BANKING

Non-banking financial companies saw their balance sheets expand significantly in FY25, fueled by robust loan growth. While overall asset quality improved, the microfinance sector experienced a sharp rise in bad loans. Profitability for upper-layer NBFCs increased, though overall profits saw a slight dip. Key indicators like capital adequacy remained strong.

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BANKING

Indian banks saw a slight decrease in their market share by March 2025. Foreign banks and smaller lenders gained ground. Bad loans reached a multi-decade low. However, fraud amounts rose significantly due to reclassification. State-run and private banks' shares edged down. Loan growth was strong for state-run banks. Net profits increased, but at a slower pace.

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BANKING

RBI data reveals a shift in banking employment. Private sector banks reduced their workforce in FY25. Conversely, government-owned banks and small finance banks expanded their staff numbers. This growth, particularly from small finance banks, drove the overall increase in banking system employees. Major lenders like SBI added staff, while ICICI Bank saw a significant reduction.

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BANKING

Medi Assist Healthcare Services' step-down subsidiary, Paramount Health Services & Insurance TPA, will merge with group entity Medi Assist Insurance TPA. This cash-free merger aims to integrate operations, enhance access to assets, and create synergies for future growth. The consolidation is expected to reduce overheads and boost financial strength.

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BANKING

States are expected to remain net gainers in fund sharing under the proposed (Viksit Bharat Guarantee for Rozgar and Ajeevika Mission) VB-G RAM G Act, and the framework can be further scaled up by states through their own contribution, according to a report by the State Bank of India (SBI).

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BANKING

Banks are asking the Reserve Bank of India for more time on loan relief for exporters. The current scheme ends this month. Exporters face ongoing challenges from global trade issues. Banks believe the real impact of these issues will be seen next quarter. An extension would offer a crucial safety net for exporters.

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BANKING

Public sector banks and financial institutions must now immediately report vigilance issues concerning their directors. The Finance Ministry issued this directive after instances where crucial adverse information was delayed. This includes private complaints, court observations, and inputs from law enforcement agencies. Such omissions are a serious concern for appointments and postings.

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BANKING

Indian insurance companies are gearing up for significant changes. From April 2026, new rules will link capital requirements to specific risks. A new accounting standard will also alter how insurers recognize revenue and profits. These reforms aim to align India's insurance sector with global practices. Insurers are already assessing impacts and upgrading systems for the upcoming transition.

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BANKING

PNB has sought expressions of interest (EoIs) by January 3, to be followed by a Swiss auction. This marks a rare instance in recent times of a bank offering corporate loan accounts for sale, as lenders have largely been focusing on the disposal of retail and microfinance (MFI) portfolios.

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BANKING

The holiday season presents a cash flow challenge for SMEs due to rising demand and expenses. A well-planned SME business loan can provide the necessary working capital to manage increased orders, cover seasonal costs, and maintain financial stability. This allows businesses to capitalize on festive opportunities and ensure smooth operations.

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BANKING

Small business credit exposure has surged to Rs 46 lakh crore, a 16% increase, with active loan accounts growing by 11.8%. Policy support and government schemes have fueled this momentum, leading to improved portfolio quality and lower risk profiles across segments. Sole proprietors, dominating the credit ecosystem, show steady improvement, particularly those with an entity presence.

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BANKING

Life Insurance Corporation of India has partnered with Sahaj Insurance Services. This collaboration aims to bring LIC's life insurance products to rural and semi-urban India. Sahaj's digital network will help citizens understand and enroll in policies. This initiative will boost insurance awareness and financial inclusion across the nation. More citizens will now have access to essential life insurance protection.

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BANKING

Year ender 2025 special: India's banking sector became a global money magnet in 2025, attracting an estimated $14-15 billion in foreign investment. Major deals by Mitsubishi UFJ and Emirates NBD signaled deep strategic engagement, not just passive participation. This influx, driven by India's robust growth, cleaner balance sheets, and regulatory maturity, promises to reshape the financial landscape, fostering consolidation and innovation.

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BANKING

High-street banks are now demanding testimonials on 'sources of funds' from wealthy Indians, NRIs, and businesses looking to move money abroad. This comes as the rupee's slide against the US dollar tempts individuals to remit funds overseas, with banks insisting on CA validation for these transactions.

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BANKING

Hillhouse Investment Management is vying with Temasek for a stake in Quest Global. The deal is valued at approximately $4.5 billion. This investment is part of Quest Global's pre-IPO fundraising. A decision on the new investor is expected soon. Quest Global is preparing for a potential IPO and may relocate its headquarters to Bengaluru.

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BANKING

Aviom India Housing Finance promoter Kajal Ilmi has submitted a revised settlement offer of ₹554 crore upfront, aiming to repay lenders and withdraw bankruptcy proceedings. This comes after Unity Small Finance Bank emerged as the winning bidder in a challenge auction for the company. The proposal includes an equity infusion and aims to maximize value for stakeholders.

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BANKING

The loan agreement, signed on Monday, was priced 125 basis points above the three-month Secured Overnight Financing Rate (SOFR), said the person.

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BANKING

India's credit card growth is slowing. New card issuances have dropped significantly. Private banks are increasing their market share in credit cards. Meanwhile, public sector banks are gaining ground in personal, home, and auto loans. This shift indicates evolving trends in consumer credit across different banking sectors.

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BANKING

A new insurance law provision raises concerns for directors. It may force many to step down from insurance boards. This impacts bank-promoted ventures where directors also serve lenders. The current wording could lead to confusion and board instability. Insurers seek clarification to avoid disruption. This change aims for better governance but might create unintended consequences for existing structures.

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BANKING

Of the four public sector general insurers, only listed New India Assurance is profitable while National Insurance, United India Insurance and Oriental Insurance remain loss-making despite a marginal turnaround.

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BANKING

Paytm Arab Payments has approved selling a 49 percent stake to Abbar Global Opportunities Holdings Limited. This deal is valued at approximately Rs 19 crore. Abbar Global is a special purpose vehicle owned by Mohamed Ali Rashed Alabbar. This move is part of Paytm's strategy to expand its technology-led merchant payments and financial services.

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BANKING

LIC Housing Finance has lowered its home loan interest rates to 7.15% starting December 22, 2025. This reduction, following the RBI's repo rate cut, aims to boost homebuyer sentiment by making home ownership more accessible. The move reinforces the company's dedication to affordability in the housing market.

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BANKING

State Bank of India chairman CS Setty anticipates corporate investment will resume as consumption stabilizes. The bank projects India's economy to grow over 7.5% in FY27. SBI aims to avoid equity dilution for the next five years and targets becoming the first bank to achieve 1 lakh crore in annual net profit.

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BANKING

Credit card outstandings, despite fewer delinquencies, fell to 4.7% of total retail loans in October 2025, from 5% a year earlier, Reserve Bank of India (RBI) data showed. Growth in outstanding credit card balances within total retail loans slowed sharply to 7.7% in October 2025, from 16.9% a year earlier.

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BANKING

SBI Chairman C S Setty announced the bank will reassess its construction finance policy for residential real estate, emphasising accountability and transparency. For commercial projects, developers need 40-50% tenant commitment to secure loans, aiming to avoid unoccupied buildings. Interest rates will be linked to MCLR, with NBFCs advised to lower operational costs for cheaper housing loans.

