BANKING

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

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

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

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

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

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

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

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ENBEE Trade and Finance has partnered with Sunrise FinServe to improve loan disbursement efficiency and scalability, particularly in Maharashtra and Gujarat. This alliance aims to leverage Sunrise FinServe's expertise and distribution network to strengthen ENBEE's lending processes and accelerate growth in retail lending.

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Sumitomo Mitsui Financial Group and SBI Holdings are collaborating. They will launch a wealth management service in Japan. The target is affluent individuals. They aim to manage assets worth ¥10 trillion within five years. The venture seeks profitability within three years. It targets ¥10 billion in pre-tax profits over five years.

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While other details, if any, in the NFRA communique are not known, the sources confirmed said the government agency would scan the dossier of working papers and evidence that support the audit exercise and corroborate the bank's claims on its financials. "First, the audit file will tell the scope of work - i.e., whether the auditor was responsible for the derivatives accounts. Second, what are the supporting documents that have gone in forming the audit opinion," said an official with one of the auditors.

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The government is encouraging state-run banks to increase lending to productive sectors, particularly MSMEs, through targeted Mudra financing and identification of high-employment clusters. Loan melas are planned for retail customers, following the RBI's recent rate cut to boost private sector investment. The government is also finalizing the Grameen Credit Score to improve credit access for SHGs and the rural population.

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BANKING

CareEdge Ratings anticipates a potential rise in banks' credit costs in FY26 due to stress in unsecured and microfinance loans. Despite this, strong provision buffers, particularly among PSBs with high Provision Coverage Ratios, position banks to absorb potential losses. While asset quality is expected to slightly deteriorate, it will remain manageable, offset by corporate deleveraging.

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Life Insurance Corporation of India offers help to families affected by the Air India flight Al 171 accident. This incident occurred in Ahmedabad on June 12, 2025. LIC will speed up claim processing for the affected families. The insurer will relax some rules for faster settlements. Families can submit government records or compensation proof instead of a death certificate.

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India’s growing economy, young workforce, and expanding export base make it a key market for Mizuho Financial Group, according to CEO Masahiro Kihara. The Japanese banking major sees India as a long-term strategic partner and is considering additional investments beyond the $500 million capital already deployed.

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"Deposit rates are going down in line with the monetary policy announcement, where the RBI (Reserve Bank of India) cut repo cuts by 50 basis points," said Anup Bhaiya, managing director and CEO, Money Honey Financial Services.

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The FSIB, which recommends names for top roles at public sector insurance companies and banks, on Wednesday named Doraiswamy Ramchandran for the position of chief executive and managing director at Life Insurance Corporation of India. He is currently LIC's MD.

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The Enforcement Directorate has summoned senior counsel Arvind Datar regarding his advice to Care Health Insurance on ESOPs issued to Rashmi Saluja. The investigation revolves around whether the ESOP issuance violated regulations, leading to scrutiny of legal opinions provided. Former Irdai chairman Hari Narayan may also be questioned in connection with the matter.

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Banks are tightening the rules for corporate credit cards following regulatory concerns. Users must now declare that these cards will only be used for business expenses, preventing them from circumventing personal spending limits. This move addresses the misuse of corporate cards for personal purchases, potentially leading to deactivation for violations and increased scrutiny from both banks and companies.

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Lilavati Kirtilal Mehta Medical Trust has accused HDFC Bank and its CEO Sashidhar Jagdishan of loan inconsistencies. The Trust alleges discrepancies in loan amounts and bribery. HDFC Bank denies all allegations. The bank calls the claims malicious and false. HDFC Bank threatens legal action against those making the allegations. The bank urges the public to be critical of the claims.

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Mizuho Financial Group is nearing a deal to acquire a majority stake in Avendus Capital, potentially valuing the Indian investment bank at $800 million. This move follows a trend of Japanese banks expanding into India, exemplified by Sumitomo Mitsui's recent investment in Yes Bank. Mizuho aims to leverage Avendus' expertise to strengthen its dealmaking presence in the burgeoning Indian market.

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NBFCs play a crucial role in financial inclusion, as they extend credit to people, communities and small businesses that are often underserved by traditional banks. The RBI's engagement signals a growing concern within the central bank over the lag in rate transmission by these institutions, even as banks have shown relatively better, albeit still partial, alignment with monetary policy moves.

