India’s banking sector may look very different by FY27. Meghna Mittal reports that the government is working on a sweeping plan to merge 12 state-run banks into four big ones, with State Bank of India, Punjab National Bank, Bank of Baroda, and Canara–Union Bank emerging as the anchor institutions.
Mehli Mistry has resigned from one of Ratan Tata’s pet projects. Mistry has stepped down from the Small Animal Hospital Trust, founded by Ratan Tata, citing his inability to fund the hospital after his ouster from the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust, which are the majority stakeholders in Tata Sons, report Deborshi Chaki and Swaraj Singh Dhanjal.
Cybersecurity is seeing a flurry of action. The government has mandated that smartphone makers preinstall the Sanchar Saathi app on all new devices and push it to existing phones via a software update, Danish Khan reports. The app, which can’t be uninstalled, will allow users to flag scam calls and fraudulent messages. Meanwhile, Adrija Chatterjee reports that the upcoming Budget may also propose tougher rules to counter scams such as digital arrests and AI-driven fraud, with the government considering a new framework to tackle evolving cyber threats.
Labour reforms are also being implemented in parallel. In an interview with Priyansh Verma, Labour Secretary Vandana Gurnani said simpler compliance and decriminalised rules will offset any additional costs for employers, such as annual health check-ups for workers and social security contributions for gig workers, benefiting small businesses. Check out the full interview with Gurnani here.
The rupee’s slide is likely to pinch consumers. Smartphone prices are set to rise in 2026, driven by a weak rupee and increasing component costs, with some brands already raising prices, and analysts warning of an 8-10% increase in average selling prices over the next year, reports Danish Khan. The Indian currency has weakened to a record low of 89.76 against the dollar on Monday, surpassing its previous low of 89.49 set about two weeks ago.
Myntra is heading abroad. The Walmart-owned apparel e-commerce platform is expanding to Malaysia, the United Arab Emirates, and Australia, after promising results in Singapore, reports Tushar Goenka. The company is targeting the large Indian diaspora in these new markets.
We have two important interviews today from the tech world. In a conversation with Reshab Shaw and Chandra R Srikanth, LTIMindtree CEO Venu Lambu said the software services provider will stop filing fresh H-1B visa applications, opting instead to ramp up hiring in the US. Skyroot Aerospace CEO Pawan Kumar Chandana told Aihik Sur that the market for small-satellite launches is expanding faster than manufacturers can supply rockets.
And finally, India's new AI-labelling rules are confusing influencers and brands. Maryam Farooqui reports that influencers are struggling to decode the rules, with many finding it challenging to add such labels without disrupting design workflows and increasing operational costs.
