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Banking/Finance-Industry-Economic Times
The Reserve Bank of India is closely monitoring a ₹590 crore fraud case linked to IDFC First Bank, with Governor Sanjay Malhotra stressing that it does not pose a systemic risk to the banking sector. The RBI is preparing updated projections for retail inflation and is actively managing liquidity in the financial system.
Published on: February 24, 2026
Finance Minister Nirmala Sitharaman has instructed banks to halt the mis-selling of financial products such as insurance and to refocus on their primary role of taking deposits and extending credit. At the same time, the Commerce Ministry is reviewing how the latest US tariff revisions could affect India’s trade flows and broader economy.
Published on: February 24, 2026
Bharti Airtel is injecting ₹20,000 crore into its new NBFC, Airtel Money, to fuel its next growth phase. This move aims to expand financial services across India by leveraging Airtel's digital assets and data expertise. The company plans to offer digital lending and credit solutions, building on its existing successful credit engine.
Published on: February 23, 2026
The International Financial Services Centres Authority (IFSCA) plans to set up special purpose vehicles (SPVs) to issue insurance-linked securities like catastrophe bonds, aiming to diversify insurance risk beyond traditional reinsurance. Chairman K. Rajaraman said private equity and other investors could participate in risk-sharing, making the insurance industry more stable and sustainable. The IFSCA will soon approach the government to operationalize these SPV structures.
Published on: February 23, 2026
Commercial sector credit surged 14.7% year-on-year to over Rs 300 lakh crore by end-January, indicating increased loan demand following RBI's 125-basis-point rate cuts. Banks have regained market share, with incremental credit growth rising 35% in the first 10 months of the fiscal year, driven by rate cuts and liquidity infusions.
Published on: February 23, 2026
In Haryana, a suspected Rs 590 crore fraud related to deposits at IDFC First Bank is under official scrutiny. Acting on Chief Minister Nayab Singh Saini’s orders, both the Anti-Corruption Bureau and the Vigilance Department are examining how the funds were handled.
Published on: February 23, 2026
AU Small Finance Bank has initiated a review of its operations after being delisted from the Haryana government’s panel over alleged irregularities. The bank maintains that no financial loss or fraud has been detected and has temporarily relieved certain employees of duty while an internal probe is conducted.
Published on: February 23, 2026
Government deposits in private banks face scrutiny after a suspected fraud at IDFC First Bank. This could lead to funds moving to state-run banks like SBI and PNB. IDFC First Bank and AU Small Finance Bank have been de-empanelled by the Haryana government. This situation may impact low-cost deposit accounts. Other private banks could also see some deposit shifts.
Published on: February 23, 2026
IDFC FIRST Bank will get Rs 35 crore from its employee dishonesty insurance. This follows a Rs 590 crore fraud at its Chandigarh branch. The bank's management confirmed this to investors. The fraud impacted the bank's stock, causing a significant drop. The bank has suspended officials and launched a forensic probe.
Published on: February 23, 2026
HDFC Bank opened its new Tech and Digital Factory in Guwahati. This facility will develop advanced technology and talent in Assam. It is the bank's first in the state and fourth nationally. The initiative aims to strengthen AI, Digital, and Cybersecurity skills. The bank partnered with the Assam Government for skill-building programs. Over 150 students are currently undergoing training.
Published on: February 23, 2026
Finance Minister Nirmala Sitharaman has clarified there is no current roadmap for public sector bank mergers. A new High-Level Committee on Banking for Viksit Bharat will examine the sector. This committee will review India's banking system to align it with growth goals. It will also focus on financial stability, inclusion, and consumer protection.
Published on: February 23, 2026
Reserve Bank Governor Sanjay Malhotra stated the central bank is monitoring the Rs 590-crore fraud at IDFC First Bank. He assured it is not a systemic issue. The fraud involved employees and others at a Chandigarh branch in Haryana state government accounts. IDFC First Bank has suspended suspected employees.