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BANKING

IIFL Finance has appointed former RBI Deputy Governor B P Kanungo as its non-executive chairman, leveraging his extensive experience in central banking and financial regulation. The company also disclosed a tax payment of Rs 1.47 crore following a notice under the Income Tax Act, stating no material impact on its operations.

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BANKING

Japan's MUFG Bank is allocating an impressive 39,620 crore to acquire a 20% stake in Shriram Finance. Dubbed the largest foreign direct investment in India's financial sector, this venture is set to fortify Shriram Finance's capital base and turbocharge its growth trajectory.

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BANKING

Piramal Finance is selling its 14.72% stake in Shriram Life Insurance to Sanlam Emerging Markets for ₹600 crore. This move aligns with Piramal's strategy to exit non-core assets and reinvest in its lending business. The transaction is expected to close by March 31, 2026, subject to regulatory approvals.

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BANKING

Mitsubishi UFJ Financial Group is set to invest $4.45 billion for a 20% stake in Shriram Finance, marking the largest FDI in India's financial services sector. This strategic move paves the way for an eventual acquisition, with MUFG aiming to increase its holding and gain majority control over time.

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BANKING

HDFC Bank and Bank of Baroda have collectively secured $1.5 billion in overseas loans, bolstering their liquidity amidst stabilizing interest rates. HDFC Bank raised $1 billion through a three-and-a-half-year loan, while BoB secured $500 million via a five-year pact, with MUFG and HSBC involved in the transactions.

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BANKING

Parliament's amendments to insurance laws aim to boost coverage, enhance policyholder protection, and strengthen regulatory oversight, aligning with India's development goals. The changes, including a Policyholders’ Education and Protection Fund and removal of FDI caps, are expected to deepen insurance penetration and support sector growth.

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BANKING

On the principle of 'One State One RRB', the Department of Financial Services, Ministry of Finance, has consolidated 26 Regional Rural Banks (RRBs) across 11 states/UTs, effective from May 1, 2025.

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BANKING

ICICI Bank has been issued a Goods and Services Tax (GST) demand notice of Rs 238 crore by tax authorities for alleged short payment. The notice includes Rs 216.27 crore in tax and Rs 21.62 crore as penalty. The bank intends to contest the order through legal channels.

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BANKING

Fitch Ratings maintains a 'Neutral' outlook for India's auto loan ABS sector for 2026, anticipating stable asset performance driven by resilient economic growth. Strong domestic demand and improved agricultural output are expected to support loan performance, with delinquency levels projected to remain stable.

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BANKING

In its order, the central government referred to multiple ADT-4 forms filed under Section 143(12) of the Companies Act, 2013 by the bank's statutory auditors. An ADT-4 dated May 12, 2025 flagged accounting discrepancies aggregating about ₹1,959.78 crore for the period from FY2015-16 to FY2023-24.

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BANKING

Mizuho Securities is set to acquire a majority stake in Indian investment bank Avendus from KKR for up to $523.15 million. This move will make Avendus a consolidated subsidiary of the Japanese financial group. The acquisition highlights the increasing presence of Japanese financial institutions in India's rapidly growing economy.

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BANKING

State Bank of India's chairman CS Setty has reshuffled top management portfolios following the arrival of new MD Ravi Ranjan. Ranjan will now oversee risk, compliance, and stressed assets, while Rana Ashutosh Kumar Singh takes charge of international banking, global markets, and technology. The changes aim to streamline operations and leverage expertise across key banking functions.

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BANKING

The scheme would encourage banks to lend to microfinance institutions (MFIs), especially the smaller ones, which are facing liquidity crunch amid limited access to bank funding. An announcement to this end is likely in the 2026 budget, people cited above said. The likely size of the guarantee programme is not known.

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BANKING

If any foreign company operating in India incurs any expenses outside India but that is also related to Indian business, Section 44C allows the deduction for that expense, but it is subject to the restriction provided in the provision. The restriction limits the expense to the tune of 5% of adjusted total income of the Indian business, it said.

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BANKING

Board of the homegrown investment bank is scheduled to meet on Tuesday to okay transaction valuing I-banker at Rs 5,900 crore. KKR looks to make 3.5x rupee return from 9 year old investment.

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BANKING

Bankers said the move will delay margin recovery since they cannot cut deposit rates sharply due to stiff competition from alternative investment avenues such as mutual funds.

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BANKING

The refinancing was anchored by Tata Capital with a commitment of about ₹800 crore, alongside Investec at ₹300 crore. Other lenders and investors in the syndicate include Vivriti Capital (₹200 crore), Hero FinCorp, Hero Corp, DSP, Oxyzo and a clutch of family offices, taking the total deal size to around ₹2,300 crore.

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BANKING

The Reserve Bank of India has directed banks to link MSME loans to an external benchmark with a three-month reset clause to improve monetary policy transmission. Existing borrowers can switch to this regime under mutually agreed terms.

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BANKING

State Bank of India is launching YONO 2.0, a new version of its mobile banking app. The bank aims to double its YONO user base to 20 crore customers within the next two years. This upgrade offers enhanced digital experiences and seamless integration across banking channels. SBI also anticipates strong credit growth driven by its RAM segment.

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BANKING

The Asian Development Bank (ADB) has approved a $108 million results-based loan to support the Government of Mizoram in strengthening its public health care system and achieving universal health coverage.

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BANKING

Agentic AI is revolutionizing frontline banking sales by automating complex workflows and administrative tasks. This technology enables relationship managers to focus on high-value client interactions, leading to significant revenue increases and cost reductions. Banks are adopting agentic AI as a new operating model for enhanced productivity and client engagement.

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BANKING

Indian banks are seeking to increase their merger financing limits. Lenders want to raise the cap to 20% of core capital from 10%. This move aims to help them compete better in a growing deals market. The Reserve Bank of India is considering the proposal. This could allow Indian banks to win more business from global rivals.

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BANKING

Fairfax Financial seems poised to take the lead in acquiring a significant stake in IDBI Bank, with Kotak Mahindra Bank hot on its heels. As financial bids draw near, there’s speculation about a potential deadline extension. Fairfax is leaning towards a full cash offer amidst the government and LIC's plans to offload more than 60% of the bank's shares.

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BANKING

Several mid-sized lenders, including Kotak Mahindra Bank, RBL Bank, and IndusInd Bank, are slowing new credit card issuances due to ongoing sector stress and a focus on cleaning up books. This contrasts with larger banks like HDFC Bank and ICICI Bank, which continue aggressive portfolio expansion.

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BANKING

Kotak Mahindra Bank is expanding its mid-market corporate loan book, targeting companies with ₹500 crore to ₹1,500 crore in turnover. This segment, which has grown over 35% compounded annually since its launch, is expected to see 20-25% growth over the next five years. The bank aims for this mid-market book to reach at least 20% of its total corporate portfolio.

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BANKING

Bank exam rules: The Finance Ministry has revised the recruitment examination and result declaration timelines for public sector banks to streamline processes and enhance transparency. A new sequence will see SBI results announced first, followed by Nationalised Banks, and then Regional Rural Banks, aiming to reduce attrition and improve workforce planning.

