Switching Your NRO Account to a New Bank: Moving FDs, SIPs and Standing Instructions

Changing banks while living overseas requires more than transferring an account balance. Fixed deposits, mutual fund investments and recurring payments may follow different processes, so plan each move separately. A checklist helps you maintain access to funds, avoid missed payments and keep financial records organised throughout the transition.

Prepare before moving your banking relationship

Before you open NRO account facilities with a new bank, review your existing arrangements and identify which services need separate action. Do not close the old account until pending transactions and linked investments have been checked.

Start with this checklist:

• Download recent statements and transaction histories
• List fixed deposits, maturity dates and renewal instructions
• Record SIP mandates and the bank accounts linked to them
• Identify standing instructions, bill payments and recurring transfers
• Check outstanding cheques, refunds and pending credits
• Confirm the new bank's documentation and account requirements

An NRI account must reflect your current residential status and applicable regulatory requirements. Confirm that your identity, overseas address, tax details and contact information are up to date before submitting an application.

Review fixed deposits separately

Fixed deposits may not move between banks in the same way as savings balances. First, check whether each deposit can be transferred, must be closed at maturity or requires a separate instruction. Premature closure may affect the interest payable, depending on the deposit terms.

Confirm the required consent from holders

Item to check	Action
Principal and interest	Record balances and maturity dates
Deposit status	Confirm transfer or closure options
Interest instructions	Update the receiving account if permitted

When reinvesting matured funds, check whether the fixed deposit offers an automatic renewal facility and review the applicable renewal conditions. Depending on the deposit terms, you may be able to choose between regular interest payouts, such as monthly or quarterly, and cumulative interest paid at maturity. These options can help you align your deposit with your cash-flow needs and financial goals. Before booking a new deposit, review the applicable interest rates, renewal terms, and premature withdrawal conditions.

Coordinate SIPs and investment mandates

Systematic investment plans (SIPs) are linked to investment accounts and payment mandates. Opening a new bank account does not automatically update every existing mandate.

For each SIP:

• Identify the mutual fund, registrar or investment platform managing it.
• Check whether the existing mandate can remain active.
• Register a new bank mandate if required.
• Confirm its activation before cancelling the old instruction.
• Check the next debit date and retain sufficient funds.

An NRI account used for investment payments must meet the applicable account and investment rules. Contact the relevant fund house or platform if your residential status, bank details or mandate needs updating. Do not assume that changing the bank account alone completes the investment-related formalities.

Not necessarily. Check the existing bank's terms and the receiving bank's options before deciding whether to transfer, close or reinvest a deposit.

2. Will my SIP continue after changing banks?

It may continue if the existing mandate remains valid. Confirm this with the fund house or investment platform before cancelling the old arrangement.

3. Should I close my old account immediately?

No. First check pending credits, recurring debits, deposit proceeds and outstanding transactions.

4. What documents may be required to open an NRI account?

Requirements commonly include a passport, proof of non-resident status, overseas address proof and PAN details. The bank will confirm its current checklist.

5. How can I avoid missed payments during the switch?

Maintain a dated list of payments, activate replacement instructions in advance and verify the first transaction before cancelling the old mandate.

US-based SplashBI Launches Hyderabad GCC, Invests $4M in AI Data Centre to Boost Enterprise AI and Data Intelligence

Sri D. Sridhar Babu, Hon’ble Minister for IT, Electronics & Communications, Industries & Commerce, Government of Telangana, mark the inauguration of the SplashBI's Global Capability Centre at VSD Tech Park, Hyderabad

• New centre to strengthen the company’s platform engineering and AI capabilities to help enterprises progress from fragmented data to informed decisions
• Earmarks US$4 million for an AI data centre as investment to strengthen AI infrastructure and capabilities. 
• Centre at VSD Tech Park, Financial District, inaugurated by Sri D. Sridhar Babu, Hon'ble Minister for IT, Electronics & Communications, Industries & Commerce, Government of Telangana

SplashBI, Georgia, US, headquartered enterprise data intelligence platform, today inaugurated its Global Capability Centre (GCC) in Hyderabad’s Financial District. The centre will support the development of SplashBI’s data intelligence platform and global customer delivery, helping enterprises connect business data, establish shared business context and make that data usable for business decisions, AI, analytics and reporting.

