BANKING

IndusInd Bank faces uncertainty as CEO Sumant Kathpalia resigned following a ₹1,960-crore loss due to derivatives discrepancies, raising concerns about delayed recovery and business disruptions. Analysts suggest appointing a private-sector banker as the new CEO to navigate challenges in key portfolios like vehicle finance and microfinance. The bank's asset quality is under pressure, with rising non-performing assets.

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BANKING

Following CEO Sumant Kathpalia's resignation amid derivatives portfolio discrepancies, the RBI has approved IndusInd Bank's interim "committee of executives," including Soumitra Sen and Anil Rao, to manage daily operations. This committee will function under board oversight until a new CEO is appointed or for a maximum of three months.

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BANKING

The Reserve Bank of India has approved an interim executive committee to manage IndusInd Bank in the absence of its CEO. Senior executives Soumitra Sen and Anil Rao will oversee day-to-day operations under the guidance of a board-led committee, according to the bank’s regulatory filing issued on Wednesday.

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India's microfinance sector is facing a severe crisis as delinquency rates have surged, with gross NPAs reaching 16% in FY25. This increase has led to lenders reducing their loan portfolios. Small finance banks are particularly affected, and regulatory measures in Tamil Nadu are expected to worsen the situation, impacting investor confidence and share prices.

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BANKING

Several private sector bank CEOs, including those from Yes Bank, RBL Bank, Bandhan Bank, and Tamilnad Mercantile Bank, have recently resigned amidst controversies. These exits stem from issues like mismanagement, corporate governance failures, regulatory scrutiny, and underreporting of NPAs. The RBI's intervention and forensic audits highlight the challenges faced by these institutions and the subsequent leadership changes.

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BANKING

ET had reported in March the IndusInd board has hired global executive search firm Egon Zehnder to assist in identifying candidates for both the CEO and deputy CEO roles. The firm is helping shortlist names and the bank plans to submit a list of three potential candidates to RBI once internal evaluations are complete.

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BANKING

Sumant Kathpalia resigned as MD and CEO of IndusInd Bank. This follows Arun Khurana's departure and RBI concerns. An investigation revealed incorrect accounting practices. These practices impacted the bank's profit and loss account. The impact is estimated at Rs 1,959.98 crore. This also affects the bank's net worth. The RBI had granted Kathpalia a one-year extension only.

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BANKING

India Ratings warns that Rs 21,800 crore in loans to high-risk MSMEs and mid-corporates are threatened by worsening operating conditions due to the escalating tariff war. MSMEs, particularly in sectors like chemicals and textiles, face growing vulnerability. Mid-corporates possess a stronger financial buffer, but a slowdown in demand could severely impact MSMEs.

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BANKING

The Reserve Bank of India (RBI) mandates the use of the PRAVAAH portal for all regulatory applications from May 1, 2025, for banks, financial companies, and regulated entities. This directive aims to streamline the application process, enhance transparency, and ensure faster processing of requests. The PRAVAAH portal offers necessary forms, instructions, and support resources.

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BANKING

Bajaj Group entities are seeking CCI approval to acquire Allianz SE's 26% stake in their life and general insurance ventures for ₹24,180 crore. This acquisition will increase Bajaj Group's ownership to 100%, ending their 24-year partnership, and allowing both entities to pursue independent growth in India's insurance market.

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BANKING

Bandhan Bank has expanded its reach by inaugurating 16 new branches across five states, including Odisha, Bihar, Jharkhand, Andhra Pradesh, and Chhattisgarh. This strategic move aims to broaden the bank's presence nationwide, focusing on serving semi-urban and rural areas. With this expansion, the total number of branches now exceeds 1730, enhancing accessibility to innovative banking solutions for customers.

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BANKING

Depositors of the scam-hit New India Co-operative Bank protested in Thane, Maharashtra, demanding swift action for the bank's revival or merger. They submitted a memorandum outlining concerns about deposit safety and sought increased withdrawal limits. Frustrated by the lack of clarity, depositors warned of escalating protests if their demands for resolution and transparency are not addressed promptly.

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BANKING

Sa-Dhan has tightened microfinance regulations amid rising asset quality concerns, particularly with potential disruptions in Tamil Nadu due to new state regulations. The new guidelines, effective June 1, include restrictions on top-up loans, processing fees, and the number of lenders per borrower. These measures aim to address over-indebtedness and promote responsible lending practices within the sector, which faces a 13.