Published on: February 23, 2026
Private banks face potential deposit pressure after a fraud in Haryana government accounts at IDFC First Bank. Analysts predict a shift of low-cost CASA deposits to public sector banks, impacting their agency commission income. AU Small Finance Bank also saw a decline in Haryana government deposits following de-empanelment.
Published on: February 23, 2026
Bharti Airtel is investing Rs 20,000 crore in its financial arm, Airtel Money. This move aims to build a large digital lending platform. The company seeks to expand access to formal credit across India. Airtel Money received its NBFC license in February 2026. This expansion strengthens Airtel's financial services presence and addresses the credit gap.
Published on: February 23, 2026
IDFC First Bank is taking bold steps to bolster the security of significant transactions at its branches. This initiative is in response to a recent inconsistency uncovered in the accounts related to the Haryana government. The bank will soon implement a system mandating digital confirmation from customers for high-value transactions.
Published on: February 23, 2026
Finance Minister Nirmala Sitharaman strongly condemned banks for mis-selling financial products. She highlighted that this practice is now an offense under the Bharatiya Nyaya Sanhita. The Reserve Bank of India has issued draft guidelines to curb mis-selling, with stricter norms set to take effect from July 1.
Published on: February 23, 2026
Merchant payments are becoming more profitable in India's digital payment system. Paytm leads in revenue and profit from this segment. Merchant acquiring offers better monetization than consumer payments. Paytm's revenue is comparable to larger rivals despite lower total payment value. The company shows strong cost discipline and profitability. Merchant-focused economics offer a clearer path to profit.
Published on: February 23, 2026
IDFC First Bank is currently delving into a potential ₹590 crore fraud case linked to its Chandigarh branch. The alarm was raised when various departments within the Haryana government detected irregularities in their financial statements. This revelation has prompted a thorough investigation from multiple agencies, coupled with a comprehensive forensic audit.
Published on: February 23, 2026
The Reserve Bank of India has stated there is no systemic risk following a fraud case at IDFC First Bank involving approximately Rs 590 crore in Haryana government accounts. The bank has suspended four officials and is pursuing legal action for recovery, while Haryana has de-empanelled IDFC First Bank for government operations.
Published on: February 23, 2026
India’s banking sector earnings are expected to rebound strongly, growing about 17% CAGR over FY27-28, after a modest 3% growth in FY26, according to an IIFL Capital report. The recovery will be driven by faster loan growth, improving net interest margins, and stable asset quality, with earnings revisions turning positive and signalling an inflection point for the sector.
Published on: February 23, 2026
Haryana government has de-empanelled AU Small Finance Bank and IDFC First Bank from government business due to alleged fraudulent account openings. AU Small Finance Bank denies wrongdoing, stating all KYC checks were completed and transactions were initiated by the government department. The bank maintains no financial impact at this stage.
Published on: February 23, 2026
Haryana government has mandated all its departments and state-run entities to exclusively bank with public sector banks. Private bank accounts now require Finance Department approval. IDFC First Bank and AU Small Finance Bank have been removed from the approved panel due to non-adherence to fixed deposit conditions, leading to potential financial losses for the state.
Published on: February 22, 2026
IDFC First branch fraud case: The transactions were executed using forged cheques and manually carried out at the branch, managing director and chief executive V Vaidyanathan told ET.
Published on: February 22, 2026
Unity Small Finance Bank, after missing out on Aviom India Housing Finance, is prioritizing strategic options over aggressive acquisitions. The bank plans to enter the housing finance business in the latter half of the year, focusing on affordable housing and micro-LAP, while also preparing for a public listing in approximately two to two-and-a-half years.
Published on: February 22, 2026
In several cases, it has been observed that despite clear instructions to place funds in flexible deposits or other fixed deposit instruments offering higher rates of interest, banks are retaining the funds in savings accounts, resulting in lower returns and consequent financial loss to the Government, as per the notification.
