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The Reserve Bank of India supports Merchant Discount Rate on large UPI transactions. This move aims to ensure the long-term sustainability of India's digital payments ecosystem. New provisions will apply MDR to person-to-merchant transactions exceeding two thousand rupees. Person-to-person transactions and smaller merchant payments will remain free of charge.
Published on: September 15, 2026
A new merchant discount rate will fund UPI's expanding infrastructure costs. Large value person-to-merchant transactions above two thousand rupees will incur a fee. This framework shields small merchants and everyday consumer transactions from charges. The revenue distribution aims to support issuing banks and payment applications. This policy seeks to ensure UPI's long-term financial sustainability and accessibility.
Published on: September 15, 2026
AU Small Finance Bank appointed two new senior executives to its leadership team. Anil Agarwal and Amol Padhye joined the bank as part of its strategic expansion. These appointments precede the bank's planned transition into a universal bank. AU received in-principle approval from the Reserve Bank of India. The bank must complete this significant transition within eighteen months.
Published on: September 15, 2026
Yes Bank has approached the Supreme Court challenging a recent Delhi High Court directive. The court ordered a forensic audit into the sale of Fortis Healthcare shares. Yes Bank argues it was not a party to the original arbitration proceedings. However, the bank does not oppose auditing Fortis and its former promoters. It will provide relevant transaction information within legal limits.
Published on: September 15, 2026
State Bank of India is expanding its wealth management services to existing customers. The bank aims to manage significant investments for affluent clients. SBI is also developing new growth engines like acquisition financing. These initiatives are projected to enhance shareholder value over time. Analysts suggest these new ventures will take time to impact profits.
Published on: September 15, 2026
New UPI rules will introduce a 0.02% merchant discount rate for capital market transactions. This special rate applies to mutual funds and investment platforms, capped at Rs 300. Standard person-to-merchant UPI payments above Rs 2,000 will attract a 0.4% charge. Other sectors like railways and telecom will see a flat Rs 5 fee. These changes aim to support UPI infrastructure and keep consumer payments free.
Published on: September 15, 2026
At GFF 2026, PhonePe unveiled a suite of co-branded credit cards with HDFC Bank and SBI, plus the Wishcard for consumers with limited or no credit history. The products build on UPI-era behaviour to tap into formal credit, aiming to bring rewards, flexibility and credit-history building to Gen Z, homemakers, freelancers and semi-urban India.
Published on: September 15, 2026
At the Global Fintech Fest 2026 in Mumbai, PhonePe announced UPI 123Pay support for its app on feature phones, taking the SMS-based, internet-free payments stack pre-loaded on HMD, Nokia, Lava and itel handsets to 200 million-plus Indians still on basic phones.
Published on: September 15, 2026
Bandhan Group has introduced its latest brand initiative, 'Bandhan Kaamyabi Ka,' heralding a transformative chapter in its journey as a comprehensive financial services provider. Celebrating 25 years of impactful growth, this campaign embodies the company's dedication to advancing the financial aspirations of individuals and enterprises alike, positioning itself as an enduring partner in financial development.
Published on: September 15, 2026
The National Stock Exchange is gearing up for a much-anticipated initial public offering after overcoming almost ten years of complex legalities and procedural hurdles. Following the submission of its DRHP to SEBI on June 17, 2026, the exchange has finally addressed regulatory concerns, allowing its listing to proceed. However, potential investors must weigh valuation and regulatory risks ahead of the anticipated September 2026 launch.
Published on: September 15, 2026
India’s digital payments ecosystem is a “showcase for the world”. The infrastructure is ready to take the next leap: agentic commerce, where AI agents will make decisions and payments. For that to happen, however, trust is non-negotiable, and it has to be embedded into the architecture. Visa Group Country Manager, India and South Asia, talked about this and more with The Economic Times at the Global Fintech Fest 2026. Read on!
Published on: September 15, 2026
Consumer durable loans are leading new-to-credit customers into institutional borrowing. Gold loans and microfinance also significantly contribute to this growing credit access. Institutional credit penetration is expanding beyond major cities into smaller locations. India's retail credit portfolio has seen substantial year-on-year expansion. This trend indicates increasing financial inclusion for many Indian citizens.