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IndusInd Bank will penalize employees for lapses in its derivatives portfolio and reorganize senior management roles to enhance accountability. The bank will absorb a Rs 1,959.98 crore loss due to incorrect accounting in the March 2025 quarter. An independent probe revealed errors in internal derivative trades, leading to inflated profits and distorted financials.

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BANKING

Canara Bank is expected to raise over ₹500 crore through the partial sale of its mutual fund subsidiary, Canara Robeco Asset Management Company, by offloading a 13% stake via an IPO. This move aims to enhance the bank's capital adequacy ratio, supporting advances growth and branch expansion. Following this, Canara Bank plans to monetize a 14.

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India witnessed a significant surge in credit card spending, reaching a record ₹21.16 lakh crore in FY25, marking a 15% increase fueled by robust consumer demand and a shift towards digital transactions. While new card issuances saw growth, some banks experienced declines, and lenders are now prioritizing credit quality and cross-selling strategies.

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Federation of Indian Micro and Small & Medium Enterprises requests revisions to banking rules. The aim is to help MSMEs facing temporary financial difficulties. Fisme suggests introducing human review before classifying loans as SMAs. They also want easier guidelines. The body highlights flaws in third-party rating agencies' evaluation methods for MSMEs. These changes are sought to ensure smooth credit flow.

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BANKING

The Spandana board on Wednesday appointed chief financial officer Ashish Kumar Damani as the interim chief executive of the company. Saxena will continue to assist the company for the next three months to ensure a smooth transition.

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BANKING

Spandana Sphoorty Financial's MD, Shalabh Saxena, has resigned to explore new career paths, prompting the appointment of Ashish Kumar Damani as interim CEO, effective April 23. Saxena's departure follows a period of asset quality challenges for Spandana, marked by consecutive net losses and a rise in non-performing assets. He will assist with the transition during his notice period.

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BANKING

Moody's anticipates a limited impact on Indian banks from US tariff moves due to diversified exports. While the outlook remains stable, a moderate deterioration in asset quality is expected, particularly in unsecured retail, microfinance, and small business loans. Despite potential profitability impacts, strong capitalization and access to equity markets will support banks.

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BANKING

The Reserve Bank of India's revised liquidity coverage ratio norms are projected to unlock ₹2.7-3 lakh crore for banks, boosting lending capacity. This move aims to balance liquidity and profitability, mitigating risks from online withdrawals with a reduced run-off factor. Experts believe banks may adjust deposit strategies, favoring short-term deposits, while the framework supports credit growth potential.

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A money laundering scheme is uncovered. Some business correspondents are exploiting banking loopholes. They misuse payment aggregator APIs. This helps them transfer illicit funds. Cash is collected from unknown sources. It is then deposited and moved through various accounts. Regulators are alerted. Banks are urged to tighten controls. The focus is on preventing API misuse.

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BANKING

360 ONE WAM Limited has acquired UBS AG's India wealth management business for Rs 307 crore. The deal includes stock broking and portfolio management. UBS will get a 4.95% stake in 360 ONE WAM. Both firms will collaborate to offer wealth management solutions. This partnership aims to strengthen market position in India. It will help serve global Indian clients better.

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BANKING

IndusInd Bank has appointed EY to conduct a forensic audit into a ₹600 crore discrepancy related to interest income in its microfinance portfolio, flagged during the statutory audit. This investigation aims to identify any lapses and determine accountability. It is separate from the ongoing Grant Thornton Bharat probe into forex derivatives portfolio irregularities.

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BANKING

Following RBI directives to increase risk weights to 150% on specific commercial real estate exposures, several banks have approached the regulator seeking clarification. This move, stemming from observations during the third-quarter inspection and aligned with April 2024 Basel guidelines, impacts lending due to increased capital requirements.

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Looking to expand your legal practice or manage expenses? Consider the Bajaj Finserv Lawyer Loan with quick approval, high loan amounts, and convenient repayment options.

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BANKING

DBS Bank India, under new CEO Rajat Verma, aims for significant growth, leveraging its parent company's investment and focusing on SME and corporate banking. The bank sees opportunities in specialized products like loan syndication and supply-chain financing, capitalizing on India's growing corporate needs.

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BANKING

Indian Bank aims to disburse Rs 20,000 crore to Self Help Groups nationwide this financial year, demonstrated by a 'Mega SHG Credit Outreach Programme' in Bhubaneswar. The initiative supports the national mission of empowering one crore SHG women with credit access, aligning with the government's 'Viksit Bharat 2047' vision for inclusive, women-led development.