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BANKING

JPMorgan Chase is poised to open its fourth branch in India, receiving in-principle approval from the Reserve Bank of India for a new location in Pune. This expansion, the first in nearly a decade, will serve corporate clients with a comprehensive range of financial products.

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BANKING

Savings deposits in rural centres also posted a robust 10% increase, the fastest pace in six quarters. Experts attribute this shift to rising rural incomes while growth in the metro areas appears to be losing momentum as financially savvy investors increasingly divert funds into higher-yielding avenues such as mutual funds and equities.

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BANKING

The Reserve Bank of India is actively engaging with banks to bring consistency to service charge disclosures and eliminate duplicate fees. This initiative, which comes on the heels of state-run banks lifting penalties for not maintaining minimum average balances, seeks to simplify the charges presented to customers.

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BANKING

Mutual fund credit is set to surpass bank credit. Nilesh Shah of Kotak Mahindra AMC predicts this shift. He urges Indians to invest wisely, moving away from unproductive habits. Radhika Gupta of Edelweiss Mutual Fund suggests incentives for early investment. A lock-in period could encourage long-term wealth creation for young investors.

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BANKING

Banks and NBFCs have ramped up legal hires amid regulatory checks, rising deal flows & compliance demands.

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BANKING

Piramal Finance is setting its sights on the lucrative gold loan sector. The company has proposed a buyout of Keertana Finserv, a specialized gold loan provider based in Hyderabad. Keertana Finserv, which is dedicated to gold loans, intends to fully transition away from microfinance by FY26.

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BANKING

Following the latest repo rate decrease, bankers foresee only slight adjustments to deposit rates. The landscape, characterized by sluggish savings yields and elevated credit-deposit ratios, restricts deeper cuts. Consequently, banks will experience continued margin pressure in the near term. However, a turnaround in profitability is anticipated later this fiscal year.

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BANKING

India's finance ministry is setting a new standard for accountability by instructing state-run banks to swiftly communicate any troubling details regarding their directors and appointees. This move is particularly relevant following the controversial case involving UCO Bank's MD & CEO, who is currently facing a CBI chargesheet.

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BANKING

Fino Paytech has secured the green light to upgrade its payments bank to a small finance bank, following the guidelines set by the Reserve Bank of India. Affected major investors are mandated to trim their stakes, with an 18-month timeline to meet these new ownership regulations. In addition, the bank plans to enhance its technological framework and human resource management.

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BANKING

SBI's mortgage loan portfolio has surged past Rs 9 lakh crore, fueling optimism for a 14% overall credit growth this fiscal year. The bank's Retail, Agriculture, and MSME (RAM) segment, a significant portion of its lending, also crossed a Rs 25 lakh crore milestone. SBI anticipates robust growth across these sectors, with corporate credit showing a positive turnaround.

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BANKING

Bank of Maharashtra has lowered interest rates on retail loans by 25 basis points. Home loans now start at 7.10 percent and car loans at 7.45 percent. This move follows the RBI's repo rate cut. The bank aims to make loans more affordable for customers. This offers a significant benefit to borrowers.

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BANKING

The Reserve Bank of India has reduced the repo rate by 25 basis points to 5.25%, aiming to make home and car loans cheaper. This move is expected to encourage banks to lower lending rates further, providing relief to borrowers.

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BANKING

SMFG India Credit has introduced a paid menstrual leave policy for all its women employees nationwide, effective December 2, 2025. Women will receive one paid leave per month, automatically approved and without requiring a manager's permission or medical certificate. This initiative aims to enhance employee well-being and foster a more inclusive workplace.

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BANKING

The Reserve Bank of India reported robust financial parameters for banks and non-banking finance companies, facilitating increased resource flow to the commercial sector. Capital adequacy and asset quality remain strong, with credit growth bolstered by greater non-bank intermediation and sustained lending to various segments.

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BANKING

India is preparing to invite bids for its 60.72% stake in IDBI Bank Ltd., valued at approximately $7.1 billion. This move is a significant step in the government's privatization efforts for the lender. Talks with potential suitors are advanced, with a formal bidding process expected soon.

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BANKING

IndusInd Bank has denied reports of talks with a strategic partner. The bank clarified that no such discussions are underway. Earlier, UK-based Hinduja Group, its top shareholder, was reported to be seeking a global partner for a minority stake.

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BANKING

Compact cars and SUVs together represent nearly three-fourths of all motor insurance claims in India, with compact cars leading claim volumes at 44%. SUVs follow with 32% of claims but higher repair costs. Electric vehicles, though only 1% of claims, incur the highest repair expenses due to battery and electronic costs.

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BANKING

La Caisse aims to raise $350 million (₹3,155 crore) via the stake sale and has appointed Rothschild to manage the process. The InvIT has an enterprise value of around ₹16,000 crore ($2 billion). Maple Infrastructure Trust is sponsored by Maple Highways, La Caisse's dedicated road platform in India.

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BANKING

Third strategic investment by the Japanese financial group in as many years. Infusion of primary capital will help to launch new products, tap global footprint of each other and attract talent. Wealth management contributes 40% of Daiwa’s global revenues.

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BANKING

Sahu will replace Kaku Nakhate who served the bank as CEO for about 15 years. Vikram will report to Jin Su, president of Asia Pacific.

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BANKING

Indian banks are boosting lending to higher-yield loans. This strategy aims to safeguard profit margins in a favorable credit market. Recent data shows an increase in the average lending rate on new loans. This trend helps banks maintain their net interest margins. Banks are also lending more to individuals and smaller businesses.

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BANKING

Launched in 2017, Fireside Ventures manages assets worth $650 million across the four funds and backs more than 60 consumer brands, including Honasa Consumer, the parent of skincare label Mamaearth, wearables maker boAt and mattress company The Sleep Company.

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BANKING

Microlending veteran Padmaja Reddy is exiting unsecured business by fiscal end to focus on gold loans, transitioning her firm Keertana Finserv to a 94% secured portfolio. Citing a "structural crisis" in microfinance, Reddy aims for Keertana to be a fully secured lender with gold loans comprising 95% of its assets under management by FY25.

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BANKING

Finance Minister Nirmala Sitharaman clarified the government's non-interference in Life Insurance Corporation's investment choices. She affirmed that LIC makes its own decisions, adhering to strict regulations. Investments are overseen by auditors and the IRDAI. LIC's current holdings in Adani Group companies stand at ₹48,284 crore. This highlights LIC's independent investment approach.

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BANKING

The Ministry of Electronics and Information Technology has blocked 87 illegal loan lending applications under Section 69A of the Information Technology Act. Regulatory actions are also taken against companies involved in online lending activities when violations of the Companies Act, 2013 are found.

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BANKING

Piramal Finance intends to secure approximately Rs 15,000 crore between December and March. This borrowing will primarily be sourced locally. The company aims to reach assets under management exceeding one trillion rupees by March.

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BANKING

Public sector banks are now originating more unsecured personal loans. They focused on larger loan amounts, especially over Rs 10 lakh. This shift occurred as banks had extra money and sought higher returns. Non-banking finance companies still lead in small loans but saw their share decrease. Private banks also experienced a slight decline in their origination share.

