BANKING

The Reserve Bank of India announced measures to boost credit flow. The key repo rate remained unchanged. Banks will gain frameworks for corporate acquisition financing. Capital market lending limits will increase significantly. A 2016 framework for large borrowers was scrapped. Risk weights for infrastructure lending will reduce. Licensing for urban cooperative banks may resume soon.

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BANKING

Mitsubishi UFJ Financial Group (MUFG) is in advanced talks to acquire a 20% stake in Shriram Finance for ₹23,200 crore ($2.6 billion), potentially the largest FDI in an Indian NBFC. The investment would be via a primary issuance, with MUFG open to a larger stake over time. Shriram Finance, India’s second-largest NBFC, has ₹2.72 lakh crore AUM and a strong retail lending presence.

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BANKING

Industry executives attributed the slowdown to relative reluctance among banks, especially those privately owned, to chase housing loans because of the pressure on margins due to reduction in interest rate, while borrowers are delaying purchases in anticipation of further easing of rates. The slowdown also partly reflects the base effect given last year's numbers had the lingering impact of the HDFC-HDFC Bank merger.

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BANKING

RBL Bank has partnered with LIC to offer its customers a full range of life insurance products through the bank’s branches and digital channels. The collaboration leverages LIC’s 3,600+ branches and RBL’s 2,000+ touchpoints to expand insurance access nationwide, supporting the goal of 'Insurance for All by 2047'.

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BANKING

Vis Raghavan, an Indian-born banker, has dramatically revitalised Citigroup's investment banking division since joining in 2023. His intense leadership has driven significant fee increases and a surge in Citi's shares, positioning him as a key player and potential future CEO contender, despite some internal friction.

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BANKING

The government has appointed Asheesh Pandey as MD and CEO of Union Bank of India and Kalyan Kumar as head of Central Bank of India for a period of three years. These appointments, approved by the Appointments Committee of the Cabinet, follow recommendations from the FSIB.

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BANKING

Sidbi achieved an all-time high net profit of Rs 4,811 crore in FY25, marking a 19.5% increase, with its balance sheet surpassing Rs 5.6 lakh crore. The bank maintained excellent asset quality and approved a 20% dividend. Sidbi remains dedicated to bolstering the MSME sector through digital initiatives, green energy promotion, and expanding its branch network for wider credit access.

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BANKING

Indel Money, a gold-loan NBFC, appointed Lincoln International to raise $30-40 million from PE funds. This funding supports growth initiatives and prepares the company for a public offering by FY29. The NBFC plans two equity infusions before its IPO. Indel Money aims to evolve as a financial service provider. Its asset under management grew to ₹2,700 crore in FY25.

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BANKING

Chairman Sunil Mehta earned Rs 96.25 lakh in sitting fees during FY25, more than doubling from Rs 47.95 lakh in the year before. This payout is in addition to Mehta's Rs 30-lakh fixed annual remuneration, which remained unchanged, showed the bank's FY25 annual report. Mehta's three-year term is set to end on January 30, 2026. People familiar with the matter told ET that between March and August 2025, the board is understood to have convened 180-200 meetings, significantly higher than in the same period last year.

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BANKING

HDFC Bank's DIFC branch has been restricted by the DFSA from onboarding new clients or offering them financial services due to concerns over its onboarding practices. The bank clarified that these operations are not material to its overall business and is taking steps to comply with the directives.

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BANKING

IndusInd Bank faces scrutiny over accounting irregularities dating back to 2015. Former CFO Gobind Jain blew the whistle, alleging senior management awareness and insider trading. He repeatedly urged an external audit before his resignation. The bank disclosed significant losses. Law enforcement agencies are now investigating the matter including share sales by executives.

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BANKING

The Finance Ministry has advised all financial institutions, including the RBI, to cease wasteful festival gift expenditures ahead of Diwali to promote fiscal discipline. This directive, based on a DPE advisory, instructs government entities and CPSEs to avoid spending on gifts for festivals, emphasizing judicious use of public resources.

