BANKING

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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BANKING

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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BANKING

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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BANKING

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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BANKING

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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BANKING

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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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"One of the big wins we had was with the department of post. This was a former customer of AGS, and when they shut down, the department decided to close their sites and relaunch," said Anush Raghavan, chief business officer, CMS, in an interaction with ET. "We helped evacuate the old ATMs, won the contract, and are now deploying 1,000 new machines across post office locations."

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BANKING

Data reveals a shift in insolvency case initiations, with operational creditors now trailing financial creditors for the first time since fiscal 2017, suggesting a growing preference for out-of-court settlements. While financial creditors initiated slightly more cases overall, operational creditors dominated resolutions for smaller defaults, indicating a strategic approach to debt recovery. Cumulatively, creditors recovered ₹3.96 lakh crore in resolved cases.

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BANKING

Spandana Sphoorty Financial faces a challenging recovery due to leadership changes and high employee turnover, impacting operational efficiency. Rating agencies have downgraded the microfinancier's debt instruments following significant losses and a sharp decline in assets under management. The company anticipates continued losses and pressure on performance despite recent capital infusion through a rights issue.

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IndusInd Bank shareholders rejected a resolution allowing the Hinduja Group to appoint two nominee directors, with 54% voting against it. Despite prior approvals from the RBI and the bank's board, concerns raised by proxy advisors led to the proposal's defeat.

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BANKING

CMS Infosystems is aggressively expanding its AI-powered remote monitoring solutions, projecting AI to contribute 10% of revenues by FY27. Their HAWKAI platform monitors over 30,000 ATM sites, and the acquisition of Securens Systems will boost their coverage to 45,000 sites. CMS is investing heavily in AI and targeting growth in BFSI and new sectors.

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BANKING

RBI economists' study reveals a 6% decline in private sector project sanctions by banks and financial institutions in FY25, totaling Rs 3.67 lakh crore. Despite lower investment announcements and cautious optimism, greenfield projects dominate, signaling potential capacity expansion. Private sector capital expenditure is projected to rise 21% in FY26.

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BANKING

Sumitomo Mitsui Banking Corp or SMBC will invest sixteen thousand crore rupees in Yes Bank. The investment will be through equity and debt. This will strengthen Yes Bank's balance sheet. SMBC will also acquire a twenty percent stake in the bank from existing shareholders. The deal awaits regulatory approvals. This move is expected to improve Yes Bank's financial standing.

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BANKING

For Indian banking, the focus will now be on adjusting to the new interest rate environment and leveraging the anticipated increase in liquidity to improve their financial performance in the coming months. While the initial quarter has presented challenges, the outlook for a rebound in net interest margins could signal a turning point for the industry.

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The Reserve Bank of India (RBI) is considering stricter rules for shadow lenders, aiming to curb overlapping business activities between parent companies and their subsidiaries. This move aligns with existing regulations proposed for banks and seeks to mitigate risks within the non-banking finance sector.

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BANKING

Indian banks are exercising caution as the 50% US tariff takes effect, but leading bankers anticipate a limited impact on credit growth and asset quality due to small export credit outstanding. While certain sectors like gems & jewellery and textiles face higher exposure, the government is expected to provide fiscal relief, and exporters will likely diversify into new markets.

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AIBOC has criticised the government's decision to privatise IDBI Bank, calling it a betrayal of parliamentary assurances made in 2003. The organisation argues that privatisation equates to selling people's savings and weakening the public banking network. The government and LIC jointly own 95% of IDBI Bank, with 60.72% stake set for sale.

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The General Insurance Council (GIC) has criticized the Association of Healthcare Providers India (AHPI) for discontinuing cashless hospitalization for Bajaj Allianz General Insurance and Care Health Insurance customers, deeming it disruptive and harmful. AHPI's decision, driven by disputes over reimbursement rates amid rising medical costs, will require patients to pay upfront and seek reimbursement later.

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Expenditures climbed 5.5% from June to Rs 1.93 lakh crore, which was a third higher than in July last year, the Reserve Bank of India (RBI) data showed. Net new card additions in July hit a five-month high at 425,000, taking the total tally to 111.6 million. The industry had reported a marginal contraction of 235 cards in June.

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Reserve Bank of India directs banks to monitor funds from Pakistan. The concern is that these funds may be used for arms purchases. Indian agencies investigated after a military conflict in May. They found Pakistan nationals sending money via other countries. Pakistan is labeled a 'high risk' jurisdiction. A report accuses a Pakistan entity of evading sanctions.