Published on: September 14, 2026
Bank of Baroda launched its updated mobile application, bob World 2.0, with new features. This app now allows users to make payments using voice commands and navigate functionalities. It also includes a personal finance management module for better financial wellness. The updated application offers a persona-based customer experience tailored to specific user groups. The bank's managing director stated they reimagined mobile banking around customer needs.
Published on: September 14, 2026
Banks will soon freeze only disputed transaction amounts, not entire accounts. AI systems will monitor unusual transfers of one thousand rupees or more. Customers get twenty days to prove transaction legitimacy with supporting documents. Banks then have ten days to assess explanations and lift holds. Law enforcement will have thirty days to issue formal restraint orders after referral.
Published on: September 14, 2026
HDFC Bank has nominated Kaizad Bharucha and an external candidate for the top leadership role. The bank seeks a six-month tenure rule relaxation for Bharucha to complete a full term. Anup Bagchi and K Balasubramanian were strong external contenders for the position. Bharucha offers continuity during the bank's ongoing integration and leadership transition. The external candidate was chosen for experience handling significant business scale and complexity.
Published on: September 13, 2026
Banks want RBI approval to apply new rules for closing old trade deals. These unsettled transactions have accumulated to nearly one lakh crore rupees over time. New regulations, effective October 1, 2026, will empower banks to resolve these cases. This move aims to prevent exporters from facing caution listing for past unsettled trades. RBI deputy governor Rohit Jain will meet bank CEOs this week to discuss the matter.
Published on: September 13, 2026
Jio Credit expects regulatory approvals for its Rs 18,268 crore fund raise by December. This capital infusion will enable Jio Credit to re-evaluate business strategies and product plans. The company anticipates its assets under management to grow significantly after the capital comes in. Bank of America will receive two board seats as part of the partnership agreement.
Published on: September 13, 2026
A consumer commission ordered an insurer to pay over eight crore rupees to Victorinox India. The company's fire insurance claim was unfairly repudiated by the insurance firm. This rejection occurred solely on technical grounds, which the commission deemed unsustainable. The commission found the insurer engaged in unfair trade practices and service deficiency. Victorinox India will receive the claim amount with interest and compensation.
Published on: September 13, 2026
Indian Bank plans to enter life insurance and asset management sectors soon. The bank is seeking board approval for these proposed new ventures. Identifying a strong partner is crucial for accelerating wealth creation efforts. Indian Bank also aims to open a representative office in Dubai. This move will leverage business opportunities from the large Indian diaspora.
Published on: September 13, 2026
Jammu and Kashmir Bank received a national award for its corporate social responsibility practices. The bank's commitment to sustainable social development was recognized at a Bengaluru event. J&K Bank has invested ninety-six crores in societal upliftment over three years. Its CSR programs focus on healthcare, education, and livelihood generation. The bank continues to expand its reach and deepen its social impact.
Published on: September 12, 2026
Finance Minister Nirmala Sitharaman met AIIB President Zou Jiay in New Delhi. They discussed deepening the India-AIIB partnership and infrastructure priorities. Support for transport connectivity and local-currency financing was also explored. Increased private sector participation and AIIB's global presence were key topics. The meeting occurred on the sidelines of the BRICS Summit.
Published on: September 12, 2026
HDFC Bank has submitted two preferred candidates for its next MD and CEO to the Reserve Bank of India. The bank's board approved these candidates and their remuneration for a three-year term. V Srinivasa Rangan will be reappointed as an executive director for one year. Jimmy Tata, currently chief credit officer, is also appointed as an executive director.
Published on: September 12, 2026
HDFC Bank's board has recommended two candidates for the next MD and CEO role. These proposed appointments are for a three-year term, pending regulatory approval. The bank also approved reappointment of V. Srinivasa Rangan as Executive Director. Jimmy Tata was also appointed as a Whole-time Director, subject to central bank approval. An additional Whole-time Director position will be created for improved oversight and succession planning.
Published on: September 12, 2026
Sberbank CEO Herman Gref announced plans for new financial and technology infrastructure tools. The bank will establish the largest Russian business hub in India, expanding its presence. Sberbank has been developing its financial business in India for sixteen years. Money transfers between India and Russia now take only minutes, improving business opportunities. Two office buildings are under construction and will be commissioned in 2028.