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BANKING

Satin Creditcare Network anticipates a 15% loan growth this fiscal year, driven by favorable monsoon forecasts and decreasing interest rates. The microfinance sector's stress is easing, with normalization expected in the coming quarters. While the company has no immediate plans to become a small finance bank, it remains open to the possibility in the future.

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BANKING

Depositors of the scam-hit New India Co-operative Bank met with RBI advisors and officials, urging for a revival roadmap or merger plan following restrictions imposed in February 2025. The depositors are seeking increased withdrawal limits and greater protection of their interests. RBI officials acknowledged the depositors' concerns and promised to address them with higher authorities.

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Indian banks, including HDFC Bank and SBI, are strategically reducing savings account interest rates by 25 basis points to protect profitability amid declining CASA ratios. This move aims to lower the cost of funds and improve net interest margins, even as deposit growth faces challenges. Experts anticipate limited fund migration despite depositors shifting towards higher-yielding term deposits.

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BANKING

SEBI has requested banks to provide updates on their progress in implementing the Cybersecurity and Cyber Resilience Framework (CSCRF). Banks are required to share details on the adoption of CSCRF controls and any challenges faced. While the initial deadline was extended twice, SEBI has emphasized that there will be no further extensions beyond June 30, 2025.

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Dinesh Kumar, like many others, faced significant losses after investing in Gensol Engineering based on social media influencers' advice. These influencers, some unregistered, promoted the stock without proper disclosures, leading unsuspecting investors into a trap. The Gensol saga highlights the dangers of relying on hype and the importance of due diligence in investment decisions, especially with unregulated financial advice.

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BANKING

Power Finance Corp and IREDA are pursuing legal options to protect their ₹977 crore loan exposure to Gensol Engineering after promoters faced a capital market ban for alleged fund diversion. Sebi's investigation revealed forged letters regarding loan repayments, prompting show-cause notices from the lenders.

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BANKING

The RBI's OMO purchase witnessed robust demand, with bids exceeding the notified amount, indicating banks' eagerness to capitalize on higher bond prices. Longer-tenured bonds were auctioned at a discount, while shorter-tenured bonds traded near market levels. Ample system liquidity, supported by RBI actions, has driven bond yields below 6.40%, with further OMOs planned to maintain stability.

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BANKING

To bolster risk management, banks will increase scrutiny of loans exceeding ₹250 crore, emphasizing post-sanction monitoring. State-run banks will re-engage Agencies for Specialised Monitoring (ASMs) in consortium lending, enhancing early warning systems for fund diversions. These measures align with the government's strategy for early recognition and resolution of stressed assets, promoting prudent lending.

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BANKING

ICRA anticipates that Indian borrowers will benefit from the RBI's proposed 'blended interest rates' for co-lending loans. The draft framework by RBI aims to enhance co-lending regulations, extending coverage to all asset segments and NBFC-to-NBFC arrangements. Borrowers may experience reduced interest rates due to the blended rate calculation.

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BANKING

IDFC FIRST Bank is set to receive a significant capital infusion of Rs 7,500 crore from Warburg Pincus and the Abu Dhabi Investment Authority (ADIA). This investment aims to fuel the bank's next growth phase, building upon its transformation from an infrastructure-focused institution to a technology-driven universal bank.

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BANKING

The Reserve Bank of India is intensifying scrutiny of NBFCs' partnerships with fintech loan service providers (LSPs). RBI officials are directly engaging with LSPs, focusing on KYC compliance, data handling, and customer communication transparency. The regulator is also evaluating concentration risks arising from over-reliance on a few LSPs, concerned about potential systemic vulnerabilities and cybersecurity threats.

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BANKING

ICICI Bank has decreased its savings account interest rates by 25 basis points, mirroring recent actions by HDFC Bank and Axis Bank. This move, aimed at reducing the cost of savings accounts, could improve banks' Net Interest Margin.

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BANKING

Yes Bank has received a demand notice of Rs 244.20 crore for the assessment year 2016-17. The bank plans to file a rectification application with the Jurisdictional Assessing Officer (JAO) immediately, deeming the demand unsubstantiated. Yes Bank will also pursue all available remedies, including filing an appeal against the order.