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India's digital payment revolution, particularly the Unified Payment Interface (UPI), has garnered global recognition, processing ₹24.77 lakh crore in transactions in March 2025. With widespread adoption by individuals and merchants, digital payments are prevalent even for micropayments. Direct Benefit Transfer (DBT) initiatives have enhanced transparency, eliminated ghost beneficiaries, and saved the government over ₹3.48 lakh crore.

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The Reserve Bank of India's interest rate cut is poised to significantly benefit non-banking finance companies by expanding their margins due to reduced funding costs. Easing of norms on unsecured loans and lower risk weights will facilitate increased bank lending to NBFCs, boosting their lending activities. Investors have responded positively, driving up NBFC stock prices.

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ICICI Bank's price-to-book (P/B) ratio is currently around 3.5. In contrast, State Bank of India P/B is around 1.5, reflecting differing market perceptions of the two banks' growth prospects, profitability, and risk profiles.

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BANKING

The Reserve Bank of India will discontinue daily variable rate repo auctions from June 11 due to surplus liquidity in the banking system, which has averaged ₹2.75 lakh crore in June. This decision aligns with the RBI's target of maintaining surplus liquidity near 1% of net demand and time liabilities.

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BANKING

Reserve Bank of India's unexpected rate cut may boost bank earnings. Analysts predict net interest margins will recover faster than expected. The CRR reduction should soften the impact on margins. It will also improve liquidity. Experts believe this is more beneficial for banks than NBFCs. The rate cut may initially pressure margins.

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Jaiprakash Associates Ltd faces debt resolution. NARCL, the lead creditor, extends the bid submission deadline by 15 days. This decision follows requests from interested bidders. The company owes creditors ₹57,185 crore. Several companies including Adani Enterprises and Dalmia Bharat have shown interest. NARCL holds the majority of the debt. The resolution process continues under the Insolvency and Bankruptcy Code.

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BANKING

HDFC Bank's CEO, Sashidhar Jagdishan, faces allegations in a Mumbai Police FIR. The Lilavati Kirtilal Mehta Medical Trust alleges he received money to harass a trustee's father. HDFC Bank denies the charges, linking them to a loan recovery case involving Splendour Gems. The bank claims the Mehta family is attempting to derail recovery efforts.

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BANKING

Sat Pal Bhanoo has been entrusted with the additional charge of MD and CEO of LIC, effective from June 8, 2025, until September 7, 2025, or until a regular appointment is made. This decision follows the completion of Siddhartha Mohanty's term as CEO and MD on June 7, 2025. Bhanoo is the seniormost among the four LIC MDs.

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BANKING

HDFC Bank will pursue legal remedies against allegations by the Lilavati Kirtilal Mehta Medical Trust, which called for the suspension of CEO Sashidhar Jagdishan over alleged financial fraud. The bank strongly denies the claims, stating they are attempts to obstruct loan recovery from defaulters. HDFC asserts the Trust's actions are a malicious attempt to defame its CEO.

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Under the revised regulations issued late evening, the RBI introduced differentiated loan-to-value (LTV) limits for consumption loans against gold collateral. Borrowers can now access loans up to Rs 2.5 lakh at an LTV of 85%, loans between Rs 2.5 lakh and Rs 5 lakh at 80%, and loans above Rs 5 lakh at 75%. For loans exceeding Rs 2.5 lakh, lenders will have to carry out detailed credit assessments, including evaluating the borrower's repayment capacity.

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Following a significant 50 basis points repo rate cut by the RBI, Punjab National Bank has reduced its lending rates by up to 50 basis points, effective June 9, 2025. This move aims to make EMIs more affordable for both existing and new borrowers, with home loan rates starting from 7.45% and vehicle loans from 7.8% per annum.

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BANKING

RBI Governor Sanjay Malhotra announced that final gold loan regulations will be released by today or Monday. These norms include raising the Loan-to-Value (LTV) ratio for gold loans under Rs 2.5 lakh to 85% from the current 75%. The Ministry of Finance previously suggested revisions to the RBI's draft directions. Following the announcement, Manappuram shares rose by 3.