Published on: September 11, 2026
State Bank of India is developing a UPI data solution for small businesses. This initiative aims to assess creditworthiness without requiring GST registration for these entities. The bank expects to provide digital loans within a single day for eligible borrowers. This new approach will help bring more businesses into the formal finance sector. UPI transactions will serve as a proxy for sales data in loan assessments.
Published on: September 11, 2026
Bank of India secured USD 2.33 billion through FCNR(B) deposits, replacing bulk funding sources. This mobilization will meet approximately three months of the bank's lending requirements. The Reserve Bank of India announced this special deposit scheme to strengthen liquidity positions. Banks are diversifying their deposit bases amid increasing credit demand from customers. The bank will maintain its 15-17 percent credit growth target for the year.
Published on: September 11, 2026
Bank deposits grew 17.8% year-on-year at the end of August, the fastest pace in a decade, driven largely by a surge in FCNR-B deposits after RBI opened a special window for dollar inflows. Credit growth eased slightly to 19.1%, while banks continued to face challenges in mobilising domestic savings.
Published on: September 11, 2026
BRICS finance ministers and central bank governors are exploring faster and cheaper cross-border payment systems, including greater use of local currencies for trade and investment. The talks come ahead of the New Delhi summit as the grouping also pushes for greater representation of developing economies at the IMF and World Bank.
Published on: September 11, 2026
To effectively narrow the insurance gap in India, collaboration between government and private entities is crucial, as technology alone is insufficient. While AI holds the promise to connect more individuals with insurance, accessibility issues persist. Special attention is needed for the often-overlooked 'missing middle' demographic. Establishing consumer trust and providing adequate coverage are key to broadening insurance use. Defining shared responsibilities is essential for achieving universal insurance access.
Published on: September 11, 2026
Corporate spending on infrastructure projects is increasing across India. New sectors like data centers and green hydrogen are driving credit demand. Companies are increasing capital expenditure due to better demand and growth prospects. Bank lending has grown significantly as companies prefer loans over bonds. State Bank of India is deploying liquidity from diaspora deposits to support lending.
Published on: September 11, 2026
India's MSME sector faces a significant formal credit gap, with existing channels meeting limited debt demand. A new digital layer can connect businesses, banks, and payment providers to bridge this gap. This system will digitise the order-to-cash process and automate invoice reconciliation across the nation. It enables cash-flow-based underwriting and addresses delayed receivables for small businesses.
Published on: September 11, 2026
Bank operations halted across Madhya Pradesh due to a nationwide strike. Approximately 7,000 branches were affected, impacting daily business worth Rs 5,500 crore. Employees demanded a five-day work week and improved pension benefits. Other demands included uniform dearness allowance and NPS option. This strike disrupted cash, cheque, and treasury-related financial activities.
Published on: September 11, 2026
India is unlikely to back a common BRICS currency at the September 12-13 summit, instead favouring links between national payment systems and CBDCs to make cross-border transactions faster and cheaper. The story traces India’s opposition to a new BRICS currency, Trump’s tariff threats, the RBI’s push for CBDC interoperability, and the technical and trade hurdles that could stand in the way.
Published on: September 11, 2026
A nationwide bank strike disrupted services at public sector banks on Friday as unions pressed for a five-day workweek and resolution of wage and pension issues. Branch-based services, including cash transactions and cheque clearances, were hit, while UPI and internet banking continued to operate.
Published on: September 11, 2026
SberMedAI's GigaDoc smart mirror provided free express health assessments at Innoprom India. This innovative solution analyzes key health indicators and potential risk factors conveniently. Companies can integrate GigaDoc into their employee prevention programs for proactive health monitoring. The technology utilizes artificial intelligence and computer vision for accurate health readings.
Published on: September 11, 2026
Published on: September 11, 2026
By 2027, leadership transformations are set to take place across several key Indian banks, with HDFC Bank and Kotak Mahindra Bank leading the way. This wave of changes creates a competitive landscape for experienced banking professionals. It is vital for the boards to ensure they maintain continuity while injecting innovative strategies. As a result, succession planning has emerged as an essential concern for bank leadership.
Published on: September 10, 2026
Mumbai fintechs must treat user data as a fiduciary responsibility, not a business asset. RBI governor Sanjay Malhotra stressed trust is key for financial system adoption and endurance. Firms growing significantly must take systemic responsibility beyond their balance sheets. Operational resilience and cybersecurity are essential prices for achieving scale.