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BANKING

Unified Payments Interface, or UPI, has seen a significant surge in transactions. In November 2025, UPI recorded over 19 billion transactions valued at Rs 24.58 lakh crore. This marks a substantial increase from previous years, highlighting the growing adoption of digital payments across India. The platform continues its upward trajectory, solidifying its role in the nation's payment ecosystem.

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BANKING

State Bank of India anticipates a strong revival in corporate credit demand, projecting double-digit growth for the remainder of the financial year. The bank has a substantial loan pipeline, indicating robust activity.

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Health insurance policyholders in India are facing a surge in claim rejections and disputes, leading to a crisis of trust. Despite paying premiums, many find their claims denied on technicalities, forcing them into lengthy battles with insurers. Regulatory interventions are underway to improve transparency and speed up resolutions.

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The Delhi High Court has issued new directions to safeguard credit card users after a city lawyer faced harassment over unauthorised transactions. The court told the Reserve Bank of India to improve its grievance redress system and barred banks from levying charges on disputed transactions until complaints are resolved.

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Hong Kong's Excellence Creative intends to acquire a 25% stake in Pro Fin Capital Services for Rs 22 per share. Pro Fin's board has approved this proposal and a bonus share issuance, pending shareholder consent. The company is now proceeding with due diligence for the potential transaction.

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Amazon and Flipkart are moving deeper into financial services in India, targeting small businesses and consumers with new lending products as they challenge traditional banks. Amazon, after acquiring non-bank lender Axio, plans to restart small-business loans and offer cash-management tools, seeing strong demand among digitally active merchants outside major cities.

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Bandhan Bank is offloading bad loans worth Rs 6,932 crore to improve its balance sheet, focusing on micro and agriculture loans. The Kolkata-based lender is selling non-performing loans exceeding 180 days overdue and auctioning written-off loans to address significant stress in its asset quality, which has impacted profitability.

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Any incremental growth is likely going to be driven by a pickup in retail lending segments such as housing, MSME, two-wheelers, and gold loans. But analysts expect the asset quality to remain stable, despite growing retail demand. The agency has upgraded its credit growth outlook to 11.5%-12.5% for FY26, up from an earlier average growth of 11.13% in FY25. The Gross non performing assets (GNPA) for overall banks is expected to improve to 2.1% in FY26 from 2.3% in FY25.

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Gopal Vittal from Bharti Airtel emphasizes the importance of safer digital payment practices for consumers. He encourages individuals to create a separate secondary account dedicated exclusively to everyday transactions. This proactive approach safeguards personal savings against the backdrop of increasingly clever online frauds.

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Equirus Group has appointed Manishkumar Jain as the Chief Executive Officer of its new non-deposit-taking NBFC, Equirus Finance. This strategic move follows the Reserve Bank of India's approval for the NBFC. Jain will lead the development of a diversified lending franchise. Equirus Finance will offer bespoke funding solutions to high net-worth individuals and family offices.

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A Chartered Accountant with an Executive MBA and an Independent Director certification, Jain has previously served as Chairman & MD at Monal Capital and Executive Director at Centrum Capital, alongside leadership roles within the Aditya Birla Group.

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Irdai, India's insurance authority, is stepping up to harmonize relations between health insurers and hospitals through active discussions with industry representatives. Their talks revolve around crucial elements such as claim settlements, rate structures for medical packages, and the facilitation of cashless insurance services.

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Debt-laden IL&FS has repaid ₹48,463 crore to lenders as of September 2025, nearing its ₹61,000-crore debt resolution target. This marks a significant increase from March 2025, with asset monetization and interim distributions driving the progress. The group is close to resolving nearly four-fifths of its intended debt.

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Sustaining India’s momentum requires significant capital and credit to fuel growth. Unlike China, which relied on government capital, India will need internally generated funds or external capital, Emirates NBD Bank CEO Shayne Nelson told Economic Times as he sat down for his first interview since the UAE financial powerhouse’s $3 billion deal to acquire a majority stake in RBL Bank.

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The Supreme Court ruled that tax deduction at source on remittances to non-resident entities cannot exceed 10% as per Double Tax Avoidance Agreements (DTAA). This decision overrides the Income Tax Department's demand for a higher 20% deduction, even when Permanent Account Numbers were not furnished.

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Canadian pension fund PSP Investments is injecting $200 million into Lighthouse Learning Group. KKR is also investing fresh capital as it moves its stake to a new fund. Lighthouse Learning operates numerous preschools and K-12 schools across India. KKR plans to continue driving the company's growth. Future plans may include a public listing or strategic mergers.

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October witnessed a remarkable 19.6% rise in credit card expenditures in India, thanks to the surge in online shopping activities and festive buying sprees. Conversely, the influx of new credit card sign-ups has significantly tapered off.

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ESAF Small Finance Bank's promoter, ESAF Financial Holdings, has submitted a revised plan to the RBI to reduce its stake. The new proposal ensures Dia Vikas Capital's shareholding stays below 5%, a change from the previous 12.17% that was rejected. This move aims to provide exits for existing shareholders and introduce new ones, ultimately lowering the promoter's stake.

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India's retail lending saw a stable 18% year-on-year growth in Q2 FY26, fueled by strong demand for gold and auto loans, and a rebound in personal loans and credit cards. PSU banks solidified their leadership across major loan categories, with gold loans emerging as the fastest-growing segment.

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SBI Ventures is set to launch a Rs 2,000 crore fund in the first quarter of next year. This fund will invest in early and growth-stage climate startups, focusing on frontier climate technologies and AI-enabled innovations. The initiative aims to unlock green growth and address India's significant financing gap in climate goals.

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The microfinance arena is experiencing a noteworthy transformation, as the strain of overleveraged borrowers lessens significantly. Current figures reveal that the loans given to individuals with multiple lenders have decreased to a total of Rs 30,494 crore. Thanks to industry regulations, the count of such borrowers has fallen to 2.

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Health insurers are witnessing a significant surge in fraudulent claims, particularly for smaller amounts. This trend is most pronounced in digestive ailments, where oversight is less stringent. Claims between Rs 50,000 and Rs 2.5 lakh present a high-risk zone for manipulation. Infectious diseases also show a higher propensity for misuse due to generic symptoms and extensive testing.

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The Finance Ministry is exploring a merger of Oriental Insurance, National Insurance, and United India Insurance. This comes after significant government capital infusion improved their financial standing. The government previously considered this merger but deferred it. Now, with better finances, efficiency and scale are key drivers for this potential consolidation. Privatisation of a general insurance company is also under examination.

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Sagarmala Finance Corporation Ltd will raise up to ₹8,000 crore this fiscal year. The company's board approved a ₹25,000 crore borrowing limit. SMFCL is in talks with banks and financial institutions. It plans to offer tailored loan products to marine sector entities. This includes ports, shipbuilding, and coastal shipping. The initiative supports India's growing maritime sector.

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Sagarmala Finance Corporation Limited plans to raise Rs 8,000 crore this financial year. Funds will be sourced from banks, financial institutions, and bonds. This initiative aims to enhance India's maritime capabilities. The corporation, a maritime sector-specific NBFC, will soon commence lending operations. The overall borrowing limit has been set at Rs 25,000 crore.

