Kotak to Buy Deutsche Bank Retail Operations
Here's a roundup of the news coming out of India on Wednesday, July 1, 2026:
AI-generated summary, reviewed by editors
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Commercial LPG prices, jet fuel prices lowered
The price of commercial LPG cylinders have dropped starting July 1, bringing some relief to India's hospitality businesses, commercial users of gas and street vendors.
The price of the 19 kg commercial LPG cylinder was lowered by Rs 183.5 ($1.95; €1.70) from Wednesday, bringing it to Rs 2,930 in Delhi, the Press Trust of India reported. Gas and fuel prices differ from states to cities due to transportation costs and state-level taxes.
Commercial LPG rates hit an all-time high of Rs 3,113 per 19-kg cylinder last month as the West Asia crisis fueled a spike in crude oil prices. The cost of Aviation Turbine Fuel (ATF) was also cut by Rs 5 per liter to Rs 110 in Delhi, on softer global oil prices.
Jet fuel rates had more than doubled in April due to disruptions from the Iran war. Several Indian airlines increased the rate of air tickets and levied a fuel surcharge to make up for the higher oil prices.
Kotak Mahindra Bank to acquire parts of Deutsche Bank in India
Kotak Mahindra Bank has agreed to acquire the retail, private banking, and wealth management businesses in India of Germany's largest bank, in a move to grow in country's competitive environment.
The deal, announced on Tuesday, is for an undisclosed amount. The portfolios include approximately Rs 29,000 crore ($3.1 billion; €2.7 billion) in loans, Rs 16,000 crore in deposits and Rs 10,500 crore of assets under management.
Kotak CEO Ashok Vaswani described the deal as a "strong strategic fit."
Deutsche Bank serves around 150,000 customers in India. Its 1,000 employees will be moved to Kotak, which is India's fourth-largest banker by market capitalization.
"This transaction marks an important step in sharpening Deutsche Bank"s portfolio and focusing on areas where we have scale, strength, and the ability to deliver sustained returns," Kaushik Shaparia, CEO, Deutsche Bank Group India and Emerging Asia said in a statement.
"India"s growing integration into the global economy reinforces its position as a core market for Deutsche Bank," he said, adding that Deutsche Bank will now focus on global ultra-high net worth clients, including non-resident Indians.
Welcome to our coverage
Hello! and welcome to DW's India news blog.
This is Mahima Kapoor from the New Delhi Bureau, bringing you our daily round up of all the biggest headlines and events that have got India talking.
It's a stuffy morning in the national capital where we're hoping for some rain to relieve us from the summer heat. India's financial capital, Mumbai, faced relentless rainfall on Tuesday which has left some low lying areas flooded.
Speaking of finance, India's stock market is on the rebound after two straight days of fall. One of the the stocks in green is Kotak Mahindra Bank which has announced an agreement to buy Deutsche Bank's retail banking, private banking and wealth management portfolios in India.
The possibility of rain is not the only relief for Indians today. Government-owned fuel retailers have announced price cuts for commercial liquified petroleum gas cylinders and jet fuel amid lower global oil prices. One private fuel retailer has even slashed petrol and diesel prices but we have not seen that translate to larger public retailers yet.
On the international front, there is growing discource and anger among Pakistani politicians about India's continued abeyance of the Indus Water Treaty.
Tune in for all of this and more.
Source: DW
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