India's government has extended import authorisation for gold and silver to 15 banks, with the window running through March 2029. State Bank of India, HDFC Bank, and Bank of India are among the named institutions, signalling that the authorisation covers both public sector and private lenders. The multi-year licence period provides operational certainty for bullion trade flows and removes the need for banks to seek periodic renewals in the near term. For India's gold market, which ranks among the world's largest by consumption, bank-based import channels are the primary mechanism through which bullion enters the formal supply chain. A defined roster of authorised importers also allows regulators to monitor aggregate inflows and manage current account pressure tied to gold imports, which have historically contributed to rupee volatility. The extended timeline to 2029 gives participating banks scope to structure longer-term supply agreements with overseas refiners and trading houses. Watch whether additional banks are added to the list or whether volumetric caps accompany the authorisation.
HDFC Bank's board has approved Rajiv Kumar, former Chief Election Commissioner and financial services secretary, as its Part-time Non-Executive Chairman from June 30, 2026. His chairmanship still requires RBI approval, but the move ends the bank's prolonged search for a permanent board leader.
Indian startups raised $1.1 billion across 16 deals in the week of June 21-26, 2026, up 2.5 times from the prior week, with CRED's $900 million Series H led by Meta accounting for most of the total. Square Yards became India's 131st unicorn after closing a $95 million round.
Jet fuel costs dropped sharply after a US-Iran interim peace deal, but airlines are expected to use the savings to rebuild margins rather than cut fares. Tight capacity, aircraft delivery delays, and weak budget carriers give major carriers unusual pricing power heading into the second half of 2026.
Meta is investing $900 million in CRED at a $4.5 billion valuation, the largest Indian startup round of 2026, as founder Kunal Shah moves to a global leadership role at WhatsApp. Miten Sampat takes over as interim CEO, and a major employee stock buyback is expected within weeks.
