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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.
Published on: September 12, 2025
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.
Published on: September 11, 2025
Indian banks are expected to cut dividend payouts by 4.2% in fiscal year 2026. This marks the first reduction in four years. S&P Global Market Intelligence forecasts this decline. HDFC Bank and Bank of Baroda may see dividend cuts. State Bank of India's dividend is expected to remain stable. ICICI Bank might increase its dividend per share.
Published on: September 11, 2025
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.
Published on: September 11, 2025
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.
Published on: September 11, 2025
ICRA Ratings anticipates one-year bank deposit rates have bottomed out at 6%, projecting a moderate transmission of policy rates to lending rates by Q4. While deposit rates are unlikely to fall to pandemic levels, banks might lower them if credit growth lags and liquidity remains high.
Published on: September 10, 2025
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.
Published on: September 10, 2025
UCO Bank announces a reduction in its marginal cost of funds-based lending rates. The cut impacts various loan tenures by five basis points. The one-year MCLR now stands at 8.90 percent. Simultaneously, the bank has revised the yield on its 10-year government securities. The yield is raised to 6.78 percent. Other rates, including repo-linked rates, remain unchanged.
Published on: September 10, 2025
IDBI Bank has initiated a new insolvency plea against ZEE at the National Company Law Tribunal. The bank claims a default of Rupees 225.22 crore. ZEE has dismissed the application as malicious and meritless. ZEE also said that it will take legal action against the bank. Earlier, NCLT had dismissed a similar plea by IDBI Bank in 2023.
Published on: September 10, 2025
State Bank of India anticipates a rise in corporate credit demand this quarter. Bond yields are increasing, making bank loans more attractive. Previously, corporations favoured bonds due to lower rates. Reserve Bank of India's rate cuts had initially boosted bond issuances. India aims to be a major global economy, requiring strong credit growth.
Published on: September 10, 2025
In Kolkata, State Bank of India anticipates a shift. Corporates might seek loans from commercial banks. This is due to rising bond yields. Debt market conditions are changing. Issuance of debt papers has decreased this quarter. Banks possess sufficient capital for lending. They are interested in funding renewable energy and startups. Digital payment systems are becoming more popular in India.
Published on: September 10, 2025
The Reserve Bank of India has approved Yes Bank's proposed amendments to its Articles of Association, facilitating the appointment of nominee directors. This move precedes Sumitomo Mitsui Banking Corporation's acquisition of stakes from SBI and other lenders. Post-acquisition, SMBC will nominate two directors, and SBI will nominate one, to Yes Bank's board.
Published on: September 10, 2025
Indian banks are set for significant credit growth. ICRA projects an increase of Rs 19 to 20.5 trillion. This translates to over 10 percent year-on-year growth. NBFCs are also expected to expand. GST rate cuts and CRR reductions will boost demand. Asset quality stress in retail and MSME sectors is expected to ease.
Published on: September 10, 2025
The government is considering further consolidation of public sector banks to create globally competitive, larger lenders. This initiative aims to boost infrastructure financing, aligning with specialized firms like NaBFID and IIFCL, to meet India's substantial infrastructure investment needs. The PSB Manthan will facilitate discussions on strategies to drive credit growth and address subdued private capital expenditure.
Published on: September 9, 2025
Insurance companies in Mumbai are seeking clarification from the central government regarding the Goods and Services Tax exemption. This relates to life and health insurance policies. The GST Council recently removed the tax on individual policies. However, some related products still have the levy. Insurers want clarity on credit life policies and corporate health covers. Uncertainty also surrounds travel insurance.
Published on: September 9, 2025
Gujarat has remained the top state in attracting investments as it got the most number for projects in each year between FY15 and FY25, while Maharashtra has retained the second place for the last four fiscal years, showed data available in a study by the Reserve Bank of India (RBI) staff.
Published on: September 9, 2025
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.
Published on: September 9, 2025
State Bank of India believes government initiatives will encourage corporate expansion. Many companies are operating near full capacity. Sustained consumer demand is key to unlocking private investment. Public sector refineries, data centers, and renewable energy are driving loan growth. Core sectors like steel and cement are lagging behind in investment. Companies are exploring acquisitions using their cash reserves and debt.
Published on: September 9, 2025
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.
Published on: September 9, 2025
Despite policy rate cuts, banks are hesitant to significantly lower lending rates to microfinance institutions due to lingering asset quality concerns and internal margin pressures. Smaller MFIs face tightened purse strings and higher risk premiums, hindering their access to crucial funding.
Published on: September 9, 2025
SBI Chairman C S Setty highlighted that sustained consumption would drive private capital expenditure, with corporates operating at high capacity. He noted strong public capex, particularly in refineries and renewable energy, while core sectors await demand revival. Setty advocated for allowing banks to fund mergers and acquisitions, citing corporate cash reserves and cross-border funding trends.