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BANKING

Financial Intelligence Unit-India (FIU-IND) in its order dated April 15 imposed a penalty of Rs 37 lakh for "discrepancies observed in a matter for the year 2011 to 2014 in reporting of suspicious transaction".

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BANKING

Cashfree Payments has appointed Piyush Anchliya as its new Chief Financial Officer to spearhead financial strategy and sustainable growth. Anchliya, with 15 years of experience across finance and M&A, will report to CEO Akash Sinha. His expertise will be crucial as Cashfree scales operations.

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BANKING

India aims to onboard millions to its Unified Payments Interface (UPI) and promote its global adoption. NPCI plans to add 200-300 million users by introducing delegated accounts and expanding features. While UPI's popularity surges, discussions around reinstating transaction fees to ensure viability are ongoing, potentially impacting future growth.

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BANKING

Poonawalla Fincorp Ltd. has entered the gold loan market, aiming to broaden its secured lending options. This new product offers quick, transparent financing for various needs, with approvals promised in under 30 minutes. The company plans to open 400 branches in Tier 2 and 3 cities to tap into the growing demand, focusing on trust and customer service.

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BANKING

Alberta Investment Management Corporation (AIMCo) is in preliminary talks to acquire a significant minority stake in Maple Infrastructure Trust, an Indian infrastructure trust owned by CDPQ. CDPQ aims to raise $300-400 million through this fundraising round, with PSP Investments also in contention.

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BANKING

Under Mudra Yojana, Pankaj Chaudhary said that the government has provided collateral-free loans exceeding Rs 33 lakh crore to 52 crore individuals. These loans, ranging from Rs 50,000 to Rs 20 lakh, have empowered people to start businesses. A significant 68 percent of beneficiaries are women, contributing to economic development.

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BANKING

IPL 2025: The Indian Premier League's popularity fuels a massive gambling market, straining Indian banks' IT infrastructure as they manage a surge in real-time transactions via the Unified Payments Interface. Banks face pressure to maintain seamless service for betting platforms while combating fraud and money laundering.

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BANKING

Bank of Maharashtra (BoM) has lowered its repo-linked lending rate by 25 basis points to 8.80%, following the RBI's rate cut. This reduction will make retail loans, including home and car loans, more affordable for customers. Similarly, Indian Overseas Bank (IOB) also reduced its benchmark lending rate, passing on the benefits to its customers by decreasing the RLLR to 8.85%.

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BANKING

Banks are advocating for a unified insurance repository and shared access to customer data to combat loan fraud involving life insurance policies. This proposal, presented to the government, aims to address the rising instances of fraudulent surrender value certificates and policies already encumbered.

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BANKING

HDFC Capital will invest Rs 1,500 crore in Eldeco Group's 18 upcoming residential projects across tier II-III cities, targeting a revenue potential of Rs 11,000 crore. This partnership aims to develop over 10 million square feet of housing in towns like Panipat, Rudrapur, and Ludhiana.

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BANKING

HDFC Bank has cut its savings account interest rate by 25 basis points to 2.75%, the lowest among private sector peers, effective April 12. This decision follows the RBI's recent repo rate cuts and aims to boost term deposits while managing net interest margins. The move aligns HDFC Bank's savings rate closer to public sector banks like SBI and PNB.

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BANKING

To combat cyber fraud via mule accounts, banks are urging for authority to freeze suspicious accounts swiftly, bypassing lengthy approval processes. The Indian Banks' Association suggests using AI and ML for enhanced monitoring and verifying accounts opened with voter IDs through the Election Commission database.

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BANKING

The Reserve Bank of India has introduced a new framework allowing banks and NBFCs to directly sell stressed assets to investors through special purpose entities, aiming to broaden the distressed debt market. This initiative introduces resolution managers to maximize asset recovery, while lenders must incrementally provision for securitized notes. ARCs may face increased competition, particularly for mid-sized and retail loans.

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BANKING

Indian Overseas Bank has lowered its Repo Linked Lending Rate by 25 basis points, effective immediately. This decision follows the Reserve Bank of India's reduction of the Policy Repo Rate to 6 per cent. The bank's Asset Liability Management Committee decided to pass on the rate cut to customers, reducing the lending rate from 9.10 per cent to 8.

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BANKING

Lenders led by Union Bank of India are set to auction the Rs 700 crore debt owed by Sahara Star Hotel after the insolvency plea was rejected. Banks are seeking all-cash bids after the offer from National Asset Reconstruction Company was deemed too low.

