Biz Updates: ₹2.22 crore fine on five banks; Tech Mahindra to buy 100% stake in Mahindra Racing UK

New Delhi| RBI has imposed a fine of Rs 2.22 crore on Bank of Baroda, ICICI Bank, Bank of Maharashtra and IDBI Bank for violation of various rules including KYC and Kisan Credit. ICICI Bank has been fined the highest amount of Rs 97.80 lakh for violation of cyber security, KYC and credit and debit card rules, RBI said on Friday. Bank of Baroda has been penalized Rs 61.40 lakh for reduction in customer services. IDBI Bank has been fined Rs 31.8 lakh in the case of Kisan Credit Card and Bank of Maharashtra Rs 31.80 lakh in the case of KYC.

India’s goods-services exports increased to $825 billion
India’s exports of goods and services have reached a record high of $824.9 billion in 2024-25, driven by the strength of the services sector. The forecast of $820.93 billion on 15 April has now been revised to $824.9 billion. That’s more than 6 percent compared to $778.1 billion in 2023-24. Services sector exports stood at $387.5 billion in the last fiscal year despite global trade barriers.

Services exports stood at $341.1 billion in 2023-24, up 13.6 percent in the previous fiscal year, according to Commerce Ministry data. In March, services exports grew 18.6 percent to $35.6 billion, up from $30 billion in March, 2024. Major contributing sectors to the services sector’s exports included telecommunications, computer and information services, transportation, travel and financial services.

SC Ralhan, president of the Federation of Indian Export Organizations (FIEO), said the figures reflect the flexibility of exporters. However, as of today, orders from America and Europe are not very good. US importers are waiting for a trade agreement. This may affect our exports. The government should immediately announce the interest subsidy scheme for exporters. Interest rates are high and we need a minimum of five per cent subsidy to become competitive in global markets.

The growth rate will be up to 6.7% in the current financial year
The country’s economic growth rate could be 6.5-6.7 percent in the current financial year. Tax incentives in the budget are expected to boost domestic demand amid an uncertain global business environment, Deloitte said. The GDP growth rate in 2024-25 is projected to be 6.3-6.5 per cent. The economic outlook in 2025-26 hinges on the delicate balance between emerging trade relations and government efforts to increase domestic consumer demand, Deloitte said. Economic growth will depend on two opposing forces.

Pet care market will be worth 2.10 lakh crore by 2032
The pet care market could be worth Rs 2.10 lakh crore by 2032. At present this market is worth Rs 1.70 lakh crore. According to the latest report of Bloomberg, now big corporates are also coming into this rapidly growing industry. Godrej Group has recently entered it. There are also supertalls, royal canines and jiggly etc.

Pankaj Poddar, group CEO of Jigli’s parent company Kasmo First, says that pets are being seen as family members in India. We are providing all types of services like online advice etc. along with medical services for them. All their products are available in our store. Major brands around the world are emphasizing on products like pet food, bedding, toys and cosmetics. New fashionable clothes are coming. Recently Dolce & Gabbana has launched perfume for pet dogs. Keeping this in view, luxury brands are entering this segment.

Maruti-Mahindra sales increased, Hyundai slipped to fourth place
Maruti Suzuki India and Mahindra & Mahindra car wholesaling picked up as much as 28 per cent in April, 2025 amid a challenging environment. At the same time, Hyundai Motor India, which has been in second place for a long time, slipped to fourth place due to declining sales. Now Mahindra & Mahindra has reached second place and Tata Motors has reached third place in the domestic passenger vehicle category. According to the data, Maruti’s total sales increased by seven percent in April to 1,79,791 units. Sales of Mahindra & Mahindra’s utility vehicles rose 28 per cent to 52,330 units. However, Tata Motors’ sales declined 6.1 percent to 72,753 units. Hyundai’s sales also fell five percent to 60,774 units.

