Why the RBI Publicly Defended HDFC Bank | HSBC Considers Cutting 20,000 Jobs | Russia Becomes the New Gulf for Indian Workers

Good morning, I'm Nelson John. Welcome to Top Of The Morning. In today's episode, we start with the double shock that hit Dalal Street  HDFC Bank's part-time chairman Atanu Chakraborty resigned citing ethical concerns he observed over two years, sending the stock plunging 8% to a 52-week low and wiping out over one lakh crore in market value. The RBI took the rare step of publicly defending the bank's governance. We then look at HSBC reportedly planning to cut up to 20,000 jobs over three to five years as it accelerates its AI overhaul under CEO Georges Elhedery. Next, India's fuel price math under pressure as Brent crude surges past $115 following Iranian strikes on Saudi, Qatari, and Kuwaiti energy infrastructure, with the Strait of Hormuz under threat. And finally, a shift in Indian labour migration as Russia emerges as a new destination for blue-collar workers, with over 70,000 positions allocated for Indian nationals in 2026 under a bilateral mobility agreement though the opportunity comes with significant risks. Learn more about your ad choices. Visit megaphone.fm/adchoices