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BANKING

Bharti Enterprises and Warburg Pincus's joint venture plans to raise 40 billion rupees ($451 million) by issuing bonds in the next quarter, offering an 11%-12% coupon. Kotak Investment Bank is arranging the deal, expected to draw interest from mutual funds and NBFCs. This bond issuance follows a trend of firms utilizing the corporate bond market to fund significant acquisitions.

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BANKING

Banks plan to launch a common portal to monitor consortium loans, sharing data such as audit reports, borrower responses, stock statements, and limit allocations. The platform, backed by 12 public and five private banks, aims to improve coordination, oversight, and post-sanction monitoring. Discussions include leveraging the Secondary Loan Market Association for secure, retrievable information throughout the loan lifecycle.

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BANKING

A Reserve Bank study highlights that user experience in India’s FinTech sector is shaped by app market share, updates, and data privacy, with payment and lending apps preferred over banking apps. Analysis of 5.69 million reviews shows polarised feedback—87% being one- or five-star.

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BANKING

New-to-credit (NTC) borrowers slowed in Q1FY26, making up 16% of loan originations, down from 18% a year ago, as lenders took a cautious stance, TransUnion Cibil reported. Credit-active consumer growth fell to 9% versus 15% last year, with slight stress in repayments. While youth credit demand declined, semi-urban and rural lending helped overall portfolio growth.

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BANKING

Galaxy Health Insurance aims for significant growth. The company targets Rs 450 crore in premiums by fiscal year 2027. It anticipates breaking even within four years. Since April, premiums have reached Rs 40 crore. The insurer focuses on wellness and simplified claims. They plan to expand in West Bengal.

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BANKING

India's festive season coincides with GST 2.0. Banks and NBFCs offer credit deals to boost spending. Lower prices and tax reforms are expected to increase credit growth. Lenders are cautious about overextension risks. The streamlined GST aims to make essentials cheaper. Experts are analysing the impact of these changes on the Indian economy. The RBI is monitoring unsecured lending.

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BANKING

India is planning to allow more foreign investment in Public Sector Banks. The current limit is 20%. The government wants to strengthen these banks. This will help them raise more capital. The government will keep at least 51% stake. This ensures the banks remain public. The goal is to make them globally competitive.

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BANKING

For the first time in fiscal year 2026, banking system liquidity has moved into deficit due to tax outflows. The Reserve Bank of India is infusing funds to stabilize overnight rates. Tax payments, including GST and advance taxes, caused the shift. The RBI conducted variable rate repo auctions to manage rates.

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BANKING

Sumitomo Mitsui Banking Corporation (SMBC) has increased its stake in Yes Bank from 20% to 24.22% through an off-market acquisition, becoming the largest shareholder. This move follows SBI's divestment of a 13.18% stake to SMBC. Yes Bank's credit ratings have also been upgraded by multiple agencies, reflecting its improved financial health and governance since the 2020 reconstruction.

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BANKING

IndusInd Bank has appointed Viral Damania as its new chief financial officer, filling the vacancy left by Gobind Jain's resignation in January. This is a key appointment under the recently appointed CEO, Rajiv Anand. Damania brings 27 years of experience from Bank of America, Citibank, and PricewaterhouseCoopers.

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BANKING

Mumbai Police's EOW is investigating financial irregularities at IndusInd Bank. Former CFO Gobind Jain sought more time to submit documents. He claims he flagged the lapses. The EOW has also summoned former CEO Sumant Kathpalia and ex-deputy CEO Arun Khurana. The probe focuses on unhedged Japanese yen contracts. Allegedly, this led to inflated profits and delayed loss recognition.

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BANKING

Boston Consulting Group's report reveals a moderation in global payments revenue growth to 4% annually over the next five years, projecting a rise to $2.4 trillion by 2029. Real-time A2A payments are gaining traction, particularly in markets like India and Brazil, while agentic AI is poised to significantly influence e-commerce spending.

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BANKING

Banks in India are now using AI avatars for loan recovery. These virtual agents make video calls and send messages to borrowers. This method is cheaper and more efficient than using human agents. Private banks are adopting this technology. Public sector banks are also considering it. The goal is to improve loan repayment rates while adhering to RBI guidelines.