Published on: February 22, 2026
State Bank of India is boosting green financing, targeting 7.5-10% of advances by 2030. The bank launched CHAKRA to fund renewable energy and electric mobility. SBI also hosted its Green Marathon in Mumbai, drawing over 10,000 participants. This initiative supports India's green transition and promotes environmental responsibility.
Published on: February 22, 2026
India Post is undergoing rapid modernization with advanced technologies to enhance service delivery. The postal network holds substantial savings accounts and Sukanya Samriddhi Yojana deposits. Efforts are underway to improve financial performance and reduce non-transactional post offices. Drones will be utilized for deliveries in hilly regions, reflecting a commitment to reform and transformation.
Published on: February 22, 2026
YES Bank anticipates a 1 per cent return on assets by the end of the current financial year. This profitability metric is expected to surpass 1 per cent in the next fiscal year. The bank's net profit saw a significant increase in the December quarter. Strategic initiatives are in place to enhance asset utilization and profitability.
Published on: February 22, 2026
The Reserve Bank of India has set up a high-security data centre in Bhubaneswar, Odisha, to protect critical financial systems and ensure continuity of operations. The greenfield facility will support currency management, payment and settlement, and regulatory data functions.
Published on: February 22, 2026
UGRO Capital plans to lower its borrowing expenses by 1.25% by FY27. The company will focus on repricing liabilities and improving terms. This move will benefit end customers. UGRO Capital expects improved credit ratings and a stable balance sheet to aid this reduction. The company has ruled out equity capital raises for the next three years.
Published on: February 22, 2026
IDFC FIRST Bank has uncovered a significant fraud totaling Rs 590 crore. The incident involves employees at one of its Chandigarh branches. Four suspected officials have been suspended pending a thorough investigation. The bank is also appointing an independent agency to conduct a forensic audit. Strict action will be taken against all involved parties.
Published on: February 22, 2026
State Bank of India is actively investing in startup funds and financial market infrastructure. This is part of its strategy for Micro, Small, and Medium Enterprises. SBI is also participating in schemes like Startup India. The bank has established startup hubs in various cities. This initiative aims to support startups through debt, equity, and government services.
Published on: February 21, 2026
Peak XV Partners has launched its first independent fund, securing $1.3 billion. This capital will support startups in India and across the Asia-Pacific region. The firm, formerly part of Sequoia Capital, will deploy funds through three separate vehicles. This new fund continues Peak XV Partners' two-decade legacy of backing innovative companies.
Published on: February 20, 2026
The bank has quantified the amount involved at ₹38.95 crore, representing the principal sacrifice under the resolution plan implemented for RCFL, people privy to the complaint details told ET.
Published on: February 20, 2026
State Bank of India is exploring partnerships with Japanese lenders for merger and acquisition financing following new regulatory guidelines. SBI chairman CS Setty indicated the bank has a lending ceiling of Rs 94,000 crore under these norms. Initially, SBI plans to approach these deals cautiously with smaller ticket sizes and simpler structures.
Published on: February 20, 2026
DFS Secretary M. Nagaraju urged banks to lower lending rates for small borrowers and businesses to 6-7%, aiming to boost credit penetration without incurring losses. He highlighted the need to bridge the significant gap in India's bank credit to GDP ratio, which stands at 57% compared to global benchmarks, to achieve the Vikshit Bharat 2047 vision.
Published on: February 20, 2026
PhonePe has introduced a new AI feature. Users can now use voice or text commands to complete tasks within the app. This simplifies payments and navigation. The feature uses Microsoft Foundry technology. It understands user intent for payments, purchases, and support. This launch coincides with India hosting the AI Impact Summit 2026. Big AI investments are also being announced.
Published on: February 20, 2026
The National Asset Reconstruction Company Ltd has taken the lead in the ongoing auction for BLA Power's distressed debt, presenting a bold offer of Rs 285 crore. This auction is being conducted through a Swiss Challenge, wherein lenders seek to maximize returns by inviting higher bids against the starting offer.
