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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 the 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
The landscape of digital finance is evolving as India's payments authority creates a registry specifically for AI agents. This registry aims to verify and oversee AI transactions, initially targeting UPI payments, with potential future expansions. By facilitating agentic payments, AI will be enabled to engage in frequent, minor digital transactions, resonating with global initiatives aimed at the identification and validation of AI-driven financial agents.
Published on: September 10, 2026
BharatPe unveiled BharatPe Flex, a new consumer credit offering built on UPI. This innovative product allows users to access credit limits up to sixty thousand rupees. Eligible users can utilise this credit for everyday UPI merchant payments seamlessly. Spends can be settled in full within forty-five days or via flexible monthly installments. The company also launched a new brand campaign featuring Rohit Sharma to promote this service.
Published on: September 10, 2026
State Bank of India anticipates deploying foreign currency deposits over three months. The bank is enhancing artificial intelligence adoption across key operational areas. Agentic AI will perform tasks autonomously, improving efficiency and risk management. This technology aims to extend personalized financial advice to millions of customers. Stronger controls and human oversight will guide AI's increasing financial participation.
Published on: September 10, 2026
HDFC Bank has won all seven Bahrain cases filed by Credit Suisse AT1 bond investors, who accused the lender of mis-selling the risky securities. The Bahrain court rejected all allegations, saying investors failed to provide sufficient evidence linking HDFC Bank to their losses.
Published on: September 10, 2026
Agentic AI's growing use in finance necessitates new checks beyond customer identification. Banks may develop a 'Know Your Agent' framework for autonomous systems. This framework will address AI identity, authentication, and transaction limits. Such systems require accuracy, accountability, and unbiased access for trust. India aims for intelligent inclusion by scaling AI financial services.
Published on: September 10, 2026
The National Housing Bank raised concerns over SRG Housing Finance, identifying potentially fictitious loan accounts. Investigations have revealed that around one-third of the lender's loan portfolio consists of these phantom accounts. The inquiry also indicated possible manipulation regarding non-performing assets and the practice of evergreening. Funds linked to these dubious accounts were allegedly redirected to promoters' entities. This issue surfaces amid heightened scrutiny on smaller housing finance firms.
Published on: September 9, 2026
Recent foreign currency deposits could provide a short-term uplift to the growth patterns in bank lending. With the narrowing of differentials, it's anticipated that domestic interest rates will rise soon. The banking sector is poised for accelerated consolidation in the upcoming years, favoring larger banks that leverage scale and technological innovation. In this landscape, Axis Bank is gearing up to implement AI-driven strategies to enhance customer engagement.
Published on: September 9, 2026
Zuno General Insurance has launched a new product called Fuel Guard. This add-on covers damage to cars caused by blended fuel use. The product offers protection for specified engine and fuel-system components. It is available for cars purchased after April 2023. This initiative supports consumers in a changing fuel landscape.
Published on: September 9, 2026
Bank of Baroda MD and CEO Debadatta Chand said the financial system needs to invest significantly more in financial and digital literacy to combat rising cyber fraud. He identified vulnerabilities at both banks and customer levels, while highlighting investments in cybersecurity, AI-based underwriting and cash-flow-based financing for MSMEs.
Published on: September 9, 2026
RBI Deputy Governor Rohit Jain warned financial institutions and fintech firms that rapid adoption of emerging technologies brings risks around speed, concentration and opacity. He said institutions must ensure technology works fairly, reliably and safely for customers, while retaining responsibility for outcomes even when computing, cloud infrastructure or models are outsourced.
Published on: September 9, 2026
Axis Bank CEO Amitabh Chaudhry expects India’s bank credit growth to moderate to 15-16% this year from the current 18-19%, partly due to the base effect and FCNR(B) inflows. He also warned of possible rate hikes in October and December as the India-US interest-rate gap narrows.
