Business
Navratri sales hit 10-year high on GST cuts: Officials – The Times of India
NEW DELHI: On the back of a fillip provided by a reduction in GST on 375 items, Indian consumers flocked to stores and car dealerships resulting in the highest Navratri sales in over a decade, govt officials said, citing industry data.They argued that the move lowered prices, helping families upgrade vehicles, buy white goods and spend more freely on lifestyle products, “turning festive cheer into record-breaking consumption”.GST rates for food items, daily-use products, white goods, cement and automobiles have been slashed as the Centre and the states agreed to reduce the number of slabs and end cess on all luxury and sin products, barring tobacco. Apart from making the indirect tax regime simpler, the idea was to boost consumption, even if it resulted in a temporary impact on tax collections.
Car sales vroom
“By rationalising GST slabs and easing the tax burden on both essential and aspirational items, govt fostered an environment of confident spending. As a result, brands and retailers reported sales growth ranging from 25% to 100%, marking a major boost for India’s consumption-driven economy,” an official said.
GST reset, pent-up demand driving sales over last 10 days
Although companies had complained about an adverse impact on sales after PM Narendra Modi first announced the plan for GST rate rationalisation in his Independence Day speech, collections in Sept – based on transactions in Aug – grew at over 9%, the fastest pace of growth in four months, according to the data released on Wednesday.While goods and services are more affordable, especially after govt nudged businesses to pass on the benefits to consumers, pent up demand is also a factor behind a surge in sales over the last 10 days.As a result, companies such as Maruti Suzuki, the country’s largest carmaker, reported 3.5 lakh bookings with nearly 2.5 lakh pending orders. By the end of Navratri, it was expected to deliver 2 lakh vehicles, 2.3 times last year’s level of 85,000 cars. Similarly, M&M has reported a 60% jump in its top selling XUV700 and Scorpio N sales, while demand for Hyundai’s Creta and Venue are also seen to be strong.In the consumer electronics space, companies and top retailers are reporting significant rise in sales.
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RBI has summoned senior officials of Yes Bank following a major data breach involving the Yes Bank–BookMyForex multi-currency forex card
Reserve Bank of India headquarters in Mumbai.
The Reserve Bank of India (RBI) has summoned senior officials of Yes Bank following a major data breach involving the Yes Bank–BookMyForex multi-currency forex card, two people aware of the development told The Economic Times (ET).
According to the report, card details and CVV numbers of several users were allegedly compromised. The central bank has sought a detailed explanation from the bank on how its systems may have been breached and the sequence of events that led to the exposure of sensitive customer data.
“The RBI has sought a comprehensive briefing from Yes Bank’s senior management on the root cause of the breach, the timeline of events, and the adequacy of the bank’s cybersecurity framework,” one of the persons cited by ET said. “The regulator wants clarity on how sensitive card data, including CVV numbers, may have been exposed and what immediate containment measures have been implemented.”
Yes Bank declined to comment on the RBI’s queries but said an internal investigation had identified fraudulent transactions involving 15 merchants in a Latin American country on February 24. Transactions worth Rs 2.54 crore were approved across 5,000 customers, while 688 unauthorised attempts amounting to around Rs 90 lakh were blocked. The bank said it is working with the card network to initiate chargebacks and ensure that affected customers do not face financial losses.
Separately, BookMyForex said it does not store customers’ sensitive card information and that its systems were neither breached nor compromised during the period in question.
The RBI has also sought details on how sensitive card data—particularly CVVs—was stored and protected, whether encryption and prescribed security protocols were followed, and why existing cyber controls failed to prevent the breach. In addition, the regulator is reviewing the timeline of detection and reporting, the robustness of third-party risk management and oversight, the number of customers impacted, and the steps taken to block cards, prevent misuse and mitigate losses. It has also asked for clarity on internal accountability, supervisory lapses and remedial measures to prevent a recurrence, ET reported.
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February 26, 2026, 07:53 IST
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