The 20,000-square-foot facility, with capacity for 275 professionals, was inaugurated by Sri D. Sridhar Babu, Hon’ble Minister for IT, Electronics & Communications, Industries & Commerce, Government of Telangana. The centre brings together capabilities in product engineering, AI, data science and customer delivery, supporting SplashBI’s global workforce of 400 in serving more than 500 enterprise customers across 39 countries. The company plans to invest more than US$100 million over the next five to seven years in infrastructure, technology and talent to scale its Hyderabad centre and strengthen its global product engineering and delivery capabilities.

Hyderabad as a centre for platform development

SplashBI Founders - Naveen Miglani, CEO and Co-Founder and Kiran Reddy Pasham, President and Co-Founder with Sri D. Sridhar Babu, Hon’ble Minister for IT, Electronics & Communications, Industries & Commerce, Government of Telangana at the launch of SplashBI's Global Capability Centre

SplashBI has maintained a presence in Hyderabad since 2014. The new facility brings its Hyderabad teams together in a centre designed to support collaboration and continued growth. The GCC will bring platform engineering, AI development, domain analytics and customer delivery into closer collaboration. Teams will work on data connectivity and business modelling, develop SplashAI capabilities and support customer implementations. Working together allows practical requirements from enterprise deployments to inform platform development.

“Enterprises need a practical way to turn the data they already have into decisions they can trust,” said Naveen Miglani, CEO and Co-Founder of SplashBI. “That requires understanding how their business works, connecting information across functions and giving people useful ways to explore it. Our Hyderabad centre strengthens the engineering and customer expertise behind that work, as we help customers advance their data foundations and adopt AI with the right business context.”

Speaking at the GCC launch, Kiran Reddy Pasham, President and Co-Founder of SplashBI said “Useful enterprise intelligence depends on understanding both the data architecture and the business processes behind it. Hyderabad brings those disciplines together. Our teams here will build the platform capabilities and domain content that help customers connect their data, make sense of it and use it in their everyday work.”

The SplashBI platform enables enterprise AI readiness through data models and business ontologies for HR, Finance, Sales, Operations and Supply Chain. Together, they organise business records and the relationships between them into a foundation for AI. The semantic layer adds shared definitions and measures, helping AI interpret data in the context of the business. These models prepare data for AI use within individual functions and across the business, helping AI query relevant records and ground answers in business context for SplashAI and customers’ broader AI initiatives.

Supporting the enterprise data journey

For many enterprises, the challenge begins with cross-domain enterprise data, spanning Finance, HR, Sales, Supply Chain and Operations, spread across multiple applications, departments and technology environments.

SplashBI’s platform addresses this journey from connecting and preparing data to modelling business relationships and delivering information people can use to make business decisions. It covers the full breadth of data platform functionality, from aggregating data through more than 100 pre-built connectors to transforming it into business-ready data using a medallion architecture. Its semantic intelligence layer gives data business meaning by defining measures and relationships across systems. This provides a common foundation for operational reporting, dashboards and conversational analysis, helping teams investigate the same business question with consistent context.

About SplashBI

SplashBI is an enterprise data intelligence platform that makes complex ERP, HCM and business data usable for reporting, analytics and AI. Its platform aggregates data across HR, Finance, Sales, Operations and Supply Chain into a shared, multi-domain data plane. Structured data models and common business definitions provide the foundation for enterprise AI readiness. Through a multimodal approach spanning conversational AI, interactive dashboards with drill-down capabilities, and reporting, SplashBI helps users understand performance and make informed decisions. Headquartered in Duluth, Georgia, SplashBI serves more than 500 enterprise customers across 39 countries including 40+ Fortune 500 companies, with offices in the United Kingdom, the United Arab Emirates and India and is compliant with SOC 1 Type II, SOC 2 Type II and ISO 27001. Learn more at splashbi.com.