Published on: September 10, 2026
Advent International and Temasek Holdings are reportedly in talks to acquire Fairfax Financial's stake. Fairfax is looking to exit IIFL Finance as part of its IDBI Bank acquisition plan. This stake sale will help Fairfax comply with regulations and fund the IDBI Bank buyout. Fairfax currently holds a significant stake in IIFL Finance, which is valued at approximately ₹3,500 crore.
Published on: September 10, 2026
Canara HSBC Life Insurance Company received a ₹1 crore penalty from IRDAI. The fine was imposed for mis-selling a deferred annuity policy to an 88-year-old individual. IRDAI identified several procedural and disclosure deficiencies in the sales process. The insurer subsequently refunded ₹4.09 lakh to the affected customer. This action highlights regulatory scrutiny over insurance sales practices.
Published on: September 10, 2026
Reserve Bank of India governor Sanjay Malhotra stressed data fiduciary responsibility for fintechs. He stated that user data must be treated as a trustee asset, not a business asset. Firms must use data strictly within user consent, protecting it diligently. He warned that eroding trust through data misuse leads to irreversible damage. Operational resilience and cybersecurity are essential for firms achieving significant scale.
Published on: September 10, 2026
Foreign Currency Non-Resident Bank deposits are significantly enhancing banking liquidity, providing an essential boost for lending opportunities. This heightened liquidity is expected to meet the anticipated consumer demand during the festive season. To avoid financial losses from idle deposits, banks must judiciously allocate these funds. Additionally, this surge in inflows has contributed to stabilizing the rupee against the US dollar.
Published on: September 10, 2026
Kotak Mahindra Bank Group President and Head of Commercial Bank Manish Kothari has resigned after 31 years. He will leave on September 30, 2026, with Kotak initiating a planned transition and integrating his commercial banking portfolio into its retail and institutional business segments. Kothari has indicated that he may explore an entrepreneurial venture.
Published on: September 10, 2026
State Bank of India Chairman CS Setty addressed concerns regarding foreign currency deposit inflows. He stated these funds will be absorbed gradually over the coming months. The central bank's swap facility attracted significant foreign capital inflows. Commercial banks received substantial FCNR(B) deposits, exceeding market expectations. Setty also highlighted structural shifts towards asset tokenization in capital markets.
Published on: September 10, 2026
A customer base of more than 12 million, rapidly diversifying product suite, and AI integration at enterprise scale perfectly positions digital lender Kissht to become a financial services company with a broad range of products and services. The company’s Founder & CEO, Ranvir Singh, says financial prudence and deeper understanding of the customers was a necessity moving forward. He spoke to ET at the Global Fintech Fest. Read on!
Published on: September 10, 2026
Published on: September 10, 2026
Indian Bank launched new digital banking solutions at the Global Fintech Fest. AI-TARA, a voice-based assistant, offers banking services in ten languages. Smart Wealth provides a consolidated view of customer finances and spending analytics. IND Cash Optima digitizes cash management for corporate clients. These innovations aim to enhance customer experience and accessibility for all.
Published on: September 10, 2026
Fintech firms must increase investments to combat new technological threats. Emerging technologies like AI pose significant risks to India's economic progress. The FATF vice-president highlighted the need for proactive risk management strategies. Industry leaders need to understand and address these evolving challenges promptly. Timely action is crucial to safeguard the nation's growth trajectory.
Published on: September 10, 2026
India's pension regulator is developing innovative bond issuances for inflation-protected returns. Guidelines for these new products are expected within days, with rollout to follow soon. The PFRDA is also working on a guaranteed-return scheme for non-government employees. This initiative aims to provide more predictable retirement income for subscribers. The regulator also plans to expand pension coverage among informal sector workers.
Published on: September 10, 2026
Gaja Alternative Asset Management reported a 35% profit increase for the June quarter. Its income rose 26% year-on-year, reaching Rs 51.8 crore. The firm manages four funds with Rs 3,200 crore committed capital. It plans to launch a fifth fund targeting Rs 2,500 crore corpus. PwC's audit arm is now the company's new auditor.
Published on: September 10, 2026