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BANKING

Yes Bank anticipates a potential rating upgrade following SMBC's significant investment, signaling confidence in the bank's resurgence. This strategic partnership is expected to bolster Yes Bank's capital-raising capabilities and drive business expansion through network synergies. The bank aims to improve profitability and achieve its financial targets, focusing on strategic lending segments.

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BANKING

India's financial landscape is changing. Borrowers are finding new ways to raise funds beyond bank loans. Total resources raised have more than doubled in five years. Non-Banking Financial Companies are now a major lending source. Equity financing is linked to stock market conditions. Foreign capital sources now account for a smaller share.

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BANKING

Good news for Public Sector Banks. PSBs outpaced Private Banks in FY25. Advances grew by 12.2 percent. This is the first time since March 2010. PSBs are retaining deposit market share. They are focusing on technology and third-party products. Recoveries from written-off accounts boosted profitability. Margins are expected to stabilise. This is due to CRR cuts.

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BANKING

IIFCL is actively pursuing initiatives like green transition for MSMEs and a climate risk assessment framework to lower costs. They are collaborating with insurance companies to integrate insurance more closely with infrastructure projects. New products are expected to launch after September 30, with a focus on reducing the cost of funds and promoting green power accessibility for MSMEs.

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BANKING

The Reserve Bank of India is urging banks to reduce fees on consumer products like debit cards and late payments, potentially impacting billions in revenue. This push follows increased retail lending by banks and concerns about the impact of high fees on low-income customers. The RBI's move aims to address fee disparities and promote fair banking practices.

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BANKING

The non-life insurance sector in India continued to experience a slowdown in premium growth in August due to a decline in crop insurance and a softer market for passenger vehicles, Care Edge Ratings said in a report.

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BANKING

The Hyderabad NCLT has approved a ₹2,400 crore OTS plan by Gayatri Projects' promoters, resolving ₹8,100 crore in dues to lenders led by Canara Bank. With 97% lender approval, the promoters have 90 days to pay ₹750 crore, cover bank guarantee invocations, and allocate ₹450 crore from arbitration claims.

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BANKING

Motilal Oswal Financial Services resolved a case with Securities and Exchange Board of India. The issue involved suspected front-running of trades for a major client. The firm settled by paying Rs 34.85 lakh in charges. Securities and Exchange Board of India initiated the investigation. It was related to trades by the Chaturvedi Group.

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BANKING

NABFID is urged to evolve into a system-shaping entity by offering advisory services for early-stage infrastructure projects, particularly in urban infrastructure and water management. With Rs 2 trillion in loan sanctions already, the focus should shift to making ambitious projects bankable, developing expertise in priority sectors, and creating new investment instruments.

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BANKING

Sumitomo Mitsui Banking Corporation (SMBC) has finalized its acquisition of a 20% stake in Yes Bank, becoming its largest shareholder. This significant cross-border investment includes the appointment of two SMBC directors to Yes Bank's board. Yes Bank aims to leverage SMBC's global expertise to enhance its corporate banking and cross-border solutions, while also receiving improved credit ratings.

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BANKING

On Wednesday, the insurance regulator directed insurers to pass on the benefits of the GST removal on life and health insurance premiums to customers, noting that the move could improve affordability and broaden access.

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BANKING

Net interest margins (NIMs), a key measure of core profitability, at Indian banks are poised to rise after hitting a low in the second quarter. Analysts say the increasing likelihood of stable policy rates should help lenders capitalize on lower costs in the current rate-easing cycle.

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BANKING

State Bank of India (SBI) has finalized the divestment of a 13.18% stake in Yes Bank to Sumitomo Mitsui Banking Corporation (SMBC) for approximately Rs 8,889 crore. This transaction involved the sale of 413.44 crore equity shares at Rs 21.50 per share.

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BANKING

The government is in discussion with the RBI to relax regulations, potentially increasing the limit on bank exposure to large corporations beyond ₹10,000 crore. This move aims to boost infrastructure financing by reducing the cost of loans for significant projects. The proposal involves redefining borrower specifications and rationalizing provisioning norms, leveraging the improved health of the banking sector.

