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HDFC Capital Advisors has joined forces with Shalimar Corp to establish a significant Rs 750 crore real estate development platform. This collaboration aims to enhance residential and mixed-use projects in prominent Uttar Pradesh cities like Lucknow and Varanasi. The venture envisions a development potential surpassing 5 million sq ft, inclusive of around 3,000 residential units.
Published on: September 30, 2026
Finance minister Nirmala Sitharaman met small-trader representatives on Wednesday, following which the AICPDF and AIMRA withdrew their proposed ‘No UPI Day’ protest on October 2.
Published on: September 30, 2026
Sudhir Kumar Jha has retired from HDFC Bank effective September 30, 2026, concluding his 22-year tenure. Following his retirement, Jha will no longer hold a senior management position at the bank. HDFC Bank recognized Jha's significant contributions to its legal and compliance framework over the years. Jigar Shah is set to succeed Jha as General Counsel starting October 1, 2026. The transition marks another leadership change within the HDFC Group.
Published on: September 30, 2026
Jio Financial Services and Allianz Europe B.V. have each invested Rs 320.05 crore in Jio Allianz General Insurance through a rights issue, collectively infusing Rs 640.1 crore into their 50:50 joint venture. The insurer will use the funds for business operations, while Jio Financial’s total investment has reached Rs 375 crore.
Published on: September 30, 2026
RBL Bank said it received a showcause notice from Maharashtra GST authorities proposing a demand of over Rs 173.08 crore, including interest and penalty, over alleged wrongful input tax credit availment in FY23. The bank said it will respond and expects no material financial impact, citing favourable orders on an identical issue.
Published on: September 30, 2026
The Insurance Brokers Association of India (IBAI) has warned that IRDAI’s proposed changes to insurance distribution could shrink distribution, increase job losses and slow insurance growth. IBAI supports measures such as banning compulsory insurance bundling with loans, suitability checks and claw-backs for proven mis-selling.
Published on: September 30, 2026
Bajaj General Insurance's MD highlights the need to focus on claim ratios instead of distributor commissions. The insurance regulator recently proposed expense caps for better customer protection. Industry discussions are ongoing to gather insights before formal representations are made. Swiss Re Corporate Solutions will collaborate with Bajaj General to provide tailored insurance solutions for globalizing Indian corporates.
Published on: September 30, 2026
Bank credit growth strengthened across major sectors in August, with personal loans rising 16.9% year-on-year to ₹72.9 lakh crore, up from 11.9% a year earlier, RBI data showed.
Published on: September 30, 2026
In August, banks lowered the weighted average rate on fresh rupee term deposits to 5.67%. At the same time, the average lending rate on new loans increased to 8.61%. Public sector banks experienced a decrease in deposit rates, while private banks faced a similar trend. Lending rates varied based on loan types, with personal loans seeing a significant increase.
Published on: September 30, 2026
HDFC Bank has appointed V.N. Srivatsan as its Chief Compliance Officer for a three-year term, effective from his joining date on January 4, 2027. Srivatsan, currently Head – Compliance: Overseas Banking and Subsidiaries & Data Privacy Officer at ICICI Bank, has around 34 years of professional experience, including 25 years in BFSI.
Published on: September 30, 2026
Digital lenders in India experienced a notable 28% increase in their personal-loan portfolios over the past year. The number of outstanding loan accounts slightly decreased to 5.64 crore, indicating a shift towards larger balances. New loan sanctions also surged by 50%, highlighting a strong demand for personal loans. Borrowers with limited credit histories and younger customers contributed significantly to this growth.
Published on: September 30, 2026
Astana International Financial Centre is exploring potential collaboration with India's GIFT city due to regional proximity. This partnership aims to enhance financial services and investment opportunities between Kazakhstan and India. AIFC has established itself as a leading financial hub in Central Asia since its launch in 2018. Initiatives from AIFC include developments in sustainable finance and digital assets.
Published on: September 30, 2026
Apple Pay has officially launched in India, allowing users to make contactless payments using Axis Bank credit cards. Users can add their Visa and Mastercard credit cards to Apple Pay to facilitate these payments. The service provides a secure and private method for transactions without requiring PINs or OTPs. This launch marks a significant expansion in digital payment options available to Indian consumers.