IIT Bombay’s Prof. Neela Nataraj Elected Fellow of TWAS: A Global Recognition for Excellence in Mathematical Sciences

Image - womeninmath.net

In a significant moment for Indian mathematics and scientific research, Prof. Neela Nataraj of the Department of Mathematics at IIT Bombay has been elected a Fellow of The World Academy of Sciences (TWAS), one of the most respected international honours bestowed upon scientists from developing countries.

The recognition acknowledges her outstanding contributions to science and her role in advancing scientific research in the developing world.

The honour places Prof. Nataraj among an elite global community of scientists whose work has advanced knowledge, strengthened research ecosystems, and contributed meaningfully to scientific development across nations. For IIT Bombay, the election is yet another testament to the institution's growing influence in fundamental and applied research.

What is TWAS and Why Does This Recognition Matter?

Founded in 1983 by Nobel Laureate Abdus Salam, TWAS, headquartered in Trieste, Italy, works to promote scientific excellence and capacity-building in developing countries.

Election as a TWAS Fellow is widely regarded as one of the highest international recognitions available to researchers in the Global South. Fellows are selected on the basis of distinguished scientific achievements and sustained contributions to the advancement of science.

TWAS Fellowship is not awarded for a single breakthrough. Instead, it recognises a long-term record of impactful research, scientific leadership, and contributions to the broader scientific community. According to IIT Bombay's announcement, Prof. Nataraj's election honours her outstanding contributions to science and its promotion in the developing world.

A Distinguished Career in Mathematics

Prof. Neela Nataraj is a leading researcher in numerical analysis, scientific computing, and finite element methods, fields that lie at the heart of modern computational science.

Prof. Neela Nataraj

Her work focuses on developing mathematical tools and computational techniques that help solve complex partial differential equations, which arise in engineering, physics, fluid mechanics, materials science, and many other scientific disciplines.

After earning her PhD from IIT Delhi in 1998, Prof. Nataraj built a distinguished academic career spanning research, teaching, administration, and scientific leadership. She joined IIT Bombay in 2003, became an Associate Professor in 2009, and has served as Professor since 2014.

She currently serves as Dean (Strategy) at IIT Bombay and has previously held several key leadership positions, including Dean (Faculty Affairs), Head of the Department of Mathematics, and Professor-in-Charge of the IIT Bombay-Monash Research Academy.

Pioneering Contributions to Numerical Analysis

Prof. Nataraj is particularly renowned for her work on finite element methods, a powerful family of computational techniques used to approximate solutions to complex mathematical models. These methods are essential in simulations involving structural engineering, fluid dynamics, heat transfer, elasticity, and other real-world phenomena.

Her research has advanced understanding in areas such as:

• Finite element methods for partial differential equations
• Discontinuous Galerkin methods
• Optimal control problems
• Scientific computing
• Error estimation and numerical approximation techniques
• Computational approaches to nonlinear mathematical models

Over the years, she has published extensively in leading international journals and collaborated with researchers across India and abroad. Her scholarly impact is reflected in a substantial body of highly cited research spanning more than two decades.

Leadership Beyond Research

What distinguishes Prof. Nataraj's career is not only the depth of her research but also her contribution to institution-building and the mathematical community.

She has served in several national and international scientific leadership roles, including membership in the International Mathematical Union's Committee for Women in Mathematics, participation in the World Meeting for Women in Mathematics linked to the International Congress of Mathematicians, and leadership positions within the Indian Women and Mathematics initiative.

Her involvement in these initiatives has helped create opportunities for early-career researchers, strengthen mathematical networks, and encourage greater participation of women in the mathematical sciences.