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India's health insurance sector is losing Rs 8,000-10,000 crore annually due to fraud and waste, as highlighted by a BCG and Medi Assist report. This impacts premiums, insurer stability, and public health funds, with mid-ticket claims being particularly vulnerable. Recommendations include enhanced detection, standardised coding, and AI-driven oversight.

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IndusInd Bank has begun early discussions to gauge investor interest for a potential qualified institutional placement, according to people aware of the matter. Senior management has been meeting investors after recent discrepancies in forex derivatives triggered senior-level exits.

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Mule accounts are spreading across India beyond traditional hotspots. Criminals are using new locations and methods like in-game purchases to launder money. Banks and investigative agencies are working together to freeze these accounts. The Reserve Bank of India is enhancing coordination and using AI tools to detect fraudulent activity.

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The CBDT has updated the Capital Gains Accounts Scheme to make it more convenient and digitally accessible. The amendment, effective November 19, extends the scheme to capital gains from shifting industrial units to SEZs under Section 54GA, encouraging such relocations by enabling tax exemptions.

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Kotak Mahindra Bank and Federal Bank are negotiating to buy Deutsche Bank’s India retail and wealth portfolios as the German lender seeks a full exit. Talks focus on valuation and loan bundle details.

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The Insurance Regulatory and Development Authority of India (Irdai) said it has observed "with serious concern" a surge in advertisements across media platforms that are "misleading, deceptive and not in compliance" with regulations. Claim-settlement ratios are being presented in a manner that suggests minimal rejections even though actual numbers in regulatory filings tell a different story.

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The Supreme Court criticised the CBI on Wednesday for its “friendly approach” in the probe into alleged financial irregularities at Indiabulls Housing Finance, now renamed Sammaan Capital. The court asked the CBI director to call a meeting with Sebi, the MCA, SFIO and ED within two weeks to review the case.

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The government has opened talks with the insurance regulator, insurers and hospital groups to address rising health insurance premiums driven by higher medical costs and uneven claim payouts. Proposals under review include caps on premiums, limits on agent commissions and stricter disclosure rules.

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Several Indian microfinance companies are defaulting on bank loans due to asset quality stress and funding crunches, threatening the survival of smaller lenders. VFS Capital, Navachetana Microfin Services, and Arth Finance are among those facing defaults, highlighting a liquidity crisis impacting the sector.

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As the government prepares for its next budget, payment system operators are calling for a decisive increase in subsidies for UPI merchant discount rates (MDR). They emphasize the critical funding shortfall for zero-MDR on low-value transactions between individuals and merchants, recommending a reasonable MDR for larger retailers to maintain the financial health of the system.

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Visa is bringing its AI payment platform to Asia Pacific. Customers can let an AI agent shop for them using preloaded card details and spending limits. A pilot project is planned for Singapore by early 2026. India is also being considered for this new shopping method.

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India must develop shared digital infrastructure to combat fraud and boost credit access. This is crucial for achieving the Viksit Bharat economic vision by 2047. Key proposals include a National Financial Grid and the Indian Digital Payment Intelligence Corporation. These initiatives will create a unified digital backbone for financial services.

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Mumbai (Maharashtra) [India], PayU, India's leading diversified fintech platform, has received integrated authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator across online, offline (physical) and cross-border transactions, including both Inward and Outward, under the Payment and Settlement Systems (PSS) Act. This approval enables PayU to offer secure, compliant, and seamless payment acceptance, settlement and cross-border solutions for merchants across channels.

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LIC has urged the government to implement tax and regulatory changes in the upcoming budget to boost policy sales and insurer margins. Key proposals include treating insurance services as 'zero-rated' for GST to allow input tax credit claims and increasing the tax-free maturity proceeds limit to ₹10 lakh annually.

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Pro Fin Capital Services Ltd has received a Letter of Intent from Hong Kong-based Excellence Creative Ltd. The proposal is to acquire up to 25 percent stake for Rs 22 crore. The company's board will consider this exploratory proposal.

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As Kotak reflects on four decades of building an institution and Vaswani focuses on shaping its digital future, both leaders describe a sector in transition. Money is moving faster, customer behaviour is changing and technology is redrawing the map. Their message is that the bank must continue adapting -- leaning on its diversification, its culture and its ability to stay relevant across generations.

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A Lumikai survey reveals a majority of Indians now pay for online content, with gaming dominating spending over Rs 1,000. The study of 3,000 mobile users found 80% use UPI for payments and 40% have multiple subscriptions, indicating a young, data-hungry, and willing-to-pay digital audience. Gaming commands a significant 49% attention share, with women and non-metro users driving its growth.

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Microfinance institutions face a critical challenge in rebuilding trust and credibility for sustainable growth. Recent setbacks like demonetisation and the Covid pandemic have impacted repayment discipline and public confidence. Empowering customers with information and ensuring fair practices are vital. The industry is currently prioritizing portfolio health over aggressive expansion, but this approach is not sustainable long-term.

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Global banks are increasingly choosing India's GIFT City for dollar-denominated debt, diverting business from established Asian financial centers. Attractive tax incentives, particularly the absence of withholding tax, enable cheaper financing. This burgeoning hub is poised to capture a larger share of Indian corporate offshore borrowing, signaling a significant shift in regional finance.

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Under the agreement, both partners will commit up to Rs 3,600 crore each, with an initial investment of Rs 1,250 crore planned over the first five years. The Mahindra Group expects to deploy about Rs 250 crore a year over this period, while Manulife will contribute an equal amount. The two partners will apply for a license in 2-3 months, and operations are expected to begin within 15-18 months of regulatory approval.

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In a recent announcement, the Mumbai Police Economic Offences Wing has concluded its investigation into the accounting discrepancies at IndusInd Bank, reporting a lack of evidence for any fund misappropriation. Consequently, no criminal charges will be filed against former high-ranking officials.

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DigiPay will help improve profitability of UCBs, as it will bring down their Unified Payment Interface, or UPI, transaction costs, reducing switch charges to between ₹0.01 and ₹3, as against ₹0.50 and ₹5, said chief executive of NUCFDC, Prabhat Chaturvedi. DigiLoan introduces a digital loan origination system that lets UCBs process, verify, and sanction loans online.

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The remainder will be for co-investments by IFC and Everstone. Singapore-headquartered Everstone Capital has funds under management of $8 billion. It invests in mid-market companies in healthcare, pharmaceutical, tech and business services, consumer, financial services, and industrial sectors.

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Leading Indian banks, including State Bank of India and Punjab National Bank, are collaborating on a unified strategy. They aim to enter the lucrative mergers and acquisitions financing market. Banks will also advocate for relaxed Reserve Bank of India guidelines. This move will allow them to participate in deal financing from April 2026.

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Allen Forlemu, interim regional vice president, Asia Pacific at IFC, said this investment aligns with India's vision of 'Insurance for All by 2047' and will strengthen India's life insurance industry by building confidence in capital instruments, attracting institutional and foreign investments, and creating jobs across the value chain. In the FY26 budget, the government announced 100% foreign investment in the insurance sector.

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Public sector banks are refining recruitment and training to emphasize local languages. This move addresses demographic disparities, particularly between northern and southern India. Finance Minister Nirmala Sitharaman highlighted the need for branch staff to speak local dialects. Banks are implementing new strategies, including longer tenures for local officers, to improve customer interaction across the nation.