Toyota sales jump 33 percent
Toyota Kirloskar Motor’s April wholesale sales rose 33 percent to 27,324 units. Kia India’s domestic sales were up 18 per cent and JSW MG Motor India’s sales were up 23 per cent. However, sales of Honda Cars fell by 23 percent.

Up to 15% increase in two-wheelers
TVS Motor’s total two-wheeler sales increased by 15 per cent to 4,30,330 units. Sales of Suzuki Motorcycle India were up 14 per cent and Royal Enfield 6 per cent.

SEBI eases rules for stock brokers to operate from GIFT City
Market regulator SEBI on Friday allowed stock brokers to operate without prior approval at the International Financial Services Center (IFSC) in GIFT City. Stock brokers proposing to carry out securities market-related activities in GIFT-IFSC are permitted to do so under a separate business unit (SBU) of the stock broking entity. SEBI said in its circular that these activities can be carried out even if the branch qualifies as SBU.

In addition, the existing practice of carrying out securities market-related activities through a subsidiary in GIFT-IFSC has also been allowed. Thus, the form in which these activities are to be carried out depends on the discretion of the entity.

Tech Mahindra to buy 100 percent stake in Mahindra Racing UK for £1.2 million
Tech Mahindra on Friday said its wholly owned subsidiary Tech Mahindra London Limited (TMLL) has entered into a definitive agreement to acquire Mahindra Racing UK Limited (MRUK) from Mahindra Overseas Investment Company (Mauritius) Limited (MOICML).

MOICML is a wholly owned subsidiary of Mahindra & Mahindra Limited (M&M). The deal, executed through a share purchase agreement, will see TMLL acquire a 100 per cent shareholding in MRUK for a cash consideration of £1.2 million (approximately Rs 13.5 crore). Upon completion, MRUK will become a wholly owned subsidiary of TMLL and by extension, also of Tech Mahindra Limited.

Tech Mahindra said it sees the acquisition as an opportunity to diversify into new business areas such as sporting events, professional leagues and data-driven engineering applications, while also enhancing its brand visibility. MRUK, incorporated in the UK in 2014, is engaged in the Formula Electric World Championship racing industry, participating in events organised by the FIA. The company reported revenue from operations of Rs 357.56 crore and net assets of Rs 40.56 crore for the financial year ending March 31, 2025.

IPO postponed for the third time in Oyo crisis
Oyo Hotels has postponed plans to launch an IPO for the third time. The company wanted to be listed in the market in October. SoftBank, an investor in Oyo, says that first the company’s earnings should be strong and then IPO should be brought. For this reason Oyo had to take this decision. The company now aims to be listed on the market by March, 2026, at a valuation of seven billion dollars.

ITR Form-3 notified for businesses, professionals and HUFs
The Income Tax Department has notified ITR Form-3 for persons receiving income from business or profession and Undivided Hindu Families (HUF). Return Form-3 for assessment year 2025-26 has been notified on April 30, the Income Tax Department wrote on social media. This form is for individuals and HUFs whose income is derived from profits from business or profession.

Under the changes, the limit for reporting assets and liabilities under Schedule AL has been increased from Rs 50 lakh to Rs 1 crore. This has reduced the disclosure burden on middle-income taxpayers.

Changes regarding capital gains
Several important changes have been made in ITR Form-3. Under this, the schedule capital gains of the ITR should now be divided into capital gains on the basis that they occurred before or after July 23, 2024. Tax experts say that the amendment in Return Form-3 will make compliance easier.

The growth rate will decline to 6.3 percent in the current financial year
Major changes in US trade policies will have a negative impact on the growth rates of all regions of the world, including India. According to S&P, India and Japan could see growth rates of 0.2 to 0.4 per cent in 2025-26. According to the report, India’s growth rate could be 6.3 per cent in 2025-26 and 6.5 per cent in 2026-27. At the same time, the rupee could fall against the dollar to a level of 88 by the end of 2025.