BANKING

HDFC Bank's CEO, Sashidhar Jagdishan, finds himself facing serious allegations from Lilavati Hospital. The institution claims that Jagdishan accepted bribes in exchange for facilitating a group’s operations.

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BANKING

India's market borrowing program demonstrates stability, with net borrowings well-managed despite economic growth. The government adheres to fiscal discipline under the FRBM Act, utilizing instruments like G-secs, debt switches, and buybacks to fine-tune its borrowing profile. While public debt has increased, prudent fiscal management ensures long-term sustainability, aligning with FRBM targets.

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BANKING

The bank, in which the governments of union territories of Jammu & Kashmir and Ladakh hold a majority share with 59.4% interest, plans to reduce concentration risks. "The new MD plans to firmly accelerate the business from rest of India with a clear focus on building the housing and mid-corporate book," Anand Dama, senior research analyst with Emkay Global Financial Services said.

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BANKING

Customers with bank lockers may face losing them. This is if they do not sign updated rental agreements. Reserve Bank of India wants banks to comply. Banks are seeking permission to issue final notices. They may also seal lockers if needed. The original deadline was March 2024. Some banks are requesting an extension.

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BANKING

Over the past five years, Indian households have decreased their reliance on bank term deposits, shifting towards mutual funds and stocks due to higher potential returns. While savings deposits remained stable, mutual fund accounts surged, with individuals holding a significant majority. This shift occurred amidst fluctuating interest rates influenced by the RBI's monetary policy adjustments.

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BANKING

Bank frauds in India have tripled. Payment scams are increasing rapidly. Digital transactions account for more than half of all frauds. The Unified Payments Interface (UPI) is attracting criminals. The banking system needs stronger guardrails. The Reserve Bank of India is developing an AI tool. The stock-market regulator is adding a layer of security.

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BANKING

Reserve Bank of India set a target. Banks must ensure 75% of ATMs dispense smaller notes by September 2025. Currently, banks reached 73% already. CMS Infosystems data shows growth in low-denomination dispensing ATMs. This change addresses daily transaction needs, especially in rural areas. The aim is to improve public access to smaller denomination notes.

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