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Union Cooperation Minister Amit Shah launched Sahakar Digi Pay and Sahakar Digi Loan apps for urban cooperative banks. Digital payment adoption is crucial for their survival. The minister urged for expansion, setting a target of one additional UCB in every town with over two lakh population within five years.

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IndusInd Bank MD and CEO Rajiv Anand said the bank is rebuilding its culture by hiring “high-integrity professionals” across key roles, including a new CFO, internal audit head, general counsel and chief risk officer. The overhaul aims to strengthen governance and controls as the bank targets improved performance by FY27.

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A surge in bank profitability is on the horizon, fueled by robust loan growth and diminishing interest expenses. Lower Cash Reserve Ratio requirements coupled with a boost in unsecured loans are expected to contribute positively. Additionally, net interest margins are on a path to stabilization.

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Authum Investment and Infrastructure, Northern Arc, DMI Housing, Kifs Housing Finance and Omkara Asset Reconstruction Company are among others in fray for the asset, said the people cited above. Authum has given an offer of Rs 750 crore, which includes Rs 450 upfront and remaining staggered over two years, while Northern Arc has offered Rs 625 crore, of which Rs 325 crore is upfront and the remaining will be paid in two years, said the people cited above.

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RBI Governor Sanjay Malhotra said that SBI’s turnaround from losses in 2018 to a USD 100 billion valuation reflects decade-long regulatory and structural reforms. He credited measures like IBC, PCA, AQR, and bank consolidation for strengthening India’s banking system.

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Axis Bank is revaluing its finance arm, Axis Finance. This follows eased rules from the Reserve Bank of India. The bank now plans to sell more than 26 percent of the subsidiary. This move could lead to a valuation exceeding two billion dollars. Axis Finance is growing well and requires capital for expansion.

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SBI is implementing a new system to help its employees speak with customers in local languages. Artificial intelligence tools will assist in this transition and speed up learning. The bank is focusing on preparing its staff for these changes. This initiative aims to improve efficiency and customer service across all branches.

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Junio Payments Private Ltd has secured in-principle authorisation from the Reserve Bank of India to issue Prepaid Payment Instruments. This allows Junio to launch a digital wallet linked to UPI. Youngsters can make UPI payments using their parents' accounts. The Junio app and its prepaid cards help parents manage money and teach financial responsibility.

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Mahindra & Mahindra has successfully divested its entire stake in RBL Bank. The sale fetched Rs 678 crore, marking a significant 62.5% profit on the initial investment. This strategic move by the diversified firm highlights a profitable treasury operation. The company had acquired the stake in July 2023 for Rs 417 crore. This transaction demonstrates effective capital management.

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Local card network has seen its share climb to 16% in two years; if UPI link remains exclusive, it could rise further.

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Paytm is enhancing its platform for loyal customers. The company is building long-term value through its innovative 'Gold Coins' loyalty program. This initiative turns everyday transactions into opportunities for wealth creation via digital gold investments. Paytm aims to promote responsible financial habits and everyday wealth building for millions of Indians.

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Public sector banks, led by SBI, achieved a record cumulative profit of Rs 49,456 crore in Q2 FY26, a 9% year-on-year increase. SBI alone contributed 40% to this total, posting a net profit of Rs 20,160 crore. Indian Overseas Bank and Central Bank of India saw the highest profit growth at 58% and 33% respectively.

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"The company was formed in a hurry with the idea of starting operations quickly, while branding the institution was not an immediate priority," said one of the persons cited above. "However, over the last few months, the government is keen to rename it to reflect the work undertaken by them," the person added. NaBFID was established under the National Bank for Financing Infrastructure and Development Act, 2021, and is 100% owned by the government.

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The microfinance loan portfolio saw a decline in the September quarter. However, lenders reported better asset quality. Disbursements increased, with a rise in larger loan amounts. Borrower exposure to multiple lenders also grew, indicating adherence to new regulations. This shows a resilient sector balancing growth and sustainability.

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Bajaj Finance achieved record consumer loan disbursals this festive season. The company saw a 27 percent growth in loan volume and 29 percent in value. Government reforms in GST and income tax boosted consumer spending power. Over half of the customers were new to credit, promoting financial inclusion. This indicates a positive trend in India's consumption-led growth.

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IndusInd Bank, following an organizational overhaul and accounting lapses, anticipates growth aligned with the banking sector in FY27. The new CEO, Rajiv Anand, aims for a 1% return on assets within 18 months and plans to focus on commercial vehicle financing while reducing microloan exposure. The bank does not currently require capital raises from external investors.

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KKR is set to boost its India investments significantly. The firm plans to deploy substantial capital in the country as part of its global expansion. Focus areas include healthcare, consumer, technology, financial services, and infrastructure like renewables and data centres. Manufacturing is also a key target. KKR is also bringing its insurance business to India, funding local transactions.

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In light of the anticipated US tariffs and global economic fluctuations, Bank of Baroda predicts an uptick in credit costs exceeding 0.2 percent. With plans to aggressively expand its footprint in the home loan sector, the bank, despite a noteworthy improvement in asset quality, maintains a cautious credit cost guidance of 0.75 percent amid prevailing uncertainties.

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Kshema General Insurance secured $20 million from the Green Climate Fund for its 'Harnessing Insurance for Climate Resilience in Indian Agriculture' project. This initiative aims to expand microinsurance coverage for smallholder farmers facing climate-induced losses and enhance the company's underwriting capacity. The investment will also bolster Kshema's proprietary technology platform for customized insurance solutions and advisory services.

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PNB Housing Finance is close to appointing a new Managing Director and CEO. Four candidates have been shortlisted, with Ajai Shukla of Tata Capital Housing Finance leading the race. The company has submitted the names to regulators for approval. This appointment follows multiple leadership changes in recent years. An update on the selection process is expected soon.

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State Bank of India has launched 'SBI STAR', an annual award recognizing employees' excellence beyond professional roles in arts, sports, social work, and more. This initiative aims to celebrate the diverse talents and personal accomplishments of its over 2,45,000 employees, fostering a culture of recognition and pride.

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State Bank of India has successfully completed its first gold trade on the India International Bullion Exchange. This marks a significant step towards modernising India's gold imports. The move promises greater efficiency and transparency for the entire bullion and jewellery sector. It will particularly benefit small and medium-sized jewellers. SBI's participation aims to boost liquidity and competitive pricing.

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High-value Rs 2,000 notes worth Rs 5,817 crore remain in circulation. The Reserve Bank of India announced their withdrawal in May 2023. Most notes have been returned, with 98.37 percent accounted for. The Rs 2,000 banknotes continue to be legal tender. People can still exchange them at RBI issue offices or send them via India Post.

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Banks are proactively setting aside extra funds. This is in preparation for a new expected credit loss framework starting in 2027. Some lenders are also covering anticipated stress in microfinance loans. This move aims to strengthen balance sheets ahead of regulatory changes and potential challenges. Banks are building buffers to meet future requirements.

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Get ready for a seamless payment experience with Samsung Wallet, as it will soon enable users to complete small UPI transactions effortlessly using just their fingerprint or face recognition. Say goodbye to memorizing your PIN for those daily payments! Plus, new Samsung smartphones will make it easier than ever to onboard your UPI account right from setup.