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BANKING

Stress is rising in micro, small, and medium enterprises and vehicle finance. MSME borrowers with multiple loans are increasing. Portfolio at risk is also up for unsecured business loans. Micro MSME loan defaults are a concern for NBFCs. Smaller SME loans face growing stress. Banks report more high-risk borrowers. Unsecured personal loan defaults are significantly higher than before.

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BANKING

The banking sector's loan loss provisioning surged to a three-year high in the June quarter, driven by increased provisioning from private sector banks. While private banks saw a significant rise, public sector banks reported a decline in provisioning. This increase was influenced by one-off provisioning events and policy changes at certain banks.

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BANKING

The Reserve Bank of India has approved Sumitomo Mitsui Banking Corporation's (SMBC) application to acquire up to 24.99% stake in Yes Bank, clarifying that SMBC will not be classified as a promoter. SMBC is set to initially acquire a 20% stake from existing investors, including SBI and other private banks, valued at ₹13,500 crore.

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BANKING

Sumitomo Mitsui Banking Corporation (SMBC) has secured approval from the Reserve Bank of India to acquire up to 24.99% of Yes Bank. The deal, initially set at a 20% stake for $1.6 billion, marks a significant cross-border M&A transaction in India's financial sector. The RBI has also decided that SMBC will not be considered a "promoter" of Yes Bank post-acquisition.

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BANKING

In protection products, commissions initially range between 35% and 40% before tapering off, averaging about 5-6% over time. On top of this, insurers incur about 10% in other expenses. Currently, service tax of around 2% on such costs is offset through input tax credits. If GST exemptions remove that credit, insurers will have to bear the additional expense.

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The RBI's Central Board has approved the nomination of Executive Director Indranil Bhattacharyya as an ex-officio member of the Monetary Policy Committee (MPC). During the 618th meeting, the board reviewed the global and domestic economic environment, including geopolitical developments and financial market challenges. The board also assessed the functioning of select central office departments, board committees, and the Ombudsman Scheme.

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BANKING

Care Edge Ratings reports a significant improvement in Indian banks' asset quality for Q1FY26. Gross NPAs fell to 2.3%, driven by better asset management and recoveries, though microfinance and unsecured loans showed some stress. Despite a slight sequential increase in NPAs, the overall structural improvement is evident, with NNPA ratios at a post-AQR low of 0.5%.

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BANKING

Indian insurance companies are proceeding carefully with new investments. Equity derivatives adoption remains slow despite regulatory approval. Bond forward rate agreements see limited activity. Insurers are developing risk management frameworks and upgrading IT systems. They plan to start with small exposures in equity derivatives. Discussions included gold ETFs and REIT limits. Regulators are urging diversification within existing limits.

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India's Banking, Financial Services, and Insurance sector is poised for significant expansion. Hiring is expected to increase substantially in the coming years. Nearly 2.5 lakh permanent positions will be created by 2030. Demand is growing in tier II and III cities. This shift is away from metro-centric recruitment. Companies are seeking candidates with local language skills.

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A parliamentary panel has suggested standardised cancer diagnostic packages under government insurance to broaden inclusion. It has advocated extending price caps to cancer vaccines and immunotherapy, promoting public-private partnerships for advanced hospitals, and establishing screening centers.

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BANKING

Indian microfinance companies are focusing on cleaning up their balance sheets. They are writing off bad loans earlier to improve their financial health. CreditAccess Grameen, Fusion Finance, and Muthoot Microfin are among the companies adopting this strategy. Fusion Finance has even revised its write-off policy.

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BANKING

The finance ministry convened a meeting with public sector bank heads to assess their Q1 FY26 financial performance, revealing a collective record profit of Rs 44,218 crore, marking an 11% year-on-year increase. SBI contributed significantly, while IOB and Punjab & Sind Bank showed substantial profit growth. The ministry urged banks to boost lending to productive sectors.

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BANKING

The National Housing Bank is intensifying its scrutiny of housing finance companies due to breaches in loan-to-value regulations, particularly for high-value home loans exceeding ₹75 lakh. Lenders are found to be disbursing loans up to 90% LTV, violating the stipulated 75% cap.