Published on: September 30, 2026
Facing new commission regulations from the IRDAI, insurance brokers, including Quickinsure, are tweaking their business approaches. This pivot might cause a staggering loss of over 100,000 jobs as the industry reduces reliance on fixed sales teams. Brokers are expected to embrace more flexible cost structures and optimize sales output. Unfortunately, smaller brokers lack the established client base needed to weather these changes, risking their operational sustainability.
Published on: September 29, 2026
Competition Commission of India approved BNP Paribas Cardif's proposal to acquire a 26% stake in IndiaFirst Life Insurance Company Ltd. The stake will be purchased from private equity company Warburg Pincus. The insurance firm said step in its international growth and diversification strategy and strengthens its presence in India. In a separate deal, CCI authorised Crystal Crop Protection Ltd to acquire FMC India Pvt Ltd.
Published on: September 29, 2026
State Bank of India presented to the Joint Parliamentary Committee regarding the Foreign Contribution (Regulation) Amendment Bill. Officials raised concerns about gaps in foreign donation handling when registration lapses occur. They suggested that clear banking procedures be established for affected organizations. The bill proposed transferring compliance responsibilities to a government-designated authority in certain cases. Opposition parties criticized the bill for potentially disadvantaging minority groups and impacting foreign funding for NGOs.
Published on: September 29, 2026
NEDFI maintained a strong financial performance during the year, with gross income growing by 4.40% to Rs. 270.82 crore. Interest income increased by 9.73% to Rs. 214.94 crore, while profit before tax stood at Rs. 127.77 crore and net profit at Rs. 92.23 crore.
Published on: September 29, 2026
Chairman of PSB Bank Petr Fradkov, in an interview with RBC, discusses what is happening in one of the most closed sectors of the economy, cross-border payments, and how the A7 international payment system operates, which essentially lacks international payments.
Published on: September 29, 2026
Credit Saison India is expanding its MSME lending portfolio by increasing secured loans, particularly in Tier 2 and Tier 3 towns. The company plans to raise the proportion of secured loans to 30% by the end of this fiscal year. With a current loan book of Rs 25,000 crore, it aims to open more branches across the country.
Published on: September 29, 2026
The Competition Commission of India has cleared MetLife International Holdings’ acquisition of an additional 0.5% stake in PNB MetLife India Insurance through the green channel route. The transaction involves 10,247,348 shares acquired from Jammu & Kashmir Bank, taking MetLife International’s holding from about 49.73% to 50.23% without changing joint control.
Published on: September 28, 2026
Insurers like Life Insurance Corp and SBI Life need to improve cost efficiencies under new regulatory guidelines. The proposals suggest lowering the expense of management limit from around 16% to 12.5% within five years. While larger insurers are compliant, they must reduce their efficiencies further. Smaller players might gain market share if they enhance their operations as well. The overall goal is to increase efficiency and value for policyholders.
Published on: September 28, 2026
MetLife International will raise its stake in PNB MetLife by 0.5% to 50.23% through a purchase from Jammu & Kashmir Bank, with CCI clearing it under the green channel. CCI is also examining Bain Capital’s investment in Millennia Realtors and the RMZ group.
Published on: September 28, 2026
The Supreme Court has declined to grant an interim stay on the government’s new merchant discount rate policy. This policy imposes a 0.4% charge on specific Unified Payments Interface transactions exceeding Rs 2,000. The decision comes as a public interest litigation challenges the legality of this levy. Notices have been issued to the government and financial organizations involved. The new policy is set to take effect on October 15.
Published on: September 28, 2026
IndusInd Bank has introduced a new banking vertical specifically for Global Capability Centres within India. This initiative aims to address the growing banking needs of these centres as they expand. The vertical integrates corporate and employee banking into a unified relationship. It also includes foreign-currency account services to meet cross-border transaction requirements. IndusInd Bank's approach reflects the evolving landscape of the GCC ecosystem in the country.
Published on: September 28, 2026
Smaller life and general insurers worry that proposed distribution reforms might benefit larger insurers disproportionately. The changes include lowering expense management limits for both life and general insurers. Smaller insurers are concerned that the aggregate expense cap could limit their competitive ability in retail insurance. Larger insurers may leverage their economies of scale to manage costs more effectively.
