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Visa has cut approximately 500 employees at its technology center in Bengaluru. This accounts for 14 percent of the company's total staff in India. This decision is part of large-scale layoffs announced by the company last week, according to information obtained from sources familiar with the situation.

Most of the eliminated positions were in product and technology teams. This is happening because the American payment company aims to implement artificial intelligence (AI) to boost overall productivity and efficiency. This major round of cuts in India is the first since the opening of the technology center in 2015.

India, where about 3,500 employees work, plays a key role in the company's efforts to accelerate digital commerce globally. This move followed similar layoffs in global centers of excellence in the country over the past year.

Among companies that have made similar cuts are Opendoor, the San Francisco-based online home buying platform, which laid off 250 people in Bengaluru and Chennai, and grocery retailer Hy-Vee. Additionally, Wells Fargo closed its Chennai center last year, leading to job losses for several hundred people. Other examples include reductions at Oracle, Walmart Global Tech India, Aumovio Ford, and Fidelity Investments, as these companies downsize and increase investments in AI to improve efficiency.

Visa was unable to immediately comment on the layoffs in India. It is worth noting that Visa's competitors are also conducting mass layoffs: Mastercard cut 1,400 jobs (4% of staff), PayPal cut 4,800, Block cut 4,000, and Intuit cut 3,000. These actions have raised concerns that companies are shifting investments into AI measures at the expense of workforce reductions, further fueling the discussion about job displacement by new technology.

Previously, Visa announced plans to cut 2,600 jobs, equivalent to 7 percent of its staff, to enhance operational efficiency. According to Visa's 2025 annual report, the company had approximately 34,100 employees in fiscal 2025, an 8 percent increase from the previous year. CEO Ryan McInerney wrote in a memo: 'I am firmly convinced that we are doing what is right for Visa, our customers, and our partners by continuing to focus on improving efficiency across the company to reinvest in our highest potential capabilities.'

Rajiv Kumar, Chairman of HDFC Bank, stated that India's largest private lender remains fundamentally strong due to robust governance systems, while expressing confidence in improving CASA and margin figures over the next two to three years.

Kumar emphasized that despite recent events involving his former part-time chairman, the bank has no systemic governance problems. He noted that large institutions like HDFC Bank may periodically face difficulties, but it is crucial that these matters are resolved promptly and transparently.

During his first address as Chairman at the annual general meeting of shareholders, Kumar assured that the bank possesses control systems and safeguards to detect any deviations, and that oversight at the committee level is strong. He reiterated on behalf of himself and the Board of Directors that the bank maintains an impeccable balance sheet and is fundamentally sound, with no systemic governance issues.

The Board of Directors, according to Kumar, is committed to ensuring that HDFC Bank operates at the highest level of corporate governance, remaining based on principles of integrity, transparency, accountability, and prudent management. Kumar added that governance has always been and will remain the foundation of the institution, and the bank will adhere to a 'zero tolerance, no repeat tolerance' policy for any deviation from established policies or ethical standards.

Following the departure of former part-time chairman Atanu Chakrabortty, the board hired domestic and international law firms under the supervision of a special committee of independent directors, whose findings were disclosed to stock exchanges on June 26.

Kumar believes that strong institutions are defined by the power of their processes and policies, which must identify issues, investigate them, take corrective action, disclose information when necessary, and hold those responsible accountable.

Beyond governance issues, Kumar noted that the country's largest private lender is on the cusp of transformation and ready to enter the next phase of growth. This growth will be driven by investments in technology, merger synergies, and strengthening the deposit business.

He stated that confidence in the bank's next phase of development is based on a long-standing commitment to a customer-centric philosophy and technological execution. With modernized technology platforms and deeper penetration across India, the bank has reached a turning point, poised to deliver significantly higher business results.

Kumar acknowledged that the merger with HDFC Ltd. structurally changed the bank's balance sheet, particularly the ratio of Current Account Savings Accounts (CASA) and Net Interest Margins (NIMs), but expressed confidence that both metrics will improve over the next two to three years. He explained that by continuing to increase its share in the deposit market and focusing more on the consumer side of the economy, they are confident in the improvement of these metrics.

It was noted that the merger has already begun generating business momentum, with cross-selling between the bank and its subsidiaries remaining healthy. Over 95 percent of new mortgage loan customers now open savings accounts with HDFC Bank, strengthening customer relationships and positioning the lender as the primary banker for a wider customer base.

Highlighting the technology strategy, Kumar reported that HDFC Bank has modernized its core technology stack, strengthened internal engineering capabilities, and implemented Generative Artificial Intelligence (GenAI) across the organization through its proprietary 'Neev' platform. He added that these targeted and forward-looking investments have enabled accelerated customer acquisition, seamless onboarding, intuitive service, and increased employee productivity. The bank will continue to invest in technology and operational platforms to enhance productivity, improve customer experience, and ensure long-term competitiveness.

Reliance Brands Limited (RBL) and Kim Kardashian's brand SKIMS announced an exclusive partnership on Wednesday that will bring the lingerie and shapewear brand to the Indian market.

Under the terms of the agreement, RBL will manage SKIMS, which was co-founded by Jens Grede. The company plans to open its first stores in Delhi and Mumbai, as well as operate through digital channels.

The official statement noted that this move marks SKIMS' entry into one of the fastest-growing luxury and premium consumption markets globally. This continues the brand's global retail expansion following recent openings in London and Dubai, with plans for Hong Kong and Seoul.

The rollout will be phased: physical stores will open first, followed by expansion into other cities and sales channels.

Isha Ambani, Director of Reliance Retail Ventures Limited, emphasized that SKIMS has changed the world's perception of comfort, fit, and inclusivity, and that the brand resonates with a new generation of Indian consumers who value fashionable clothing that is both inspiring and made for them. She added that RBL is proud to have the opportunity to introduce SKIMS in India and develop the brand long-term.

Kim Kardashian, co-founder and Chief Creative Officer of SKIMS, stated that the brand is built on the belief that everyone deserves to feel confident and comfortable in their clothes. She expressed excitement about the community interest in India and anticipation to meet them in stores for the first time.

For the brand itself, India represented a natural step in its global expansion. Jens Grede, co-founder and CEO of SKIMS, highlighted Reliance Brands' exceptional experience in creating leading global fashion and lifestyle brands in India. He expressed enthusiasm for partnering with the RBL team to bring SKIMS to this important market and further increase its global retail presence.