Published on: September 9, 2026
DFS Secretary Sanjay Lohiya at Global Fintech Fest 2026 unveiled a facility allowing eligible Kisan Credit Card and PM MUDRA Yojana borrowers to use sanctioned credit limits for merchant payments through UPI. The move could widen digital access to formal credit for farmers and small businesses, with more banks expected to join.
Published on: September 9, 2026
The Reserve Bank of India has approved ICICI Prudential Asset Management Company's proposal. This approval allows an aggregate holding of up to 9.95 percent in AU Small Finance Bank. The approval covers various schemes and funds managed by the asset manager. AU Small Finance Bank received the official approval letter on September 8, 2026. This decision is subject to compliance with all relevant banking and financial regulations.
Published on: September 9, 2026
Jio Payment Solutions has launched a new cross-border payment platform. This facility helps Indian exporters receive international payments from global customers. The platform allows payments via virtual accounts and international cards. This launch follows authorization from the Reserve Bank of India for PA-CB transactions. It simplifies global collections and supports compliance for businesses scaling internationally.
Published on: September 9, 2026
RBL Bank and Bank of Maharashtra are actively promoting dollar bonds in international markets as they look to refinance short-term loans acquired for FCNR(B) deposits. Meanwhile, UCO Bank and Bank of India are also gearing up for similar fundraising initiatives overseas, aiming to optimize their asset-liability structures following the closing of the FCNR(B) window.
Published on: September 9, 2026
Axis Bank plans to temporarily relocate staff across multiple Mumbai offices. The bank seeks a larger single office space for its employees. This move comes as their current headquarters will be demolished. A new 32-storey tower is expected to be ready in five years. This situation highlights Mumbai's growing office space demand challenges.
Published on: September 9, 2026
In a strategic move, India and Saudi Arabia have agreed on a three-year deal aimed at invigorating their fintech sectors and startup ecosystems. This collaboration is focused on enhancing market access and attracting investments. By linking startups and fintech enterprises with investors, the initiative is set to solidify economic relations and technology partnerships, resulting in expanded business opportunities.
Published on: September 9, 2026
At Global Fintech Fest 2026, PhonePe founder‑CEO Sameer Nigam framed the company’s first ten years as the construction of India’s financial rails and unveiled a second act tied to a single question: whose progress still remains outside the frame?
Published on: September 9, 2026
PhonePe's Rahul Chari dismissed card tokenization security concerns, stating no fraud is enabled. The company launched three new payment solutions with Visa at the Global Fintech Festival. PhonePe now offers Cross Border Scan to Pay for international transactions. It also enables micro-merchants to accept card payments using its Smart Accept solution. Consumers can now make credit card payments using their phones at small merchants.
Published on: September 9, 2026
In an exciting new venture, Paytm is venturing beyond its established digital payments realm to launch Pi, an innovative service offering artificial intelligence agents specifically tailored for enterprise clients. This strategic move will focus on financial institutions in India and the UAE. After dedicating two years to perfecting a financial services AI model, Paytm hopes this expansion will significantly elevate revenue and profitability.
Published on: September 9, 2026
Multipl has launched a new spending account linked to UPI payments. This innovative account allows users to invest money earmarked for daily expenses. Funds are placed in liquid mutual funds and redeemed automatically for payments. The platform aims to scale this product significantly over the next year. This new offering combines investing, liquidity, and seamless payment capabilities.
Published on: September 9, 2026
Younger consumers and rural households are driving India's retail credit market growth. These aspirational borrowers now account for most new credit originations. Digital platforms and alternative data are key to assessing these new customers. Lenders must adapt underwriting to understand diverse financial footprints. This shift promises wider credit access and financial inclusion for many.
Published on: September 9, 2026
IDFC FIRST Bank has been awarded a BBB- Long-Term and A-3 Short-Term credit rating, underscoring its strong capital position and operational expertise. This evaluation enhances the bank's access to international funding and global markets. The stability of its retail deposit base contributes to a solid outlook, setting the stage for IDFC FIRST Bank's future growth and expansion endeavors.
Published on: September 9, 2026