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The government is urging private sector banks to increase their involvement in key financial inclusion initiatives like Jan Suraksha and SLBCs. Concerns have been raised about the insufficient engagement of some private banks, hindering the effectiveness of these programs. The government is emphasizing the need for faster claim settlements and improved banking infrastructure in rural areas and the Northeast.

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The Supreme Court has denied Dheeraj Wadhawan's request for more time to surrender. He is accused in a major bank loan fraud. The court had previously cancelled his medical bail. Wadhawan must now surrender. However, the court has directed the CBI and jail authorities to ensure he receives regular medical checkups at AIIMS.

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The NCLT Mumbai has declared Kapil Wadhawan, the former chairman of DHFL, bankrupt following a petition by Union Bank of India to recover ₹4,546 crore. This order was issued after Wadhawan failed to submit a repayment plan. Sanjay Kumar Mishra has been appointed as bankruptcy trustee to manage the distribution of Wadhawan's estate.

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BANKING

A State Bank of India report suggests India requires a domestic UPI application. This app will help leverage data and reduce dependence on foreign platforms. Currently, PhonePe leads in UPI transactions, followed by Google Pay and Paytm. The report highlights that concentrating transactions among a few apps may hinder India-centric fintech innovation.

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BANKING

The revised accounting policy helped Sammaan Capital's report ?661.6 crore gains. In contrast, Axis Bank, which tightened its policy, made additional provisioning of ?614 crore, impacting its earnings. Bandhan Bank implemented procedural changes in the collection of dues, which led to marginal rise in stressed loans, although it did not immediately impact its earnings.

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Fusion Finance has strengthened its leadership team with key appointments. Rajeev Sardana, a veteran with 30 years of retail lending experience at HDFC, joins the board as an independent director. Sanjay Garyali, the current CEO, has been appointed as a whole-time director for five years, a move approved by the Reserve Bank of India.

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Economist Jeffrey Sachs has strongly criticized the US administration's tariffs on India, calling them a pressure tactic and "bizarre." He argues that these tariffs undermine US-India relations and violate international law. Sachs suggests India should focus on partnerships with BRICS nations, who advocate for a multipolar world, while navigating the US trade policies.

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BANKING

State Bank of India and Union Bank of India have increased home loan rates, signaling a potential shift towards higher interest rates in the market, particularly affecting borrowers with lower credit scores. This move comes amid concerns over low-profit margins and increased competition, with private lenders expressing reservations about aggressive pricing strategies employed by public sector banks.

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BANKING

Prime Minister Modi announced on Independence Day that India's UPI handles 50% of global real-time transactions, calling it a 'wonder'. With 1,947 crore transactions processed in July 2025 alone, UPI is now operational in seven countries, including France, marking its European debut.

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BANKING

S&P Global Ratings upgraded the ratings of ten Indian financial institutions, including SBI and HDFC Bank, following an upgrade to India's sovereign credit rating. The improved ratings reflect expectations of continued economic growth, enhanced capitalization, and reduced credit risk within the Indian banking sector. The insolvency and bankruptcy code has also improved the payment culture.

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BANKING

AU Small Finance Bank is partnering with Korn Ferry to develop a succession strategy as it transitions into a universal bank and shifts its base to Mumbai. The advisory firm will identify talent for key roles and create a succession plan for MD Sanjay Agarwal.

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BANKING

ICICI Bank has significantly lowered its minimum average balance requirement for savings accounts, responding to customer feedback. The revised MAB now stands at Rs 15,000 for metro and urban areas, with lower thresholds for semi-urban and rural locations. This decision contrasts with moves by several state-owned banks to eliminate such penalties altogether, while HDFC Bank maintains its existing balance norms.

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BANKING

HDFC ERGO General Insurance has partnered with PhonePe to introduce an affordable health insurance plan targeting India's 'missing middle'. This collaboration leverages PhonePe's digital platform to offer accessible and comprehensive health coverage, with premiums starting at Rs 12 per day for Rs 3 lakhs coverage. The policy is designed for individuals aged 18-30, many of whom are new to insurance.

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BANKING

The Economic Offences Wing has launched a preliminary inquiry into alleged accounting irregularities at IndusInd Bank. This investigation centers on a ₹1,960 crore loss attributed to mis-accounting of derivative trades, involving Arun Khurana, the bank’s former Deputy CEO. Executives are also suspected of trading the bank’s shares before the lapses were publicly disclosed.