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BANKING

Following the RBI's restoration of risk weights, bank lending to NBFCs has slowed significantly, growing only 2.6% in the first four months of FY26. Banks are particularly cautious towards smaller NBFCs with high exposure to microfinance and unsecured loans.

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BANKING

The government has instructed insurance companies to fully pass on the GST exemption benefits to policyholders, aiming to make insurance more affordable. Financial Services Secretary M Nagaraju emphasized proactive outreach to publicize these reforms and their positive impact on accessibility. This measure seeks to strengthen financial security and increase insurance penetration nationwide.

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BANKING

Alliance Insurance Brokers has announced ESOPs worth Rs 55 crore. The ESOPs are for top performers and long-term employees. Aatur Thakkar, Co-founder, said the move appreciates the team's commitment. It also promotes innovation and entrepreneurial culture. The company has seen over 25% year-on-year growth. Alliance Insurance has been recognized for its positive and inclusive work environment.

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BANKING

Indian banks are strategically leveraging the festive season and recent tax cuts to revitalize loan growth, particularly in high-margin retail sectors. HDFC Bank, ICICI Bank, Axis Bank, SBI, and BoB are rolling out festive offers and discounts to capitalize on increased consumer spending.

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BANKING

SBI and a group of private banks are poised to receive a tax exemption on ₹13,483 crore income from selling their stake in Yes Bank to SMBC. The Yes Bank Reconstruction Scheme, 2020, exempts banks from capital gains tax on profits from the share sale. This deal marks Japan's largest bank's entry into India.

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BANKING

L Satya Srinivas from the commerce ministry is now India's executive director at the Asian Development Bank. He will take over from Vikas Sheel. Srinivas will also represent other nations like Bangladesh and Bhutan. This appointment occurs as India urges multilateral banks to monitor funds to Pakistan. India is also pushing for reforms at lenders to address development financing.

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BANKING

Customers are cancelling approved car loans. This is because of the Goods and Services Tax (GST) rate cut on passenger vehicles. The 56th GST Council approved reducing the rate for cars up to 1,200 cc to 18 percent. The new rates will be effective from September 22. Borrowers are opting for fresh loans after the rate cuts.

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BANKING

Financial Services Secretary M Nagaraju urged PSBs to strive for global competitiveness and strengthen governance at the PSB Manthan 2025. Discussions centered on modernizing technology, adopting AI governance, and collaborating with fintechs. The event emphasized PSBs' crucial role in financial inclusion, national priorities, and emerging sectors, aiming for a developed India by 2047.

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BANKING

Financial Services Secretary M Nagaraju urged PSBs to strive for global competitiveness and strengthen governance at the PSB Manthan 2025. Discussions centered on modernizing technology, adopting AI governance, and collaborating with fintechs. The event emphasized PSBs' crucial role in financial inclusion, national priorities, and emerging sectors, aiming for a developed India by 2047.

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BANKING

Easy Home Finance, backed by Ranjan Pai's Claypond Capital and Sumitomo Mitsui Banking Corporation, has secured long-term financing through NCD issuance with Franklin Templeton AIF. This investment, funded by Franklin India Credit AIF, will fuel Easy's expansion in high-potential housing districts and strengthen its capital base.

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BANKING

The finance ministry has urged banks to focus on improving their CASA deposits and increasing lending to MSMEs and the agriculture sector. Concerns were raised about the declining CASA ratio of public sector banks, which is impacting their net interest margins.

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BANKING

The Reserve Bank of India received surrender requests from nine Non-Banking Financial Companies. These included PhonePe Technology Services and Aditya Birla Finance. The central bank also cancelled the registration certificates of thirty-one NBFCs. Furthermore, the RBI restored the registration of RBG Leasing and Credit and Yashila Investment and Finance.

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BANKING

Ravi Ranjan, currently Deputy Managing Director, has been recommended by the Financial Services Institutions Bureau (FSIB) to become the next Managing Director of State Bank of India (SBI). He is set to succeed Vinay M Tonse, whose term ends on November 30. The final decision now rests with the Appointments Committee of the Cabinet, led by Prime Minister Narendra Modi.