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BANKING

Financial Services Secretary N Nagaraju has urged state governments to take strict action against individuals who harass bank staff. He emphasized the importance of uninterrupted banking services for citizens and businesses. Nagaraju called for deterrent legal measures to protect bank employees and maintain public trust in the banking system.

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BANKING

Private sector banks charge higher spreads on loans compared to public sector banks, ranging from 40 to 200 basis points more, according to recent RBI data. Despite this, private banks demonstrated more effective transmission of policy rates during a period of tight liquidity. The RBI is considering new guidelines to improve policy rate transmission, potentially announced Friday.

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IndusInd Bank expands its digital banking platform, ‘INDIE’, to over 15 million retail customers, integrating core banking services into a unified interface. The app features numberless debit cards, virtual single-use cards, and dynamic ATM PINs for enhanced security.

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BANKING

Financial Services Secretary M Nagaraju has urged state governments to take strict action against individuals engaging in aggressive behaviour towards bank staff. He emphasised the importance of ensuring uninterrupted banking services for the public, Direct Benefit Transfers, and economic activities.

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The Central Board of Direct Taxes (CBDT) is set to conduct a thorough review of charitable entities and non-profit organizations to detect potential misuse for terror financing or money laundering. Collaborating with agencies like IB, ED, and NIA, the CBDT will create a database focusing on institutions with foreign connections and those with questionable financial activities.

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Digit Life Insurance witnessed substantial growth in FY 2024-25. Its revenue surpassed Rs 1,315.9 crore. The company settled claims worth Rs 2.88 billion. Digit Life improved its claim settlement turnaround time to 1.89 days. The claim settlement ratio reached 99.53%. The company focuses on simplifying products and enhancing trust. Digit Life has served 6.7 million customers with over 4,000 agents.

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BANKING

In 2025, Indian banks are unusually investing heavily in mutual funds, with investments surging 91% to ₹1.19 lakh crore. This shift is driven by suboptimal credit growth, surplus liquidity, and favorable market conditions. Banks are primarily utilizing liquid and money market schemes for higher short-term returns, rather than direct lending.

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BANKING

Data from Reserve Bank of India shows a shift in banking resources. Metro cities now hold more deposits, but their share of credit has decreased. Personal loans are becoming more popular than corporate loans. More people and capital are moving to semi-urban areas. Housing loans are also becoming more affordable. This indicates a more balanced distribution of banking across India.

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Microfinance lenders in India aggressively cleared bad loans in Q4 FY25, significantly impacting profitability. This strategic move aims to prepare for an expected turnaround, with listed NBFC-MFIs writing off Rs 2,440 crore. The sector faces challenges like over-indebtedness and disruptions, prompting introspection and operational adjustments for a more sustainable future.

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BANKING

State Bank of India, Punjab National Bank, and Bank of Baroda, along with two other PSBs, are collaborating on a common collection firm via PSB Alliance Pvt Ltd to recover retail and MSME loans below ₹5 crore. This initiative aims to enhance recoveries and allow banks to concentrate on core activities.

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Swarup Kumar Saha's tenure as MD and CEO of Punjab & Sind Bank has been extended by the government until February 2027, following approval from the Appointments Committee of the Cabinet. Saha initially assumed the role on June 3, 2022.

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India's health insurance industry, once a growth leader, now faces structural challenges affecting both expansion and profitability. Overestimation of the addressable market, government schemes, and rising competition are key factors. Investors are advised to lower growth expectations and focus on resilient areas like TPAs and diversified insurers due to rising claim costs and hospital charges.

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Canara Bank has eliminated the average monthly balance requirement for all savings accounts, effective June 1, to attract deposits amid industry-wide challenges. The bank anticipates a revenue loss of a few hundred crores annually from waived penalties. However, it expects the move to encourage customers to invest in term and recurring deposits, providing an alternative to capital markets.

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In fiscal year 2024-25, the Reserve Bank of India levied 353 penalties totaling ₹54.78 crore on regulated entities for statutory contraventions. These penalties addressed non-compliance issues related to cybersecurity, exposure norms, KYC guidelines, fraud reporting, and credit information submissions. Cooperative banks faced the most penalties, followed by NBFCs, housing finance companies, public and private sector banks, and foreign banks.

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