Prof. Nataraj also serves on the editorial boards of several respected international journals and has contributed to maintaining rigorous standards in contemporary mathematical research.

Recognition Earned Through Excellence

The TWAS Fellowship adds to an already distinguished list of academic achievements. Prof. Nataraj has previously been elected Fellow of major Indian science academies and has been recognised for both her research and teaching contributions.

The honour is particularly noteworthy because mathematics often works behind the scenes of modern science. While computational modelling drives advances in engineering, climate science, materials research, aerospace, medicine, and artificial intelligence, much of the foundational mathematical work remains invisible to the broader public.

Prof. Nataraj's election shines a spotlight on the critical role that mathematical sciences play in enabling scientific and technological progress.

A Proud Moment for IIT Bombay and Indian Mathematics

IIT Bombay described Prof. Nataraj as a leading researcher whose contributions to numerical analysis and scientific computing have earned international acclaim.

Her election as a TWAS Fellow reflects not only her personal accomplishments but also the strength of mathematical research being carried out in India.

At a time when sophisticated computational tools are becoming central to solving global challenges, from climate modelling to advanced manufacturing, the importance of rigorous mathematical research has never been greater. Prof. Nataraj's recognition by TWAS underscores the value of long-term investment in fundamental science and highlights India's growing influence in the global scientific landscape.

Her election stands as an inspiration for young mathematicians, researchers, and students across the country, demonstrating how sustained excellence in fundamental research can earn recognition on the world stage.

Cisco Finds New Malware That Uses Claude AI to Identify & Target the Most Valuable Victims

A new Windows infostealer malware called VOLTA-AUTODOXER uses commercial AI models to help cybercriminals profile victims and prioritise stolen accounts based on their value.

Cisco Talos, the cybersecurity research and threat intelligence division of Cisco, stated on its research blog, published by Ryan Fetterman, on 31 October 2026 titled "Appraisal by AI: Model-driven victim prioritization in the VOLTA infostealer". Cisco Talos disclosed VOLTA-AUTODOXER, a self-deleting Windows infostealer that steals credentials, sessions, and cryptocurrency wallets, then uses an LLM to rank a victim's assets by monetisation value. The malware sends a structured "evidence bundle" to an AI model and asks it to generate a target assessment, including sections such as "WHAT THEY'RE WORTH" and "THEIR OPSEC."

Talos stated that the novelty is that the AI acts as an intelligence analyst for the attacker, helping prioritise victims rather than performing the theft itself.

The report notes that VOLTA defaults to Anthropic's Claude model and can switch to alternative models if it encounters refusals.

According to a Cisco Talos research report published on 31 October 2026, the VOLTA-AUTODOXER malware uses AI models to analyse stolen data, profile victims and rank assets by potential monetary value.

Key Findings

• VOLTA steals a wide range of sensitive data, including browser passwords, cookies, payment card details, cryptocurrency wallet information, email profiles, cloud credentials, messaging sessions, and screenshots.
• After collecting the data, the malware builds a structured profile of the victim containing details such as location, address, employer information, and other indicators of financial value.
• The stolen information is sent through OpenRouter to an AI model, using Anthropic's Claude by default. If Claude refuses, the malware can switch to Moonshot AI's Kimi K2 or Google's Gemini.
• The AI is instructed to act as a forensic intelligence analyst and generate a report that ranks the victim's assets by monetisation potential while assessing their security practices.

Why It Matters

Unlike traditional infostealers that simply dump stolen credentials for manual review, VOLTA automates the analysis process. By using AI to identify high-value targets, cybercriminals can focus on victims who may have valuable cryptocurrency holdings, premium accounts, or other financially attractive assets.

Important Caveat

• Cisco Talos analysed a sample of the malware but did not confirm widespread real-world infections.
• The research primarily demonstrates the malware's capabilities and highlights how AI can be integrated into cybercrime operations.

