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Starting October 8, India will allow users to authenticate Unified Payments Interface (UPI) transactions through facial recognition and fingerprints, using Aadhaar-based biometric data, sources said. The move follows new RBI guidelines permitting alternative authentication methods and replaces the current PIN-based system. The NPCI plans to showcase the feature at the Global Fintech Festival in Mumbai.

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The Reserve Bank India will use the wholesale leg of its central bank digital currency (CBDC) as the underlying layer for the exercise, RBI chief general manager Suvendu Pati said on Tuesday.

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Sammaan Capital is set to significantly expand its affordable housing loan offerings. A substantial $1 billion investment from Abu Dhabi's International Holding Company will fuel this growth. The company aims for 1 trillion Indian rupees in assets under management by financial year 2027. This strategic move involves opening numerous new branches, primarily in smaller cities and suburban areas.

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Microfinance interest rates are rising, defying the general trend of declining rates, as lenders grapple with increased credit costs and persistent asset quality issues. Major NBFC-MFIs have hiked their lending rates, widening the range to 18-28% due to higher delinquency and funding costs.

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The Reserve Bank of India's October policy measures offer major relief to non-banking financial companies. A Morgan Stanley report confirms this supportive stance. The RBI removed business overlap restrictions for bank-promoted NBFCs. It also reduced risk weights on infrastructure project lending. These steps benefit infrastructure-focused NBFCs such as Power Finance Corporation and REC Limited. The repo rate remains unchanged.

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Bank of Maharashtra reported strong financial performance. Credit growth reached 16.8 percent in the second quarter. Total advances stood at Rs 2.17 lakh crore. Deposits increased by 12.1 percent to Rs 3.09 lakh crore. The bank's total business rose 14.2 percent. CASA ratio improved to 50.35 percent. These figures reflect robust growth.

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ECL is a forward-looking accounting standard that requires banks to make provisions on expected losses based on past asset quality, instead of incurred loss-based provisioning. The already created buffer would come into play from the first quarter of FY28. "Banks with higher floating and contingent provisions would be less impacted by the ECL provisioning norm. Typically, a few large private banks have built material floating provisions as compared to their public sector peers," Icra senior vice president and co-group head Anil Gupta told ET.

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Truhome Finance is receiving an additional Rs 500 crore from Warburg Pincus, bringing total investment to over Rs 2,000 crore. The affordable housing lender plans aggressive growth, targeting Rs 23,000 crore AUM by fiscal end, while maintaining strong asset quality and expanding its tech and branch network, primarily serving the self-employed segment.

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Punjab & Sind Bank has shown strong financial growth. Loans have increased by 16.1 percent to Rs 1.05 lakh crore in the second quarter of FY26. Gross advances stand at Rs 91,032 crore by September 2024. Total deposits have risen to Rs 1.35 lakh crore. The bank's total business has grown by 12.2 percent. Credit deposit ratio stands at 77.

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UCO Bank reported strong financial growth for the second quarter of FY26. Credit expanded by 16.6 percent, reaching Rs 2.31 lakh crore. Total deposits increased by 10.8 percent to Rs 3.06 lakh crore. The bank's overall business grew 13.2 percent, touching Rs 5.37 lakh crore. Its credit deposit ratio also rose to 75.56 percent.

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HDFC Bank reported a 9% rise in loans to Rs 27.9 lakh crore and a 15.1% growth in deposits to Rs 27.1 lakh crore for the second quarter ended September 30. Meanwhile, Kotak Mahindra Bank also saw robust growth, with credit increasing by 15.8% to Rs 4.62 lakh crore and deposits rising 14.6%.

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Union Finance Minister Nirmala Sitharaman launched a campaign in Gandhinagar. The initiative aims to return 1.84 lakh crore rupees in unclaimed financial assets. These funds are with banks and regulators. The three-month Apki Poonji, Apka Adhikar campaign will focus on awareness, access, and action. Officials will ensure rightful owners claim their money. The RBI's UDGAM portal will assist claimants.

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Life insurers face a similar squeeze. The industry paid about ?24,000 crore in GST in FY24, offset by ? 14,000 crore of ITC. With credits no longer available, the new two-rate system leaves them facing a ?15,000 crore sector-wide hit, part of which will show up in company profit and loss accounts and embedded values. Despite the exemption, customers may not see a meaningful drop in premiums as insurers adjust pricing to recoup lost credits, analysts said.

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For years, banks were barred from financing mergers and acquisitions through equity purchases, curbs that were put in place to prevent leverage buyouts. While banks could lend against hard assets such as plants, brands, and factories, they were not permitted to fund share purchases that gave acquirers control of firms.

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International Holding Company acquired a 42 percent stake in Sammaan Capital. This investment will provide stability and operational advantages. Sammaan Capital will expand its NBFC products and offerings. The company will use technology and access a global network. Sammaan Capital plans to achieve an AUM of one lakh crore by 2027. It will prioritize middle and lower-income customers.

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Abu Dhabi-based Avenir Investment RSC, an affiliate of International Holding Company, has agreed to acquire a 43.46 per cent stake in Sammaan Capital for USD 1 billion through preferential share issuance. This significant primary capital infusion marks IHC's entry into India's financial services, aiming to fuel Sammaan Capital's growth and improve its financial standing.

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The Reserve Bank of India will permit banks to finance corporate acquisitions. It will also remove the cap on large corporate exposures. These regulatory changes are set to unlock significant lending opportunities. Over Rs 5 lakh crore in new credit demand is expected. Banks will fund corporate mergers and expansion plans. This move will reshape India's corporate funding landscape.

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Abu Dhabi-based International Holding Co. (IHC) is set to acquire a 40–45% controlling stake in Sammaan Capital Ltd, formerly Indiabulls Housing Finance, for about $1 billion, according to people aware of the deal. The UAE conglomerate, backed by Sheikh Tahnoon bin Zayed Al Nahyan, is expected to make an open offer for an additional 26%, which could raise its ownership beyond 65%.

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The RBI proposed expanding services for basic savings bank deposit (BSBD) accounts, including digital banking, cheque books, and unlimited free digital transactions like UPI. This aims to promote cashless inclusion for low-income customers by March 2026. Additionally, the ombudsman scheme will be strengthened to cover rural cooperative banks for improved grievance redressal.

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