Indian banks and non-banking financial companies (NBFCs) are undertaking a comprehensive review and reset of their engagement terms with fintech firms, driven by the Reserve Bank of India's (RBI) draft Guidance on Regulatory Expectations for Data Governance and the stringent compliance requirements of the Digital Personal Data Protection (DPDP) Act, 2023, and its 2025 Rules.
A 38-year-old woman in Thane district committed suicide after discovering her bank account was allegedly used in multiple cyber fraud cases across several Indian states, leading to immense anxiety and police questioning notices.
Bank fraud is no longer just an external cyber threat -- insiders with legitimate access can exploit banking systems, trusted credentials and institutional blind spots to quietly siphon money.
Indian benchmark indices, Sensex and Nifty, experienced a sharp decline at the close of trade, with the Sensex dropping 539 points and the Nifty falling below 24,100, primarily due to selling pressure in HDFC Bank and ongoing geopolitical uncertainties.
Shabnam Sinha is set to take over as the Chairperson of Airtel Payments Bank for a three-year term starting October 1, 2026, succeeding Sunil Mittal, who concludes his tenure as non-executive Chairman.
Sandeep Mistry, a key associate of fugitive businessman Nirav Modi, has been arrested by the CBI after his deportation from the UAE. Mistry is implicated in the Rs 6,498.20 crore Punjab National Bank scam, where he allegedly facilitated forged documents, coerced dummy directors, and siphoned funds. He has been remanded to judicial custody.
'It's not about individuals operating the mule accounts being more or less skilled. Instead, 'lower-level' refers to the role the individual account plays in the broader mule network.'
A sophisticated cross-bank syndicate is systematically defrauding non-resident Indians (NRIs) and elderly citizens by exploiting their fixed deposits through forged documents and fictitious loans, often involving colluding bank employees and real estate deals.
The Rajya Sabha has passed The Bankers' Books Evidence Bill, 2026, which aims to replace a British-era law and allow digital and virtual records to be admissible as evidence in courts. This legislation aligns with contemporary digital banking practices and extends a uniform evidential framework to various financial entities, including NBFCs and fintech companies. Finance Minister Nirmala Sitharaman highlighted the bill's role in strengthening public confidence and safeguarding customer privacy. The bill's passage, however, saw an Opposition walkout over unrelated issues.
Private banks in India are aggressively mobilising Foreign Currency Non-Resident (Bank), or FCNR(B), deposits by raising interest rates and using website countdowns, as the Reserve Bank of India's swap window is set to close on August 31, earlier than initially planned.
Two men, including alleged mastermind Adeeb Khan, have been arrested in Delhi for cheating a person of Rs 15 lakh by posing as Direct Selling Agents (DSAs) of private banks and offering low-interest loans. Police recovered Rs 6.95 lakh in cash, and efforts are underway to apprehend a third absconding associate and trace the full money trail.
State Bank of India (SBI) anticipates that the newly introduced Merchant Discount Rate (MDR) on person-to-merchant (P2M) UPI transactions above 2,000, effective October 15, will enable it to recover the costs incurred in processing and facilitating these transactions, potentially even generating a small surplus.
Sources clarify that the NCLT's approval of a repayment plan for Essel Group founder Subhash Chandra does not signify a 99.97 per cent write-off of Rs 22,000 crore in bank loans, as the figure represents claims against him as a personal guarantor, not debt personally borrowed.
The Supreme Court has issued a directive for the Shri Banke Bihari Temple in Vrindavan, mandating that all donations must be deposited into official donation boxes or the online temple treasury. This comes amidst serious allegations of sevayats siphoning off funds and obstructing online donation methods, highlighting the need for a transparent mechanism in temple management.
State Bank of India (SBI) is extensively using artificial intelligence to underwrite nearly Rs 1 lakh crore in MSME loans and automate the processing of cheques up to Rs 10,000. This AI adoption aims to enhance efficiency, free up employee bandwidth, and improve customer service across various banking functions.
The Reserve Bank of India (RBI) net purchased a record $18.65 billion in July, driven by inflows from its concessional swap facility, leading to a significant increase in India's foreign exchange reserves.
Indian equity benchmark indices Sensex and Nifty experienced a significant tumble in early trade, primarily driven by elevated crude oil prices due to ongoing West Asia uncertainty and substantial foreign fund outflows. Track Sensex, Nifty on September 29.
Indian benchmark indices Sensex and Nifty extended their losses for a third consecutive day, driven by firm crude oil prices, elevated global bond yields, and significant foreign fund outflows, making investors cautious.
India's private sector capital expenditure is projected to reach approximately 3.2 trillion in the financial year 2026-27, up from 2.6 trillion in FY26, according to a Reserve Bank of India bulletin report, indicating sustained confidence despite global uncertainties.
The Economic Offences Wing (EOW) of the Crime Branch has filed a chargesheet against four individuals in a 16-year-old fraud case involving Johar Veer Goga (JVG), an unauthorised non-banking finance company in Jammu. The case stems from an investor's complaint in 2010 regarding an unpaid fixed deposit from 1996-97, revealing that JVG operated without proper regulatory registration.