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BANKING

PwC has concluded its accounting review of IndusInd Bank's derivatives portfolio, submitting draft findings to management amidst discrepancies in forex derivative transactions. While the review focused on accounting, Grant Thornton Bharat is conducting a forensic investigation to determine the root cause and accountability for mark-to-market derivative losses.

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BANKING

Private sector banks spearheaded loan pool sales in fiscal year 2024-25, driving securitization volume to a record high of Rs 2.35 lakh crore. This surge represents a 24% year-on-year increase. While overall performance was strong, the fourth quarter saw a dip due to reduced NBFC disbursements amid unsecured loan segment stress.

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BANKING

Anand Rathi Insurance Brokers has appointed Sumit Dutt as its new Chief Executive & Principal Officer. Dutt brings over three decades of experience in insurance and financial services. Anand Rathi Group's Chairman expressed confidence in Dutt's leadership to drive innovation and excellence.

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BANKING

About 60% of commercial bank's loans are pegged to external benchmarks, like the policy repo rate that was lowered the second time in as many months to 6%. For private sector banks, the share of external benchmarks lending rate (EBLR) loans-or advances linked to repo rate-is 85.9%, while for public sector banks it is 44.6%. Effectively, the margins of private banks are expected to be impacted more than PSU banks.

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A new report reveals that rising healthcare costs in India are forcing many, even those with insurance, to forgo essential medical treatment. Skyrocketing expenses have led to delayed procedures and worsening health outcomes, particularly affecting women. The report suggests wellness-linked insurance plans and government intervention in pricing as potential solutions to address this growing crisis.

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BANKING

The Reserve Bank of India (RBI) has directed the board of IndusInd Bank to ensure accountability for accounting lapses that triggered a steep drop in the bank’s market value in early March and eroded depositor and investor confidence. Although RBI did not name the bank explicitly during a recent press briefing, Deputy Governor J. Swaminathan said it is standard regulatory practice to initiate forensic audits and accountability reviews in such cases. Those found responsible—internal or external—will be investigated and face appropriate action for the lapses.

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BANKING

The Reserve Bank of India cut the benchmark repo rate by 25 basis points to 6%, prompting banks to lower interest rates for home, auto, and small business loans. This marks a 50 basis points reduction in 2025, including a February cut. The move benefits new borrowers and those with loans linked to external benchmarks like the repo rate.

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BANKING

Claypond Capital, Dr. Ranjan Pai's family investment office, has appointed Sekhar Garisa as Managing Director. Garisa brings two decades of experience from companies like Quess Corp, Microsoft, and P&G. He aims to make Claypond Capital the preferred partner for Indian entrepreneurs, emphasizing an 'Entrepreneur First approach' with long-term commitment.

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BANKING

RBI Governor Sanjay Malhotra announced that NPCI will have the autonomy to revise UPI transaction limits for in-person merchant payments, previously capped at ₹2 lakh. This decision was revealed alongside the MPC's decision to lower the repo rate by 25 basis points to 6.0%.

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BANKING

The finance ministry is set to consolidate 15 Regional Rural Banks across 11 states starting next month, aiming for enhanced operational efficiency and cost reduction. This fourth consolidation phase will reduce the number of RRBs to 28 from 43. The amalgamation, effective May 1, 2026, will create 'one state-one RRB' in states like Uttar Pradesh, West Bengal, and others.

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BANKING

The NCLAT has permitted Canara Bank and Indian Bank to pursue actions against former IL&FS directors, excluding those on the new board, to declare them wilful defaulters. This protection extends to reappointed professional directors. The decision comes after a Rs 90,000 crore debt crisis led to the government appointing a new IL&FS board in October 2018.

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BANKING

Shriram Finance Ltd., a prominent Indian shadow lender, is seeking the Reserve Bank of India's approval to establish a primary dealership through a new entity. This move aims to deepen its involvement in India's expanding bond markets, aligning with the nation's infrastructure investment drive.

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BANKING

The IndusInd Bank forex derivatives crisis highlights the challenges with current audit policies for commercial banks, NBFCs, and small finance banks. Experts note that stringent criteria and joint audits, introduced in April 2021, have increased operational complexity rather than improving audit quality. Despite multiple audit layers, IndusInd's issue went unnoticed for years, emphasizing the evolving challenges for auditors.