Published on: September 9, 2025
UPI achieved a milestone in August 2025, surpassing 20 billion monthly transactions, totaling ₹24.85 lakh crore. This represents a significant year-on-year growth of 21% in value and 34% in volume. PhonePe, Google Pay, and Paytm led the market, with financial payments and essential goods driving transaction volume. UPI now constitutes 85% of India's digital transactions and is expanding globally.
Published on: September 9, 2025
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.
Published on: September 9, 2025
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.
Published on: September 9, 2025
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.
Published on: September 9, 2025
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.
Published on: September 8, 2025
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.
Published on: September 7, 2025
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.
Published on: September 7, 2025
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.
Published on: September 7, 2025
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.
Published on: September 6, 2025
The banking system is set to receive a liquidity boost of ₹62,000 crore with the first phase of the CRR cut taking effect, injecting funds ahead of the festive season. This move aims to improve monetary transmission and stimulate economic activity, potentially leading to lower deposit and lending rates.
Published on: September 4, 2025
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.
Published on: September 4, 2025
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.
Published on: September 4, 2025
Bankers anticipate that the GST Council's recent decisions, including reduced tax rates on various goods, will significantly boost consumption and credit expansion. This reform, effective September 22, 2025, is expected to increase disposable incomes, stimulate demand across sectors like retail and agriculture, and ultimately drive substantial economic growth. Businesses will also benefit from simplified compliance and improved competitiveness.
Published on: September 4, 2025
The Goods and Services Tax (GST) Council has reduced insurance GST rates from 18% to zero. This change applies to policy renewals after September 22, 2025, and new policies. So if you are planning to delay your premium payment after the date, it may not be a good idea.
Published on: September 4, 2025
Amazon has finalized its acquisition of Axio, an Indian non-bank lender, securing a direct lending license in India. This move allows Amazon to offer credit products directly on its platform, including checkout loans, and explore new credit solutions for customers and small businesses. Axio will operate as a separate entity under Amazon, expanding Amazon's fintech presence in India.
Published on: September 4, 2025
Draft amendments to Indian insurance laws propose easing restrictions imposed in 2021, potentially benefiting global insurers like Generali and Ageas. The changes remove requirements for retaining profits and board composition, freeing up capital and reducing governance pressures. These reforms aim to attract foreign investment, simplify regulations, and deepen insurance penetration in India.
Published on: September 4, 2025
The GST Council's landmark decision to exempt insurance premiums from GST is poised to revolutionize the insurance sector. Insurers hail this move as a game-changer, anticipating increased affordability and wider insurance penetration. This exemption, covering life and health insurance, aims to ease financial burdens and promote health security for citizens, potentially driving a shift towards accessible digital solutions.
Published on: September 4, 2025
Following GST revisions, individual life and health insurers face the burden of reversing Input Tax Credit accumulated until September 21, 2025. While policyholders benefit from premium exemptions starting September 22, insurers must reverse unutilized credits, impacting their finances. Experts suggest a phased reversal or refund mechanism to balance consumer benefits and industry sustainability.
Published on: September 4, 2025
Mizuho Financial Group's attempt to acquire a majority stake in Avendus Capital has encountered obstacles due to disagreements over valuation and KKR's exit strategy. Despite the current challenges, negotiations are still in progress, with both parties striving to finalize the deal. This potential acquisition follows Sumitomo Mitsui's investment in Yes Bank, highlighting Japanese lenders' growing interest in the Indian market.
Published on: September 4, 2025
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.
Published on: September 4, 2025
In a letter to the Prime Minister dated August 26, a copy reviewed by ET, former CFO of IndusInd Bank 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.
Published on: September 3, 2025
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.
Published on: September 3, 2025
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.
Published on: September 3, 2025
Axis Max Life Insurance and India Post Payments Bank have collaborated to provide affordable life insurance in rural India, utilizing IPPB's extensive network. This partnership aims to reach Tier 3, Tier 4, and rural markets with tailored products like SWAG and Term Insurance Plans. The initiative supports financial inclusion and IRDAI's goal of 'Insurance for All by 2047'.
Published on: September 3, 2025
Bima Vistaar, a comprehensive insurance product covering life, health, and property for rural populations, is expected to launch by December 2025. All insurance companies will offer the product at a uniform price, providing a Rs 5 lakh cover per individual, aiming to increase insurance penetration in rural India.
Published on: September 3, 2025
Jio Financial Services Ltd (JFSL) has received Rs 3,956 crore from promoter group companies, Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Private Ltd, through the allotment of 50 crore warrants to fund expansion. Each company received 25 crore warrants at Rs 316.50 per unit.
Published on: September 3, 2025
The GST Council is considering GST rate cuts on health and term insurance, potentially lowering premiums for policyholders. While a full exemption could reduce premiums significantly, it may lead to a revenue shortfall for the government.
Published on: September 3, 2025
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.
Published on: September 3, 2025
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.
Published on: September 3, 2025
