AI-inspired detailing. Despite the higher cost, customers are showing a strong preference for these innovative pieces, considering them both devotional objects and artistic collectibles.

Artisans say that AI is helping them break creative boundaries by suggesting novel design patterns and structural variations that might not have been imagined otherwise. Yet, the handwork of craftsmen remains central, as each idol is carefully carved and painted with traditional techniques. The blend of human skill and technological input is being hailed as a revolution in temple art.

The growing popularity of these AI-influenced idols reflects a broader trend of technology reshaping cultural and religious practices. As the Navratri festival approaches, Gorakhpur is emerging as a hub of innovation in devotional art, showcasing how faith and modern creativity can coexist seamlessly.

Tags: Durga IdolsGorakhnath TempleNavratri

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Technology

Musk’s xAI Blocks Ex-Engineer from Joining OpenAI in Trade Secrets Dispute

Observenow Desk

Elon Musk’s artificial intelligence venture, xAI, has secured a temporary restraining order against one of its former employees, intensifying the competitive tensions in the AI industry. The order, issued by a U.S. judge in San Francisco, prevents ex-engineer Xuechen Li from working with or sharing information on generative AI at OpenAI, the company he recently joined.

xAI alleges that Li misappropriated sensitive trade secrets related to Grok, the company’s chatbot designed to rival and, in some respects, outperform ChatGPT. According to the complaint, Li was directly involved in the development of Grok before resigning. Soon after leaving, he liquidated around $7 million worth of company stock and accepted an offer from OpenAI, raising concerns about the transfer of proprietary knowledge.

The restraining order specifically bars Li from engaging in AI-related discussions with OpenAI staff, consultants, or partners. It will remain effective until xAI can confirm that all confidential materials in Li’s possession have been permanently deleted. A follow-up hearing is scheduled for October 7, where the court will decide whether the restrictions should be extended.

This legal battle underscores the high-stakes nature of the artificial intelligence sector, where leading companies are not only competing on technology but also on securing and protecting top talent. The case highlights the growing friction between Musk and OpenAI, whose split in 2018 over the direction of AI development continues to shape their rivalry.

Beyond the immediate dispute, the outcome could set important precedents for how trade secrets are handled in the fast-moving world of AI. As the industry expands, firms are becoming increasingly vigilant about safeguarding proprietary models, data, and algorithms that can provide a crucial edge in the global AI race.

Tags: Elon MuskOpenAIxAI

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