Conclusion

The most concerning aspect of VOLTA is not its ability to steal data, but its use of AI to profile victims, rank stolen assets, and help attackers determine which targets are most profitable to pursue.

Tesla and SpaceX Lose Over $420 Billion in Market Value After US Midterm Elections

The two trading sessions following the 2026 United States midterm elections delivered a sharp blow to Elon Musk's business empire, with shares of Tesla and SpaceX collectively shedding more than $420 billion in market capitalisation. The sell-off, which unfolded amid political uncertainty and a broader technology-sector downturn, marked one of the most significant short-term value erosions in the history of Musk's companies.

Massive Two-Day Market Wipeout

According to multiple reports, investors aggressively sold shares of both companies after the election results became clear. By Thursday's market close, the combined market value lost by Tesla and SpaceX had exceeded $420 billion, with some estimates putting the figure at roughly $456 billion.

The declines were substantial:

• Tesla shares fell about 11% on Thursday and roughly 14% over the two trading sessions following Election Day.
• SpaceX shares dropped around 9% on Thursday and approximately 12% over the same period.

The sell-off erased hundreds of billions of dollars in shareholder value despite no major changes to the underlying operations of either company during those two days.

Why Investors Reacted So Sharply

Market participants appeared to focus largely on the political implications of the election outcome.

Democrats secured control of both the House of Representatives and the Senate, prompting concerns among investors that Musk and his companies could face increased scrutiny from lawmakers and regulators. Reports suggested that investors feared congressional investigations, tighter oversight and new regulatory hurdles for some of Musk's most ambitious projects.

Musk had been heavily involved in the election cycle. Reports stated that he was the largest donor to Republican candidates and causes during the midterms, contributing more than $470 million. Most of the candidates he backed were unsuccessful in their races.

The political shift was particularly notable in Texas, where both companies maintain major operations. According to reports, Democratic victories in statewide races added to concerns that future projects could encounter a less favourable regulatory environment.

Broader Technology Sell-Off Added Pressure

The market reaction was not solely political.

Both companies were affected by a wider decline across the technology sector. Reports noted that the share-price drops coincided with a significant sell-off in AI-related, semiconductor and data-centre stocks as investors reassessed future growth expectations and potential regulatory risks.

This broader market weakness amplified the pressure on two companies that have become central players in artificial intelligence, advanced computing and next-generation manufacturing.

Concerns Over AI and Infrastructure Projects

Analysts highlighted concerns about future infrastructure developments, particularly in Texas.

Tesla and SpaceX are planning major AI and computing investments in the state, including a large project known as Terafab, which is expected to house data-centre and semiconductor-manufacturing operations. Reports also noted that SpaceX plans to develop a supercomputer at its Starbase facility in Texas.

Analysts from Deutsche Bank suggested that policy changes and stricter regulations concerning data-centre development could create additional challenges and delays for these projects.

Impact on Elon Musk's Wealth

The stock declines also affected Musk's personal fortune.

According to reports citing Forbes, Musk's net worth had exceeded $1 trillion after SpaceX's public listing earlier in 2026. However, following the recent market declines, his fortune fell below the $800 billion mark, representing a reduction of roughly $90 billion within a week. Despite the drop, he remained the world's richest person.

What Happens Next?

While the market reaction has been dramatic, the long-term implications remain uncertain.

Investors are now watching whether the new political landscape leads to increased oversight of Musk's businesses, especially regarding artificial intelligence infrastructure, data-centre construction, regulatory approvals and potential strategic initiatives involving his companies. Reports indicate that these concerns, rather than any immediate deterioration in business fundamentals, were the primary drivers of the recent sell-off.

For now, the episode serves as a reminder of how quickly market sentiment can shift when politics, regulation and investor expectations collide. In just two days, one of the world's most influential business leaders saw more than $420 billion in value disappear from his flagship companies, underscoring the extraordinary sensitivity of modern markets to political and regulatory risk.