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BANKING

General and life insurers are seeking GST relief from the finance ministry on commissions for health and life insurance products. They argue that commissions are procurement costs embedded in premiums and should be exempt, similar to reinsurance commissions.

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BANKING

Reserve Bank of India is likely planning to permit lenders to remotely lock mobile phones of borrowers who default on their loans. This move aims to reduce bad assets but raises concerns about consumer rights. The Reserve Bank of India is expected to update its Fair Practices Code, introducing guidelines on phone-locking mechanisms while mandating prior consent and data protection.

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BANKING

Over the last six months, ICICI Bank has slashed its home loan rate by more than 105 basis points to 7.7%, while HDFC Bank has cut it by 80 bps to 7.9% over the same stretch. ICICI Bank’s rate, currently the lowest among private lenders, is available to existing customers who have pre-approved digital home loans and strong credit scores.

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BANKING

Singapore's Temasek-backed Fullerton Financial is re-entering Indian financial services. It plans to invest ₹2,000 crore in Lendingkart Finance. This will help Lendingkart expand its loan book. Fullerton has already increased its stake in Lendingkart Technologies. It has also assumed management control. The company aims to disburse fresh loans and launch secured products.

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BANKING

Delays occur because many Indian banks contact the receiver before crediting their account to confirm the payment, or re-verify final account details. In addition, differences in how institutions update tracking information or credit client accounts-often tied to batch processing in back-office systems-slow down deals.

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BANKING

Capital spending by major central public sector enterprises in India experienced a slight dip in August, marking the second consecutive monthly decline due to heavy rainfall impacting project execution. Despite this, spending from April to August saw a marginal increase, driven by a strong expansion in the June quarter. Public capex remains crucial for India's economic growth amidst global uncertainties.

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BANKING

Indian life insurers experienced a 6.01% increase in new business premiums in August 2025, reaching Rs 1,63,461.52 crore, fueled by growth in both single and non-single premium policies. This expansion is attributed to insurers' efforts to reach new customers and enhance distribution networks.

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BANKING

Jio Financial Services and Allianz have established 'Allianz Jio Reinsurance Ltd' to operate a reinsurance business in India, with each holding a 50% stake. The joint venture, formed after receiving regulatory approval, aims to capitalize on India's growing insurance market by combining JFSL's local knowledge with Allianz's global reinsurance expertise. This follows Allianz's separation from Bajaj Finserv.

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BANKING

Life insurance companies are confident in managing the impact of the upcoming GST exemption on premiums, set to take effect on September 22, 2025. While the exemption removes input tax credits for insurers, companies plan to optimize costs and reprice products.

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BANKING

Bajaj Finance is preparing for a leadership transition. Rajeev Jain's successor will be an internal candidate. The company aims to finalize succession plans within six months. Jain's term extends until March 2028. Bajaj Finance targets significant growth. They project a profit of ₹43,000 crore by FY29. The firm also plans to expand its customer base substantially.

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BANKING

Private sector banks experienced a decline in net profit for the second consecutive quarter due to dwindling net interest income, while public sector banks continued their double-digit growth. Overall net profit growth for the sampled banks slowed to a four-and-a-half-year low, reflecting a deceleration in net interest income, which saw its first drop in over five years.

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BANKING

Recent GST reforms, coupled with a good monsoon and improved liquidity, are poised to stimulate credit demand, particularly in retail and MSME sectors. Reduced tax rates and simplified compliance are expected to boost consumption, ease working capital pressures, and drive loan disbursements, benefiting banks and NBFCs.

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BANKING

A delegation from Chennai Angels, comprising 19 members, visited Sri City to assess investment opportunities and business operations within the Special Economic Zone. Led by K Mahalingam, the delegation received insights from Sri City's Founder, Ravindra Sannareddy, on infrastructure and sustainability. The visit included tours of manufacturing facilities of Daikin, Isuzu, and Colgate.

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BANKING

Punjab National Bank (PNB) has committed Rs 21,000 crore to Rajasthan's Rising Rajasthan initiative, aiming to boost socio-economic progress through its extensive network and digital resources. During a visit to Jaipur, PNB's MD & CEO, Ashok Chandra, distributed 2,000 loan sanction letters to women entrepreneurs and emphasized digital adoption, financial inclusion, and fraud prevention.