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BANKING

Avendus Future Leaders Fund and SBI Life Insurance have collectively invested ₹300 crore in Aragen Life Sciences, acquiring a 2.5% stake in the company. This secondary deal, valuing Aragen at ₹12,200 crore, involved stake dilution by the Reddy family. The investment highlights the attractiveness of India's pharmaceutical sector as a global hub for outsourcing manufacturing and drug development research.

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BANKING

Sebi has turned down settlement requests from Anil Ambani, his family, and Rana Kapoor. The case involves investments between Reliance Nippon and Yes Bank. Investigations revealed Ambani influenced investment decisions. Sebi might settle with Nippon Life India Asset Management and some officials. Legal action will proceed against Ambani and others. The Enforcement Directorate is also investigating the matter.

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BANKING

Bank of Baroda's bob इ Pay app now offers international UPI services, enabling cross-border payments for Indian and NRI customers. Features include UPI Global Acceptance in eight countries, real-time remittances from Singapore, and UPI access for NRIs with NRE/NRO accounts. The app facilitates convenient and flexible digital transactions with a limit of Rs. 1,00,000 per transaction.

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BANKING

Lenders are contemplating waiving administrative charges to provide immediate relief to small and medium enterprises impacted by steep US tariffs on India, following government encouragement. While broader measures like interest rate discounts are account-specific, banks will consider forgoing penal interest on late payments. The government is also developing a comprehensive plan to support affected exporters.

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BANKING

State Bank of India has ceased processing trade and foreign currency transactions for Nayara Energy due to potential US sanctions following recent tariff increases. This decision aims to prevent SBI from facing US and European Union restrictions. The move follows EU sanctions restricting Russian fuel imports and a price cap on Russian crude, impacting banks with international operations.

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BANKING

IndusInd Bank launched 'Indus StartUp Banking' on August 11, 2025, a comprehensive program to support early-stage startups in India. The initiative offers banking facilities, credit, and beyond-banking services, including current accounts, API access, and premium lounge access. Startups under 10 years old can apply, benefiting from customized solutions and strategic partnerships.

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BANKING

The Reserve Bank of India has clarified that individual banks have the autonomy to decide on the minimum average balance (MAB) requirements for savings accounts. While some private banks like ICICI Bank are increasing MAB, several state-owned banks, including SBI, PNB, Canara Bank, and Indian Bank, are eliminating penalties for not maintaining minimum balances to promote financial inclusion.

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Capital expenditure by large central public sector enterprises moderated in July, declining 23% year on year to ₹53,406 crore, attributed partly to an unfavorable base effect. However, spending between April and July rose 2.5% to ₹2.21 lakh crore, driven by a strong June quarter. The Railway Board and NHAI remained the top spenders during this period.

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IndusInd Bank, recovering from past financial irregularities, focuses on retail growth and ethical governance. The bank aims to increase retail liabilities, expand secured retail and MSME assets, and be selective in corporate lending. Following a year of internal review and leadership changes, the bank is reinforcing transparency and accountability for sustainable growth.

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ICICI Bank boasts the lowest employee attrition rate among major private lenders for the past three years, reflecting strong employee retention. The bank's attrition rate fell to 18% in FY25, a significant drop from 24.5% in FY24.

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Punjab National Bank aims to improve its financial health by selling approximately 100 NPA accounts to ARCs, expecting a recovery rate of 40-50%. PNB is also targeting a total business of Rs 30 lakh crore by the end of the current fiscal year through strategic credit and deposit growth, with a focus on profitability and corporate lending.

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The US has shifted its AI strategy towards rapid innovation, prioritizing economic and geopolitical dominance over ethical concerns. This move, driven by Executive Orders, sparks debate about potential societal risks and regulatory gaps. As the US accelerates, India has an opportunity to champion a balanced approach, emphasizing ethical innovation and inclusive governance, potentially leading a 'third way' in AI development.

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ICICI Bank has significantly increased its minimum balance requirements for savings accounts, particularly in metro and urban areas, signaling a strategic shift towards attracting affluent customers.

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AU Small Finance Bank is set to become a universal bank, pending promoter Sanjay Agarwal's transfer of his 22% stake to a holding company within 18 months. This transition, a condition for the license, allows Agarwal to explore other financial services. The bank aims to reduce geographic concentration and focus on retail loans, leveraging its strengths in the NBFC space.