Published on: February 20, 2026
India Debt Resolution Co Ltd (IDRCL), the managing arm of the government-backed bad bank, has successfully resolved two accounts, distributing approximately Rs 330 crore to banks. This marks the bad bank's first recoveries since commencing operations in 2022, with resolutions for Metenere Ltd and Helios Photo Voltaic.
Published on: February 20, 2026
IndusInd Bank's top leadership is focused on rebuilding trust and strengthening the bank's operations. Decisions on strategic investors or mergers will be made by the board. The bank is prioritizing growth in affordable housing, gold loans, and MSME lending. Efforts are underway to improve liability generation and reduce costs. Technology and control gaps are being addressed, with completion expected soon.
Published on: February 19, 2026
Public sector banks are set to propose changes to the RBI's climate finance guidelines, citing a lack of incentives for green deposits. Lenders seek a reduction in the cash reserve ratio for green deposits and greater clarity on climate finance taxonomy. These proposals aim to boost the adoption of green finance initiatives.
Published on: February 19, 2026
Federal Bank is set to receive a substantial Rs 686 crore tax refund, marking the resolution of a long-standing tax dispute. This significant financial boost, covering assessment years 2012-13 and 2013-14, is expected to positively impact the bank's profitability in the upcoming quarter. The development follows recent orders from the Income Tax Appellate Tribunal.
Published on: February 19, 2026
ICICI Prudential Life Insurance faces a significant tax demand of Rs 984 crore. An appellate order upheld the demand, which relates to input tax credit reversal. The company plans to file a further appeal. Despite the large sum, ICICI Prudential Life states there is no immediate impact. This development concerns tax liabilities from July 2017 to July 2022.
Published on: February 19, 2026
India public sector banks: Foreign investors increased their stake in top state-run lenders including State Bank of India Ltd., Bank of Baroda, Canara Bank Ltd. and Punjab National Bank to the highest in at least a year, shareholding data of as Dec. 31 show.
Published on: February 19, 2026
PhonePe now allows fingerprint and facial recognition for UPI payments. This feature is for transactions up to Rs 5,000, offering a faster payment experience. The feature is currently available for Android users, with an iOS rollout planned.
Published on: February 19, 2026
Seven public sector banks are using generative AI for 32 new applications. These initiatives aim to boost efficiency and credit assessment. Ten banks have formal AI policies. The EASE 8.0 reforms encourage AI for complex tasks and faster decisions. Future reforms, EASErise, will focus on risk management and economic shock absorption. This technology push aligns with national financial goals.
Published on: February 18, 2026
Go Digit General Insurance has partnered with Anvayaa Kin Care. This collaboration provides Digit policyholders access to elderly care services at special rates. Services include medical emergency assistance and consultations with geriatric specialists. Virtual check-ins by health managers will also be available. This initiative aims to support caregivers and families.
Published on: February 18, 2026
The National Payments Corporation of India has teamed up with NVIDIA in a dynamic collaboration that promises to elevate the nation’s payment systems through the power of advanced AI. Targeting the construction of a strong and secure AI framework, this venture will enable expansive real-time payment processes while adhering to the principles of regulatory and data sovereignty.
Published on: February 18, 2026
Indian banks are moving to fixed-price contracts for ATM management. This change replaces older transaction-based models. Banks seek cost stability and assured service quality. This shift aims for predictable expenses and better performance from vendors. Many new ATM and cash recycler contracts are being awarded under this fixed-fee structure. This ensures consistent service and improved customer convenience.
Published on: February 17, 2026
Kotak Mahindra Bank has appointed Ramesh Iyer as an additional and independent director. This appointment is effective February 17, 2026. Dr. Ashok Gulati will retire as an independent director on March 5, 2026. DCB Bank has also approved Suhail Nathani's appointment as an independent director. This takes effect from February 18, 2026.
Published on: February 17, 2026