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BANKING

The finance ministry is formulating rules for investing the pool corpus under the new Unified Pension Scheme, which ensures an assured pension for central government employees. The scheme, effective from April 2025, includes government contributions to both individual funds and a separate pool corpus. Investment decisions for the pool corpus will be handled by the government to ensure long-term viability.

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BANKING

Women own 39.2% of bank accounts in India, with rural areas showing higher ownership at 42.2%, according to a government report. Female participation in DEMAT accounts and proprietary establishments is rising. The Gender Parity Index for education levels remains high, and female entrepreneurship is increasing. The Labour Force Participation Rate for women has also improved.

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BANKING

LIC has refuted US claims of receiving 'special treatment' from the Indian government and regulators, stating it operates in a competitive market with other insurers. The insurer emphasized that it is treated like any other insurance company and the guarantee from 1956 has never given it an undue advantage.

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BANKING

The NCLAT has permitted Canara Bank and Indian Bank to proceed with labeling former directors of IL&FS, not part of the current board, as 'wilful defaulters'. The new board has been in place since October 1, 2018, with protection extended only to reappointed professional directors.

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BANKING

Uday Kotak, Asia's richest banker, warns of a significant deposit crunch threatening banks with margin erosion. Retail deposit growth is slow, pushing banks towards expensive bulk deposits. This situation leads to negative lending margins, especially with home loans. The challenge persists amid high-term deposit rates, tighter liquidity, and RBI's policy rate cuts.

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BANKING

State-owned Bank of Baroda reported a 12.8% credit growth with advances reaching Rs 12.3 lakh crore in the March quarter. Total deposits rose by 10.25% to Rs 14.7 lakh crore. Bank of India and IDBI Bank also showed significant growth in loans and deposits in the same period.

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BANKING

LIC announced its branches will remain open over the weekend and on Monday, a public holiday due to Eid, to help policyholders deposit premiums. This includes normal operations on March 29-31 as guided by the IRDAI's advisory issued on March 12, 2025, to avoid any inconvenience for policyholders.

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BANKING

IndusInd Bank's auditors dropped 'derivative valuation' from their key audit matters in the 2023-24 financial year, despite it being a significant concern earlier. This shift occurred even as the RBI issued directives in 2023 affecting the bank's accounting practices, leading to the eventual announcement of ₹1,500 crore in derivative losses by March 2025.

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BANKING

Munich turnaround specialist Mutares plans to launch a $250 million India-dedicated fund to acquire underperforming companies in manufacturing. With $100 million already achieved in Indian revenues, Mutares aims for two to three deals per year. The initiative includes local and global assets, targeting $10 billion in sales by 2028 through strategic acquisitions and turnarounds.

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BANKING

Punjab National Bank recorded a credit growth of 13.6%, reaching Rs 11.17 lakh crore in the March quarter, alongside a 14.3% increase in deposits. Central Bank of India and Punjab & Sind Bank also reported advancements with loan growths of 16.20% and 16.39% respectively, indicating a robust performance in the public sector banking segment.

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BANKING

South Indian Bank experienced a 10% increase in gross advances, reaching Rs 88,447 crore by the end of FY25, while deposits grew at a slower rate of 5.5%, totaling Rs 1.08 lakh crore. The bank's CASA share slightly decreased compared to the previous year but showed improvement from December 2024 figures.

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BANKING

IDFC FIRST Bank has been authorized by the Central Pension Accounting Office (CPAO) to disburse pensions for central government pensioners, including high-ranking officials and former dignitaries. The bank's integration with CPAO is complete, allowing pensioners to receive their pension directly in their IDFC FIRST Bank savings account.

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BANKING

Kotak Alternate Asset Managers Ltd. plans to raise up to $2 billion for a new private credit fund in India. The fund will offer various financing options with expected returns of 18%-20%, relying on structured credit instruments. The private credit market in India is growing rapidly, reaching $9.2 billion across 163 deals last year.

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BANKING

Salila Pande has been appointed MD & CEO of SBI Card, effective April 1. With nearly three decades at SBI and key leadership roles in India and abroad, Pande is expected to drive innovation and growth for SBI Card. She previously led the retail business at SBI Mumbai Metro Circle and held international roles in Singapore and California.

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BANKING

As the RBI turned 90, Governor Sanjay Malhotra emphasized maintaining 'Goldilocks' balance between inflation and growth. He highlighted the importance of price and financial stability, praised the resilience of the banking system, and stressed on trust through transparency. Malhotra also aims for greater financial inclusion, collaborating with the government towards economic growth.

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