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BANKING

AU Small Finance Bank is set to become a universal bank, pending promoter Sanjay Agarwal's transfer of his 22% stake to a holding company within 18 months. This transition, a condition for the license, allows Agarwal to explore other financial services. The bank aims to reduce geographic concentration and focus on retail loans, leveraging its strengths in the NBFC space.

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Public sector banks in India, led by SBI, achieved a record collective profit of Rs 44,218 crore in the first quarter, marking an 11% year-on-year increase. SBI contributed significantly, accounting for 43% of the total earnings. While most PSBs saw profit growth, PNB experienced a decline, contrasting with Indian Overseas Bank's substantial 76% profit surge.

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Weaver Services, backed by Gaja Capital, is set to acquire a 75% stake in Centrum Housing Finance for ₹600 crore. This deal values the mortgage lender at ₹800 crore, driven by Centrum's need to focus on its small finance bank as per regulatory requirements. The acquisition reflects continued investor interest in India's affordable housing finance sector, despite recent valuation adjustments.

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These proposals are aimed at standardising the claims processes across the banking sector, maintaining uniformity and compensating the customer in case of inconvenience. The final guidelines are expected to be enforced by January 1, 2026.

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The Reserve Bank of India has granted AU Small Finance Bank a universal banking license, the first in a decade, potentially paving the way for other small finance banks to transition. AU Bank met the RBI's stringent criteria, including minimum net worth, capital adequacy, and asset quality.

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Reserve Bank of India has approved AU Small Finance Bank's transition to a Universal Bank. The approval is 'in-principle'. AUSFB reported a rise in first quarter net profit. The net profit is Rs 581 crore. It was Rs 503 crore last year. The bank's net interest margin dipped to 5.4%. This was due to asset quality stress.

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Governor Malhotra attributes circumspect mortgage demand to careful borrower decisions and the long-term nature of housing loans, despite a policy rate cut. While mortgage growth has slowed to 9.6%, he emphasizes that overall housing credit remains strong at 14%. Analysts cite cautious lending, softening demand, and increased selectivity as factors contributing to the broader credit moderation.

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India's retail credit market is booming. Crisil Intelligence reports this growth creates chances for Non-Banking Financial Companies. They can attract more investors. Retail credit may grow 14-16% by FY28. Housing, vehicle, and personal loans are driving this. India's credit penetration is lower than other countries. Financial awareness and inclusion efforts will boost credit growth.

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The government has directed public sector banks to create a unified digital portal to streamline startup loan applications, sanctions, and information-sharing. Expected by October, the proposed startup hub portal will feature a single application form accessible to all PSBs.

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The Reserve Bank of India has approved Rajiv Anand's appointment as MD & CEO of IndusInd Bank, effective August 25, for a three-year term. Anand, formerly Deputy Managing Director at Axis Bank, brings over 35 years of financial services experience. His appointment follows Sumant Khatpalia's exit due to an accounting discrepancy.

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IndusInd Bank announced on Monday the approval of Rajiv Anand's appointment as the chief executive officer. Anand's tenure will span three years, commencing on August 25, 2025, and concluding on August 24, 2028. This decision signifies a key leadership transition for the bank, setting the stage for its future direction.

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Niva Bupa aims for high single-digit premium hikes to counter medical inflation and portfolio aging, with a 7% increase already implemented on one product in Q1. Despite a rising loss ratio and expense ratio near the regulatory limit, the company targets 5-10% faster retail growth than the industry.

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Indian banks are facing challenges. CASA ratios of top lenders have decreased. This decline affects their net interest margins. HDFC Bank and IndusInd Bank experienced significant drops. Kotak Mahindra Bank saw the sharpest fall. Banks are now relying on costlier funding sources. Some banks are cutting savings account interest rates. This shift impacts core profitability for Indian banks.

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Many Indians who purchased Dubai properties using international credit cards are now facing tax and enforcement issues. These transactions, intended for current account expenses, are being flagged as violations since property purchases require banking channels. Buyers are now seeking ways to rectify the situation, including using the Liberalised Remittance Scheme and requesting refunds to avoid penalties.

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Nippon Life India Asset Management Ltd. expands financial inclusion by opening a branch in Leh, becoming the first asset management company with a physical presence in the high-altitude region.

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Punjab National Bank is setting its sights on an ambitious Rs 30 lakh crore in total business by the fiscal year's end. With a noteworthy 11.6 per cent growth in total business reported for Q1, the bank is optimistic about achieving its goals, MD Chandra said.