Published on: September 28, 2026
Rajiv Anand, the MD and CEO of IndusInd Bank, has been informed that his name is unmapped from the electoral roll. He expressed confusion as he has valid identification including voter ID and Aadhar card. The Election Commission is conducting a Special Intensive Revision for voter list updates. They have extended deadlines for filing claims in Delhi and Maharashtra as part of this effort.
Published on: September 28, 2026
HSBC Holdings Plc plans to expand its operations in India by increasing its branch network by 35% over the next two years. The bank aims to become one of the top private banks in India by 2030, focusing on wealth management and transaction banking. HSBC is also targeting affluent customers whose interests span globally to strengthen its international network.
Published on: September 28, 2026
Banks are expected to remain open on September 28 as the proposed strike has been deferred. This decision follows discussions between the United Forum of Bank Unions and the Indian Banks’ Association. A high-level committee will be formed to address pending demands, including holiday declarations for Saturdays. Customers should verify branch timings and local arrangements before visiting their banks.
Published on: September 28, 2026
IRDAI chairman Ajay Seth said insurers should pass savings from lower commissions and operating costs to policyholders through lower premiums, better returns or improved claims payouts. The regulator’s proposed tighter limits on commissions and expenses aim to improve affordability, curb mis-selling and reduce compulsory bundling.
Published on: September 28, 2026
The benefit of cost efficiency should be passed on to customers. This entire exercise is intended to ensure that the public and policyholders benefit. For a life insurance savings product, the outcome should be better returns. In general insurance, it should result in better claim ratios. Cost efficiencies should get passed on through lower premiums, or the rate of increase in premiums should be moderated, or returns on savings products should be better than they are today, says Ajay Seth.
Published on: September 27, 2026
Groups are restructuring NBFC and holding-company balance sheets to stay outside RBI’s regulatory definitions and avoid registration and compliance requirements, sources said. NBFCs are boosting non-financial income, while CICs are changing their asset mix.
Published on: September 27, 2026
The finance ministry has sought feedback from banks on their use of AI-driven loan collection tools to assess adoption and customer-protection practices. Most banks are using AI for borrower engagement and repayment, while only a few have implemented conversational AI for collections.
Published on: September 27, 2026
Bank unions have decided to defer a planned three-day strike after discussions with the Indian Banks' Association. A new high-level committee will be formed to address important employee demands, including Saturdays as holidays. Union representatives aim to resolve concerns related to the Performance Linked Incentive scheme for higher-ranking officers. The Finance Ministry has encouraged dialogue for addressing unresolved issues while ensuring services remain uninterrupted.
Published on: September 27, 2026
Exempting individual health insurance premiums from GST has led to increased policy adoption across various demographics. Star Health reported an 11% rise in retail policy adoption following this tax reform. There has been a substantial increase in the average sum insured on new policies during this period. Consumers aged 26 to 50 made up a significant portion of new policy additions, accounting for over 80 percent.
Published on: September 27, 2026
SBI aims to harness digital banking and strengthen customer relationships as part of its growth strategy. The bank's total business could potentially reach Rs 200 lakh crore by 2030 as it celebrates its platinum jubilee. Chairman C S Setty highlighted the importance of customer protection alongside the digital transformation of banking services.
Published on: September 27, 2026
The Confederation of All India Traders (CAIT) said it has taken serious note of certain media reports and social media posts claiming that CAIT has announced or endorsed a nationwide "No UPI Day" on October 2, related to the proposed MDR levy on specified UPI transactions above Rs 2,000 from October 15.
Published on: September 25, 2026
Public sector banks and older generation private banks have issued advisories to customers, urging them to complete essential banking transactions ahead of the three-day strike from September 28 called by the United Forum of Bank Unions (UFBU). To meet customers' banking needs before the three-day nationwide strike, the government has already instructed public sector banks to stay open on Sunday.