Union Finance Minister Nirmala Sitharaman announced the government's plan to establish a high-powered committee to examine reforms for the banking sector, aligning it with the vision of a 'Viksit Bharat' (Developed India) and India's next phase of growth.
RBI Deputy Governor Rohit Jain highlighted that banks are well-positioned to deploy $133 billion mobilised through FCNR(B) deposits, especially with strong credit demand ahead of the festival season, while also stressing the importance of robust technology governance and cyber defences in the financial sector.
Indian benchmark indices Sensex and Nifty experienced a significant downturn in early trade, with the Sensex tanking 730 points, driven by surging crude oil prices, escalating geopolitical uncertainties, and a weak trend observed across Asian markets.
An Italian woman, Paola Bertolini, travelled to Gurugram, India, to report a romance scam where a man allegedly swindled 1,000 euros from her. Dissatisfied with the response in Italy, she approached the Gurugram Cyber Police, who have registered a case and launched a search for the accused.
The bail applications of two accused in the alleged Ram Temple donation theft case, Subhash Srivastava and Ramashankar Yadav, were postponed to October 6 and 7 as the judge was on leave. Six other accused have already had their bail pleas rejected. The SIT's 70,000-page charge sheet details the embezzlement of donations, with Rs 79.85 lakh recovered.
Apple Pay has officially launched in India, integrating with CCAvenue and partnering with Axis Bank to bring secure and convenient mobile payment solutions to millions of iPhone, iPad, and Apple Watch users across a vast network of merchants.
Tata Capital remains confident in its 23-25 per cent growth guidance, driven by strong momentum in Retail and SME segments, despite facing pressures from rising funding costs and potential impacts from new RBI regulations on revolving credit.
India's deposit growth has reached a 15-year high of 17.8 per cent, primarily driven by a surge in foreign currency non-resident (bank), or FCNR(B), deposits. This influx of funds is expected to lead to a softening of corporate loan rates as banks seek to deploy their excess liquidity.
Your credit card may have security controls you rarely use. Here are seven settings that can help prevent unwanted or fraudulent transactions.
The Allahabad High Court has ruled that investigating agencies cannot impose a blanket debit freeze on a person's bank account during cybercrime investigations. The court stated that restraint must be proportionate to the suspected proceeds of crime, directing banks to de-freeze accounts beyond the disputed amount. This ruling aims to protect innocent account holders from complete financial deprivation due to minor disputed transactions.
Delhi Police have arrested Shantaram Barku Shelke, the alleged mastermind behind a Rs 40 lakh visa fraud conspiracy that duped 41 individuals seeking overseas jobs in Russia and Israel. Shelke, proprietor of M/s SS Overseas Travels Agency, issued fake documents and evaded authorities before being apprehended in Nalasopara, Maharashtra.
Indian benchmark stock indices, Sensex and Nifty, rebounded on Friday, driven by value buying in banking, oil & gas, and auto shares following recent sharp losses. The Sensex climbed 315.20 points to settle at 73,895.74, while the Nifty rose 77.40 points to 23,140.50.
Equitas Small Finance Bank (SFB) Managing Director and CEO P N Vasudevan stated, "We may end up applying within a year" for a universal banking licence, while also targeting a nearly threefold increase in advances to Rs 1.2 trillion over the next five years.
The Reserve Bank of India (RBI) has proposed a standard operating procedure (SOP) for banks to implement temporary debit holds on accounts or transactions suspected of being involved in money-mule activity and cyber-enabled financial fraud, with a maximum duration of 60 days.
The incident involved compromise of an employee's email account, resulting in unauthorised access to certain data.
Indian benchmark indices, Sensex and Nifty, experienced a decline in early trade due to relentless foreign institutional investor (FII) outflows, although a drop in crude oil prices below USD 100 per barrel provided some cushioning. Track Sensex, Nifty on October 1.
Indian benchmark indices Sensex and Nifty rebounded in early trade after two days of losses, driven by easing crude oil prices and strong buying in blue-chip IT stocks, despite continued global uncertainties. Track Sensex, Nifty on September 30.
Finance Minister Nirmala Sitharaman has strongly refuted Opposition allegations that the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on specific UPI transactions above Rs 2,000 was influenced by external pressure. She clarified that the decision was a professional one made by the payment ecosystem, not a government imposition or a tax on consumers, with collected funds distributed among banks and UPI entities to ensure a sustainable digital payments framework.
Chief Economic Advisor V Anantha Nageswaran stated that the second half of the current fiscal year (FY27) is expected to be challenging due to increased downside risks to global growth and rising interest rates worldwide.
Indian benchmark indices, Sensex and Nifty, experienced a significant drop in early trade, with the Sensex falling over 600 points, primarily due to crude oil prices surging past the USD 100 per barrel mark and weak global market trends. Track Sensex, Nifty on September 24.