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India Fintech Foundation has alerted the Finance Ministry and RBI about a major risk on UPI. Two companies now control over 80 percent of UPI transactions. This dominance stifles smaller competitors and limits innovation. The Foundation proposes capping incentives for large players and encouraging partnerships with smaller ones. This aims for fairer growth and better competition on the UPI platform.

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Citibank plans to significantly increase its capital deployment in India as it broadens its focus on the country. Viswas Raghavan, Citi's head of banking, highlighted that Indian companies are increasingly pursuing international deals, and Citi is poised to support these ambitions with both advice and capital.

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CPP Investments' India portfolio has tripled to nearly $21 billion. India is now its third-largest Asian market. The fund is exploring new infrastructure like green ammonia and EVs. CPP Investments is focused on long-term fundamentals. It sees significant opportunities in India's dynamic economy. The fund aims to deliver strong returns and build lasting partnerships.

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The Reserve Bank of India has proposed measures to speed up cross-border inward remittances, aiming for same-day credit to beneficiaries' accounts. Banks will be required to reconcile nostro accounts near real-time and implement straight-through processing for faster settlements, with new guidelines taking effect six months after finalization.

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September saw record spending on credit cards and a surge in new card additions. Festivals and tax cuts fueled domestic consumption. Total monthly card spends exceeded ₹2.16 lakh crore, a significant year-on-year increase. E-commerce spending was particularly strong. This trend is expected to continue into October with ongoing festive promotions and discounts.

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New banking rules empower customers to nominate up to four people for their accounts, lockers, and safe deposit articles. These changes, effective November 1, offer greater flexibility. Depositors can now nominate minors, with an adult appointed to manage funds on their behalf. The framework replaces older rules, simplifying the nomination process for all bank customers.

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Life Insurance Corporation of India has denied allegations from The Washington Post. The insurer states it neither issued nor received documents suggesting external influence on its investments in the Adani Group. LIC maintains all investment decisions are made independently and with due diligence. This is the second denial from LIC regarding the report.

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HR technology firm PeopleStrong on Tuesday named Dinesh Kumar Khara, former chairman of State Bank of India, as chairman of its board with immediate effect. CEO Sandeep Chaudhary said the appointment marks a key milestone in the company’s goal to build a world-class SaaS enterprise.

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Jana Small Finance Bank said on Tuesday that the Reserve Bank of India (RBI) has returned its application to transition into a universal bank, citing non-fulfilment of required criteria. Managing Director and CEO Ajay Kanwal said the communication from the RBI, received on Monday evening, did not specify the exact reasons.

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Reserve price has been set at ₹80 cr. Other lenders are weighing the future as litigations continue to delay bankruptcy resolution.

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India is set to significantly increase foreign investment limits in its state-run banks. The government is considering raising the cap to 49 percent from the current 20 percent. This move aims to attract more capital and align regulations with those for private banks. The Reserve Bank of India is involved in these discussions.

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Indian insurance payments surged 14% week-on-week and 35% year-on-year during the festive season, driven by a 0% GST reform and early spending. UPI dominated, while credit cards saw a strong comeback for higher-value policies, and monthly premium plans gained traction, indicating insurance is now a key part of festive planning.

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Toru Nakashima, the global CEO of Sumitomo Mitsui Banking Corporation, recently engaged with employees at Yes Bank, emphasizing his commitment to their future. He conveyed a message of confidence regarding job security and anticipated growth, following SMBC's recent acquisition of a 20% stake in the bank.

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State Bank of India is set to recruit approximately 3,500 officers to strengthen its operations. The bank is also focusing on increasing its women workforce to 30 percent within the next five years. This initiative aims to enhance gender diversity across all levels of the organization. SBI is implementing various programs to support women employees and foster leadership opportunities.

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Life Insurance Corporation of India (LIC) has vehemently denied a Washington Post report alleging government pressure to invest $3.9 billion in Adani Group companies. LIC stated that no such proposal was ever drafted by officials, calling the report false and baseless. The insurer's recent investment in Adani Ports and SEZ bonds had previously drawn criticism from opposition parties.

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The Reserve Bank of India is proposing significant changes to lending against securities. Individuals can now borrow up to Rs 1 crore against shares and debt mutual funds. The loan to value ratio for loans against shares will increase to 60 percent, and for debt mutual funds to 75 percent.

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Insurers are renegotiating terms with distributors. This follows the government's GST exemption for individual life insurance policies. The change has disrupted commission structures and profitability. Large distributors are protecting margins. Smaller intermediaries and agency networks may face challenges. Companies are adjusting operations and engaging with distributors to manage the impact.

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The Indian financial market is buzzing with activity, witnessing an impressive wave of transactions worth $8 billion. Foreign banks are stepping up their game, securing major stakes in local lenders. This influx of capital underscores an exciting chapter in India's economic narrative, as leading players broaden their horizons and enhance their market clout.

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Federal Bank's Board has approved the sale of a 9.99% stake to a Blackstone affiliate for Rs. 6,196.5 crore through preferential equity shares and warrants. This strategic transaction will see Asia II Topco XIII Pte. Ltd. acquire the stake, with the bank also granting Blackstone the right to nominate a director upon warrant exercise.

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Banking system liquidity turned negative for the first time in a month, primarily due to Reserve Bank of India's foreign exchange intervention in the spot market. Currency leakage during the festive season also contributed to the deficit, leading to a gap of ₹52,299.7 crore as of October 22.

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In a remarkable expansion of its wealth management portfolio, Choice International Ltd has made key acquisitions that solidify its position in the investment landscape. The takeover of Fintoo Group's distribution arm injects a notable Rs 300 crore in assets into their operations.

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State Bank of India has been honored with two prestigious Global Finance awards: World's Best Consumer Bank 2025 and Best Bank in India 2025. These accolades recognize SBI's commitment to innovation, financial inclusion, and customer excellence, highlighting its technological leadership and extensive service reach across India.

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Small finance banks have approached the Reserve Bank of India with key requests. They want the regulator to ease a rule requiring half their loans to be under ₹25 lakh. They also seek permission to participate in co-lending arrangements. These changes aim to help SFBs expand their reach and serve more businesses, particularly MSMEs.

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In a significant ruling, a Mumbai court has denied bail to Hitesh Mehta, the former general manager of New India Co-Operative Bank, who faces serious allegations in a Rs 122-crore embezzlement scheme. The court highlighted the extensive financial implications and the gravity of the charges against him.

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DBS Bank India CEO Rajat Verma outlines plans to significantly boost retail and SME banking, aiming for these segments to eventually comprise over 50% of its loan book. The bank is focusing on growth in gold loans and mortgages, alongside expanding its corporate and wealth management offerings, leveraging its global expertise.

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Indian banks face a transformative decade ahead. Technology, especially AI, will be key. Changes in deposits and credit access are expected. Banks must adapt to new risks like cyber threats and climate change. This period will be a fight for relevance. Strong digital infrastructure and government support provide a good base.

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Eight of the 24 banks reporting Q2 earnings have seen sequential improvements in net interest margins (NIMs), signaling a potential bottoming out of this key profitability metric. Indian Overseas Bank led the pack, with its NIM rising 21 basis points to 3.21% following a business re-engineering initiative that increased MCLR-linked loans. Federal Bank also reported strong growth, with NIM up 12 basis points to 3.06%.