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An SBI report indicates that bank credit growth is expected to remain subdued as corporations increasingly turn to alternative funding sources due to the current low-interest rate environment. This trend is evident in the declining share of bank credit in total resource flow, projected to fall to 22% by Q2 FY26. While overall credit growth stands at 9.

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The Indian government anticipates inviting financial bids for IDBI Bank's strategic sale in the third quarter of FY26, aiming to finalize the winning bidder by fiscal year-end. Due diligence is complete, and consultations with interested parties are concluded. The government and LIC will jointly offload a 60.72% stake, potentially earning the government over ₹29,550 crore from its share.

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India Post Payments Bank has launched a nationwide Aadhaar-based face authentication for customer transactions, enhancing security and convenience, especially for elderly and differently-abled individuals. This feature, developed under UIDAI, allows banking transactions via facial recognition, eliminating the need for fingerprints or OTPs. It ensures financial inclusion by addressing limitations in biometric verification and enabling safe banking during health emergencies.

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The dynamics of Indian banking just saw an unfamiliar development with car loans outpacing home loans in the first quarter of FY26. According to the Reserve Bank of India, banks have expanded their loan portfolios considerably, but the growth rate for home loans has decelerated, giving way to a surge in auto loans.

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Jane Street, a US-based trading firm, is reportedly not cooperating with India's Income Tax probe, with key servers and account books located abroad. The company has minimal presence in India, further hampering the investigation. SEBI previously accused Jane Street of market manipulation and ordered a ₹4,843 crore deposit. Trading resumed after payment, but restrictions on fraudulent practices remain in place.

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RBI data reveals a slowdown in bank lending across sectors in June 2025, with services and agriculture experiencing a more pronounced deceleration compared to retail and industry. Non-food bank credit grew by 10.2%, a significant drop from the previous year's 13.8%. While some industries like engineering and construction saw accelerated growth, personal loans also experienced moderation.

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The Reserve Bank of India is expected to maintain its stance on liquidity management. It will likely avoid reintroducing fixed-rate lending to banks. Banks have requested this facility to manage their funding needs better. The RBI prefers variable rate operations. A revised liquidity management framework may be unveiled on August 6.

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The bank has engaged Navi Mumbai-based Special Situation Advisors India to find a buyer for 67 large corporate accounts within the next four months. These accounts include Videocon Industries, Frost International, Rotomac Global, Lanco Infratech and ABG Shipyard aggregating to a total outstanding exposure of more than Rs 12,224 crore for the bank, documents accessed by ET showed.

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Punjab National Bank aims to boost business loan growth by focusing on infrastructure, smart metering, and renewable energy projects, according to CEO Ashok Chandra. Despite overall domestic loan growth of 9.6%, business loans only grew by 6.9% in the first quarter. PNB reported a net profit of 16.75 billion rupees, impacted by a one-time tax charge.

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Crisil Ratings anticipates that Indian microlenders will likely remain unprofitable until the fiscal year's end, citing challenges from state ordinances in Karnataka and Tamil Nadu that could impede sector recovery. These states constitute a significant portion of the MFI portfolio. Despite industry efforts to implement safeguards, legacy assets continue to pressure asset quality.

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The Reserve Bank of India has cautioned banks and NBFCs against compromising internal controls and regulatory compliance in their pursuit of rapid expansion. RBI Deputy Governor Swaminathan J emphasized that some lenders are prioritizing short-term gains over sound practices, leading to increased supervisory interventions. He urged financial institutions to uphold ethical standards and implement adequate safeguards for digital tools.

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The Department of Financial Services (DFS) has urged banks to review penal charges for not maintaining Minimum Average Balance (MAB). This directive, as stated by MoS for finance Pankaj Chaudhary, prioritizes providing financial ease to customers, particularly those residing in semi-urban and rural regions. The aim is to alleviate the burden of these charges on a wider customer base.

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Reserve Bank of India (RBI) sets new rules for investments. These rules limit how much banks and NBFCs can invest in Alternative Investment Funds. A single entity can only contribute up to 10 percent of an AIF scheme. All regulated entities together cannot exceed 20 percent. RBI may exempt certain AIFs from these rules after consulting with the government.

