India currently faces a unique opportunity to reform its energy sector, particularly in light of geopolitical tensions in West Asia. While residential electricity is available at very low prices, industrial consumers are burdened with some of the highest electricity costs globally. This disparity, as Mishra points out, significantly affects industrial competitiveness and job creation.

According to Mishra, “This disparity in electricity prices affects industrial competitiveness and job creation.” He emphasizes that reforming energy prices is not merely about reducing costs; it also involves enhancing capacity and fostering innovation.

The current WTI crude oil price is approximately $85 per barrel, while Brent crude is around $90. Mishra warns that if crude oil prices stabilize at $110 per barrel, the Indian rupee could depreciate to ₹100 against the US dollar, exacerbating the high energy costs for industries.

High industrial energy costs could worsen if the rupee significantly depreciates, making it crucial for India to undertake energy pricing reforms. Mishra advocates for a balance between social justice and industrial competitiveness, stating, “Comprehensive energy pricing reforms are necessary to balance social justice and industrial competitiveness.”

Investments in energy efficiency and alternative resources are vital to mitigate currency risks and volatile energy costs. Mishra also noted that the government may focus on providing stable, low-cost electricity by investing in green energy and infrastructure capacity.

Historically, Mishra referenced Japan’s response to the oil crises of the 1970s as an example of how energy reform can lead to economic growth. He mentioned that India is already undertaking reforms in the energy sector, including expanding renewable energy and modernizing grids.

The future of India’s industrial competitiveness hinges on these energy pricing reforms, and the need for action is increasingly urgent. As the situation evolves, the focus will remain on how effectively these reforms can be implemented to support economic growth.

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On April 1, 2026, banks across most of India will be closed for the annual account closing. This closure affects major banks including the State Bank of India, Punjab National Bank, Bank of Baroda, HDFC Bank, ICICI Bank, and Axis Bank.

All scheduled commercial banks will observe this holiday, with branches reopening on April 2, except in Kerala, where business will be suspended due to Maundy Thursday. In total, banks in six states—Mizoram, Sikkim, Nagaland, Jharkhand, Meghalaya, and Himachal Pradesh—will remain open.

Digital banking services such as ATMs and UPI will operate normally on April 1, although customers should be aware that cheque clearance and settlement-linked transactions may experience delays due to the year-end closing.

April is known for having several bank holidays, including Maundy Thursday and Good Friday, which adds to the number of days banks may be closed. In fact, the maximum number of days banks could be closed in April 2026 is 14.

As one bank representative noted, “If you tried visiting your bank branch on Wednesday and found it locked, you are not alone — and there is nothing wrong with your account.” This highlights the understanding that the closure applies only to physical branch counters.

For most customers, the day will pass without any real disruption, as digital banking options remain available. The Reserve Bank of India (RBI) classifies bank holidays under three categories: the Negotiable Instruments Act, RTGS holidays, and Banks’ Closing of Accounts.

April is one of the busier months on the bank holiday calendar, and customers are advised to plan their banking activities accordingly. Notably, the dates of other significant holidays in April include Good Friday on April 3, Basava Jayanti on April 20, and Akshaya Tritiya on April 19.

As the date approaches, customers are encouraged to stay informed about their banking needs and the operational status of their local branches. Details remain unconfirmed regarding any last-minute changes to the holiday schedule.

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Axis Bank announced changes to the Airtel Axis Bank Credit Card, altering cashback mechanics and removing airport lounge access. These modifications will take effect on April 12, 2026, marking a significant shift for cardholders who have enjoyed the previous benefits.

Previous Cashback Structure

The card previously offered a robust cashback structure, providing 25% cashback on Airtel payments, capped at INR 250 per month. Additionally, it granted 10% cashback on utility payments made via the Airtel Thanks app, also capped at INR 250 monthly. Other features included 10% cashback on purchases from Swiggy, Zomato, and BigBasket, along with 1% cashback on all other spends.

New Cashback Mechanics

Under the new structure, cashback caps will now depend on the amount of base cashback earned in the same statement cycle, a change that may complicate the straightforward benefits that made the card popular. The previous cashback on Swiggy, Zomato, and BigBasket has been replaced with a 10% value back on Zomato, Blinkit, and District Movies, with a maximum value back of INR 200 per partner per month. However, this is contingent upon a minimum order value of INR 499 for Zomato and Blinkit.

Removal of Lounge Access

Another notable change is the removal of complimentary domestic lounge access, which previously allowed cardholders 4 visits per year. This benefit was a significant draw for many users, particularly frequent travelers who valued the convenience of lounge access.

Impact on Cardholders

The alterations to the Airtel Axis Bank Credit Card dilute the simplicity that made the card appealing to a broad audience. The previous structure was considered one of the strongest cashback offerings in the sub-INR 1,000 annual fee category, and these changes may lead to dissatisfaction among existing users.

Looking Ahead

As the implementation date approaches, observers are keen to see how these changes will impact cardholder satisfaction and usage rates. Details remain unconfirmed regarding any potential responses from Axis Bank or Airtel to customer feedback following the announcement.

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