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Emirates NBD is gearing up for a bold investment in RBL Bank, a decision that promises to infuse the bank with vital financial vigor. Market analysts are eagerly awaiting the green light from regulators and insight into the strategic vision from the new ownership.

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Punjab National Bank anticipates a 90 billion rupee impact from new credit loss rules by 2031. The Reserve Bank of India's expected credit loss framework requires banks to set aside funds for potential defaults. This transition will affect the bank's capital to risk assets ratio. However, PNB expects to manage these requirements through its operational profits.

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Indian banks are attracting significant foreign investment, with billions of dollars flowing into the sector. Deals worth approximately $15 billion have been struck this year. Global investors are seeking opportunities in India's rapidly growing economy. This trend highlights the country's stable financial system and robust regulators. Policymakers are also exploring ways to further encourage foreign investment.

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Government is urging public sector banks to tackle employee stress. This follows concerns over work pressure, targets, and staff shortages. Banks must now identify issues and create clear action plans. These efforts will be part of the EASE 8.0 reforms agenda. The focus is on building a resilient and engaged workforce. Banks are launching well-being initiatives and health index surveys.

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Emirates NBD is acquiring a 60% stake in RBL Bank for $3 billion. This significant deal will allow RBL Bank to launch a wealth management business. The transaction is expected to be completed in five to seven months. RBL Bank will become a listed subsidiary of Emirates NBD. This move strengthens India's midsize banks and attracts foreign investment.

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HDFC Bank sees artificial intelligence as an opportunity, not a threat to jobs. The bank's chief executive Sashidhar Jagdishan believes AI will help redeploy staff from backend operations to customer-facing roles. This strategic shift aims to enhance customer engagement and innovation. HDFC Bank is conducting experiments with generative AI, expecting benefits in the next 18 to 24 months.

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A Belgian court has approved the extradition of fugitive diamantaire Mehul Choksi to India, a key figure in the 2018 PNB scam. Choksi's international journey involved fleeing India, settling in Antigua, a mysterious disappearance, and subsequent arrest in Dominica. His extradition marks a significant step towards his trial in Indian courts.

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Karur Vysya Bank achieved a significant milestone, crossing Rs 2 lakh crore in total business by the end of the July-September 2025 quarter. The bank reported a net profit of Rs 574 crore for the quarter, a notable increase from the previous year.

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Small finance banks reported lower profits this quarter. Higher credit costs and expenses impacted their earnings. AU Small Finance Bank, Jana, and Ujjivan all saw their net interest margins contract. Despite these challenges, the banks expressed confidence in improving credit quality from unsecured lending in the coming months. Loan books showed growth, with a focus on secured assets.

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Public sector banks Uco Bank, Central Bank of India, and Bank of India reported increased net profits in the September quarter, driven by higher interest income and reduced provisions. Despite a dip in net interest margins, all three banks saw loan growth outpace deposit growth, indicating a positive operational trend.

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IndusInd Bank on Friday clarified that the reported Rs 255 crore accounting irregularity is not part of any new investigation. The figure was included in a report submitted by an independent external agency in April 2025. In a filing, the bank said it has made all necessary disclosures and reflected the impact of these discrepancies in its audited FY 2024-25 financial statements.

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Sumitomo Mitsui Banking Corporation has decided to cap its investment in Yes Bank at 24.99%, choosing to solidify its presence as the principal shareholder without stepping into an executive role. The Japanese lender is dedicated to overseeing Yes Bank's progress in tackling essential issues, with their current stake at 24.2%. This decision highlights SMBC's focus on governance and strategic guidance.

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Mumbai police's EOW is investigating IndusInd Bank for alleged accounting irregularities, focusing on Rs 255 crore in unsubstantiated entries. These entries, unearthed by a forensic auditor, are suspected to have been used to inflate net income and overstate assets. Key management personnel are being summoned to explain these findings.

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Sanjay Malhotra, the chief of India's Reserve Bank, is on a mission to enhance global access to digital platforms that serve the public good. He brought attention to MOSIP, India's innovative open-source digital identity solution, gaining traction in 27 countries. The RBI is also integrating India's UPI with payment systems from various nations to streamline cross-border remittances.

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The National Company Law Tribunal has ordered the corporate insolvency resolution process (CIRP) against Wind World (India) Infrastructure following a default on dues to IDBI Bank. The company, a subsidiary of the already distressed Wind World India Limited, argued its revenue source was cut off by its parent's resolution professional.

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Pahal Financial Services has acquired a Rs 700-crore loan portfolio and its delivery network from Sub-K Impact Solutions. This strategic move significantly boosts Pahal's book to Rs 2300 crore, positioning it among the top NBFC-MFIs. The acquisition expands Pahal's reach into four new states, while Sub-K will continue its customer service point operations.

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The Reserve Bank of India's new T+0 cheque clearing system is now stable. Initial problems encountered during the transition have been resolved. The National Payments Corporation of India is working with banks to address any remaining issues. This ensures same-day credit for presented cheques. The system was launched on October 4.

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In a bid to enhance investor experience, the Investor Education and Protection Fund Authority is set to evaluate a proposal that would streamline the transfer process for small investors holding outdated shares. The initiative intends to allow swifter transfers for physical shares worth up to ₹5 lakh and dematerialised shares valued at ₹15 lakh.

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A bank employees' union has raised concerns about the new same-day cheque clearing system, citing software glitches and inadequate staff training that are causing extended work hours and impacting customer service. The National Payments Corporation of India acknowledged "teething issues" but stated most problems have been resolved.

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RBL Bank has denied a news report about Emirates NBD Bank seeking a majority stake. The bank stated the article's contents are incorrect. RBL Bank is on a growth path and explores opportunities to boost shareholder value. Such discussions do not require immediate disclosure. RBL Bank shares touched a 52-week high following the report.

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NPCI International Payments Ltd (NIPL) has partnered with NTT DATA Japan to enable UPI acceptance in the Japanese market. This collaboration will allow Indian tourists to make seamless QR code payments at merchant locations acquired by NTT DATA. The MoU aims to enhance the digital payment experience for Indian travelers in Japan.

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EnerGrid is seeking substantial funding to develop new greenfield transmission and battery energy storage projects across India. This initiative aims to strengthen the national grid and support the energy transition. The platform, backed by KKR, BII, and Norfund, has already launched a significant battery project in Gujarat.

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State Bank of India is boosting gender diversity. The bank plans to reach 30 percent women in its workforce in five years. SBI is implementing programs for women's leadership and work-life balance. Initiatives include creche allowance and return-to-work training. Focused health screenings and a vaccination drive are also in place. SBI is committed to an inclusive environment for all employees.

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The Reserve Bank of India has appointed Sonali Sen Gupta as its new Executive Director, effective October 9, 2025. With over three decades of experience at the central bank, Sen Gupta will now lead crucial departments including Consumer Education and Protection, and Financial Inclusion.

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BANKING

The gold loan market is set to reach Rs 15 lakh crore by March 2026. Banks are leading this growth, expanding their market share significantly. Rising gold prices are a key factor in this accelerated expansion. The market is projected to further grow to Rs 18 lakh crore by FY2027. This indicates a robust future for the sector.

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