Published on: September 25, 2026
Outstanding bank deposits and advances declined significantly during the fortnight ending September 15. Deposits fell by Rs 2.49 lakh crore due to the maturing of high-cost bulk deposits. Deposit growth slowed to 17.3%, while credit growth also dropped to 18.1%. The RBI data indicated that banks experienced a net withdrawal affecting their cumulative outstanding deposits. These changes reflect an adjustment in banks' strategies influenced by recent overseas deposit inflows.
Published on: September 25, 2026
In a significant restructuring of the Insurance Regulatory and Development Authority of India (IRDAI), Dinesh Pant, Managing Director of LIC, and Girija Subramanian, ex-CMD of New India Assurance, have been appointed as new members. Pant's retirement is effective September 24, 2026, while Subramanian stepped down in July. These changes are indicative of the dynamic shifts within India's insurance regulatory landscape.
Published on: September 25, 2026
In a significant ruling, the Delhi High Court mandated police to locate a new site for the protest organized by bank employees, due by September 28, following the rejection of the Jantar Mantar application. The United Forum of Bank Unions has organized a nationwide strike from September 28 to 30, set to disrupt services across the nation, while pushing for a five-day work week and improved pension plans.
Published on: September 25, 2026
The share of high-value microfinance loans above ₹75,000 to individual borrowers rose to 41% in Q1 FY27, from 28% a year earlier, as lenders increasingly focused on existing borrowers with established credit histories.
Published on: September 25, 2026
PB Fintech came under heavy selling pressure after IRDAI proposed changes to insurance commissions and distribution economics. PB Fintech shares plunged 36% on Thursday, wiping out more than ₹31,400 crore in market value, and remained volatile on Friday.
Published on: September 25, 2026
The government is evaluating revised financial bids from Fairfax Financial Holdings and Emirates NBD for the proposed sale of a 60.72% stake in IDBI Bank, with the process moving at a steady pace.
Published on: September 25, 2026
Finance Minister Nirmala Sitharaman confirmed that the Merchant Discount Rate on UPI payments above Rs 2,000 will not be passed to consumers. This rate is a charge borne by merchants and not the government. Sitharaman emphasized that this charge is not a tax, cess, or surcharge. The rate is set at 0.4% and will impact only certain UPI transactions.
Published on: September 25, 2026
Reliance Industries Limited is planning to raise ₹10,000 crore next week through a ten-year maturity bond. Other firms, including Adani Airport Holdings, will raise significant funds as well this Friday. The increasing number of companies tapping debt indicates the surplus liquidity in the banking system. This trend is occurring ahead of the Reserve Bank of India's monetary policy decision on October 7.
Published on: September 24, 2026
Shares of insurers, banks, and non-banking finance companies dropped sharply following proposed commission caps by Irdai. The proposals raised concerns over the outlook for businesses reliant on insurance distribution. Major companies such as PB Fintech and Max Financial Services experienced significant declines. Analysts indicate that banks and NBFCs could face negative impacts from the changes in commission structures.
Published on: September 24, 2026
In August, credit card spending decreased by 2.8% to ₹2.02 lakh crore from July's ₹2.08 lakh crore. While year-on-year spending saw an increase of 5.9% compared to August 2025, the trend indicates moderation. Additionally, banks added 1.19 million new credit cards, down 5.6% from July's figures. This brings the total credit card tally to 124.1 million at the month's end.
Published on: September 24, 2026
National Payments Corporation of India plans to introduce a 0.4% merchant discount rate for UPI transactions. This could help recover about ₹13,000-15,000 crore of annual costs while most transactions remain free. According to CEO Dilip Asbe, 80% of the MDR would come from large businesses already accepting credit cards. He noted that reintroducing charges after six years of zero MDR is necessary due to slowed investments.
Published on: September 24, 2026
Axis Bank is set to launch an extensive outreach program across India, spotlighting tourism and hospitality sectors in Goa. The initiative plans to engage over 5,000 customers and honour approximately 1,000 entrepreneurs.
Published on: September 24, 2026
The GST Council will meet on October 7 to discuss GST levy on UPI merchant fees exceeding Rs 2,000. The government has proposed a 0.4 percent merchant discount rate that will apply from October 15. This merchant discount rate will be capped at Rs 300 and is considered a taxable service under GST. Merchants will be able to claim Input Tax Credit on the GST paid on the merchant fees.
Published on: September 24, 2026