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Shapoorji Pallonji Group secured a crucial three-year extension from the Reserve Bank of India for its finance unit, Sterling Investment Corp. This waiver averts a potential interest rate hike of 200 basis points on its $3.4 billion private credit deal. The extension provides more time to meet capital adequacy norms, preventing a possible default.

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HDFC Bank raised its LCR by 6 percentage points to 124%, Yes Bank by 10 percentage points to 135%, while Canara Bank saw the largest increase, with its LCR rising to 144% from 125% in Q4FY25. On average, LCR rose by approximately 6.5 percentage points during the June quarter of FY26, showed an analysis of the earnings statements.

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Payment banks are urging the RBI to reduce the statutory liquidity ratio (SLR) by at least 10% to invest in higher-yielding instruments and boost margins. They're also seeking permission to disburse loans and accept deposits up to ₹5 lakh. With previous requests unanswered, they've requested a meeting with the RBI governor to discuss these issues.

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Indian Bank's board has approved raising Rs 5,000 crore this fiscal year, though immediate fundraising isn't anticipated due to a strong 17.80% capital adequacy ratio. The bank is developing 'IND-UPI,' its own UPI application, to save approximately Rs 150 crore annually in transaction fees.

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Savings deposit rates in some public sector banks are at a historic low since deregulation in 2011, according to the RBI. While small savings schemes remain unchanged, banks have adjusted lending rates downward following repo rate cuts. Consequently, lending and deposit rates have declined, with public sector banks showing a greater decrease in lending rates compared to private sector banks.

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Poonawalla Fincorp aims for over 40% AUM growth, fueled by new product lines like gold loans, after a robust 53% growth in Q1FY26. The company will expand its gold loan business to 400 branches by year-end and diversify its offerings. A Rs 1,500 crore equity infusion will bolster the company's capital base and support future expansion.

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Kotak Mahindra Bank's consolidated net profit remained almost flat at ₹4,472 crore in the June quarter, impacted by increased provisions primarily related to microfinance. The bank experienced a rise in credit costs and a contraction in net interest margins to 4.65%. Asset quality also saw a slight deterioration, with the gross non-performing asset ratio increasing to 1.48%.

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RBI Governor Sanjay Malhotra expressed concerns about granting banking licenses to conglomerates due to potential conflicts of interest involving depositors' funds. He emphasized that ensuring price stability remains the central bank's primary goal. Malhotra clarified that there are no current proposals to allow corporate entities to obtain banking licenses, whether through NBFCs or as individual companies.

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"We have been witnessing record activity among brokers and other distribution intermediaries," said Satyajit Tripathy, member (distribution), IRDAI, at an Insurance Brokers Association of India event. "While this is fine by all means, I must add a word of caution that with increased growth being seen, we need not be adopting what we call as sharp practices to increase valuation, get listed, and to do business in a way, which may in the long run prove detrimental to the whole ecosystem."

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Bank credit expansion slowed in July despite RBI's rate cuts, growing at 9.8%, lower than the previous year and deposit growth. Retail loan growth has been particularly affected since November 2023 due to regulatory restrictions. A recent HSBC report attributes the slowdown to the real sector's challenges, impacting investment and personal loan demand.

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Zubin Mody, IndusInd Bank's Chief Human Resources Officer, has resigned after two decades with the company. His resignation, submitted on July 25, 2025, will be effective from October 24, 2025. Mody expressed his desire to pursue new opportunities and thanked the board, colleagues, and stakeholders for their support, assuring a smooth transition.

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The Enforcement Directorate (ED) has filed a chargesheet against former UCO Bank CMD Subodh Kumar Goel, his family, and associates in connection with a Rs 6,200 crore loan fraud case involving Concast Steel & Power Ltd. Goel's properties worth Rs 106 crore have been attached, and he is accused of receiving illegal gratifications for sanctioning loans that later became NPAs.

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RBI data reveals a surge in liquid demand deposits and currency with the public, indicating increased liquidity in the banking system and real economy. This rise is attributed to policy measures like liquidity easing, a pickup in rural activity, and higher disposable incomes from tax benefits.

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Sanjay Nambiar, Yes Bank's group general counsel, has resigned after 15 years, amidst an Enforcement Directorate investigation into loan fraud during his tenure. The probe focuses on loans worth ₹3,000 crore allegedly diverted to shell firms linked to Anil Ambani's group. The ED is also scrutinizing Yes Bank's dealings with ADAG entities and Reliance Mutual Fund's investment in AT-1 bonds.

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