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BANKING

India's state-run insurers are set to introduce zero-tax individual policies to broaden insurance coverage, following a government decision to exempt individual insurance purchases from GST. While this move aims to lower premiums, the unavailability of input tax credits may initially squeeze insurer profitability. Insurers are exploring cost-cutting measures to mitigate the impact and ensure the benefits reach consumers.

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BANKING

L Catterton's India-dedicated consumer fund, in partnership with Sanjiv Mehta, has achieved its first close at $200 million, aiming for a total of $400 million with a $200 million greenshoe. The fund will concentrate on providing growth capital to mid-market consumer companies, securing commitments from IFC and Kotak Private clients.

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BANKING

The GST Council has eliminated the 18% tax on individual life and health insurance policies, aiming to boost affordability and coverage. Finance Minister Nirmala Sitharaman expects companies to pass on the benefits to consumers. This move, effective for all individual policies and reinsurance, seeks to reverse the recent decline in insurance penetration across India.

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BANKING

In a letter to the Prime Minister dated August 26, a copy reviewed by ET, Jain claimed that he uncovered serious issues in treasury operations that had persisted for more than a decade. Jain said he was the only executive to detect the lapses and had fought a “lone battle” to highlight them.

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BANKING

The GST Council has eliminated the 18% tax on health and life insurance premiums, a move under PM Modi's GST 2.0 reforms aimed at simplifying the tax structure. This exemption is expected to lower premiums, potentially boosting demand and increasing insurance accessibility for a wider population, though insurers may face short-term margin pressures.

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BANKING

The Goods and Services Tax (GST) on health and life insurance premiums will soon be zero. The GST Council approved this change in its recent meeting. This new rule starts on September 22, 2025. While premiums will not have GST, insurers may not get input tax credits. Experts say this could lead to a slight increase in costs.

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BANKING

India's insurance sector is rapidly evolving, driven by new risks and technological advancements. While IRDAI's "Use & File" approach fosters product innovation, pricing remains a challenge due to limited claims data. Focus should shift towards popularizing insurance as a risk management tool, with InsurTech playing a crucial role in accessibility.

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BANKING

Citibank has appointed Kaustubh Kulkarni as co-head of investment banking. He will oversee operations in Japan, North Asia, Australia, and South Asia. Kulkarni will join from JPMorgan. He will be based in Singapore. Vikram Chavali and Deepak Dangayach have also been appointed to key roles. Citi's investment banking revenues increased by 15% in the second quarter.

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BANKING

JPMorgan's focus is on electric vehicles, data centers and solar energy sectors. These industries are increasing capital spending. JPMorgan sees India and Japan as its fastest-growing Asian markets. The bank expects continued growth despite tariff concerns. They aim to grow revenue by 30% annually. The expansion includes increasing domestic headcount.

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BANKING

Insurance companies are increasingly competing with banks by offering secured personal loans to policyholders, totaling ₹1.4 lakh crore, comparable to bank loans against fixed deposits. These short-term loans, with rates from 8.50% to 10.5%, allow policyholders to access funds without surrendering their policies.

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BANKING

The government is considering establishing special courts to expedite the resolution of bank fraud cases, with discussions underway between the law and finance ministries and banks. This move aims to accelerate disposal, improve financial recovery, and reduce legal costs for lenders. Recent data reveals significant fraud cases reported by banks, prompting the need for a faster judicial mechanism.

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BANKING

IIFL Home Finance is bolstering its leadership team with the appointment of Ajay Sachdewa as group chief business officer and Aarti Marwaha Upadhyay as chief human resources officer. The company is also in the process of appointing Girish Kousgi as its new CEO, following Monu Ratra's resignation. These strategic moves aim to enhance business execution and strengthen customer engagement.

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BANKING

The realities of the bond market, inflation expectations and fiscal uncertainties are complicating matters when it comes to rate cut transmission. Borrowers have been left waiting for relief as the intended benefits of the RBI's rate cut are not filtering through to the lending rates.

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