Savings Effect

ICICI Bank reported a 20.1% year-on-year rise in standalone net profit to ₹14,843 crore in Q2FY27, supported by strong growth in net interest income (NII) and lower provisions. The growth came alongside a 30% increase in the bank’s total loan portfolio to ₹18.32 trillion as of September 30, 2026.

The Cabinet’s recent approval for the strategic sale of IDBI Bank to a subsidiary of Fairfax Financial Holdings takes the number of privatisation transactions in India to 21. It is also the largest strategic disinvestment since the sale of Air India in 2022. The deal has renewed attention on the government’s privatisation efforts, even as several transactions have taken years to progress from announcement to completion.

India's forex reserves fell to $726 billion in the week ended October 9, marking the fifth consecutive weekly decline, as the RBI continued to intervene in the currency market to curb volatility. The drawdown in forex reserves comes amid attempts to shore up the rupee, which has faced sustained pressure from elevated crude oil prices, foreign portfolio investment outflows and demand for dollars.

Starlink said it has worked with Indian regulators, industry and operators for over five years and built dedicated infrastructure in the country "all with the requisite government approvals", as the company asserted its readiness to provide high-speed internet services in India. Starlink's post on X also tagged Reliance Industries' statement issued earlier Friday, in which the Mukesh Ambani-led company said it welcomed competition in satellite communications, including from Starlink, but stressed that all players must comply with Indian laws.