Public and private sector banks in India experienced significant deposit growth in the July-September quarter of FY27, largely propelled by foreign currency non-resident (bank), or FCNR(B), deposits mobilised under the Reserve Bank of India's concessional swap window, which closed on August 31.
An 85-year-old woman was allegedly cheated of Rs 76.50 lakh by a bank manager and his family on the pretext of investing in shares. The manager, Jay Mukesh Mehta, was arrested after being on the run for six months, while his wife, father, mother, and brother remain absconding. The family reportedly duped others using the same method.
Indian benchmark indices, Sensex and Nifty, extended their rally in early trade, driven by strong buying in bank stocks, Reliance Industries, and positive global cues, despite foreign institutional investors offloading equities.
The Indian Cabinet has approved Fairfax Financial Holdings' Rs 52,878 crore bid to acquire a 60.72 per cent stake in IDBI Bank, marking the country's largest foreign direct investment in the financial sector.
HDFC Bank has announced the appointment of Anup Bagchi as its new Managing Director and Chief Executive Officer for a three-year term, effective October 27, 2026. Bagchi, currently leading ICICI Prudential Life Insurance, will succeed Sashidhar Jagdishan, whose term concludes on October 26, 2026. The Reserve Bank of India has approved this significant leadership transition.
Despite recent electoral losses to the newly formed Tamilaga Vettri Kazhagam (TVK) in both the April Assembly election and October 6 by-polls, the Dravida Munnetra Kazhagam (DMK) has demonstrated a robust and independent vote bank. Electoral data indicates that the DMK maintained significant voter support, securing its position as the principal opposition party and potentially a key challenger to the TVK in future elections, including the 2029 Lok Sabha elections.
Apple has officially launched its Apple Pay service in India, initially partnering with Axis Bank for Visa and Mastercard credit card users. The service allows secure, cashless transactions via iPhone, iPad, and Apple Watch using NFC technology, without requiring PINs or OTPs. This move is set to intensify competition in India's digital payments market, currently dominated by UPI and local players, with Apple planning to onboard more banks and expand merchant networks.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
The Supreme Court has dismissed a plea by the Mamata Banerjee-led TMC faction to operate four debit-frozen bank accounts, upholding a Calcutta High Court order. The accounts, holding around Rs 804 crore, are under investigation due to alleged cash deposits and a factional dispute within the party. The court noted the Election Commission's symbol freeze and requested the High Court to expedite the larger adjudication.
Indian stock markets witnessed a significant rebound, with the Sensex rallying 1,109 points and the Nifty closing above 22,720, driven by strong performances in IT and financial sectors, a recovering rupee, and Finance Minister Nirmala Sitharaman's comments on long-term capital gains (LTCG) tax.
'Ultimately, banks are a channel for people to get some long-term return, and this means banks need to adjust their asset-liability mismatch.' 'Customers also need long-term deposits, say those of three-five years. How would they get them if returns on those deposits do not climb?' 'Otherwise, on fixed deposits, a senior citizen doesn't get anything.'
The finance ministry has announced that all banks, including Regional Rural Banks, will remain open on Sunday, September 27, 2026, to ensure public convenience amidst a proposed three-day strike by the United Forum of Bank Unions (UFBU) starting September 28, 2026. The strike, if it materialises, seeks a 5-day banking week and pension reforms.
A World Bank report, 'The Promise of Artificial Intelligence', states that AI presents a historic opportunity for low- and middle-income countries to overcome development challenges, despite many being unprepared. It advises these nations to adopt and adapt existing AI tools rather than focusing on building frontier models immediately. The report also notes a significant gap in AI adoption and job automation between high-income and developing countries.
Banking services across India, particularly at public sector banks, are set to be disrupted for three days starting Monday due to a nationwide strike by bank unions. The strike, called by the United Forum of Bank Unions (UFBU), is primarily to press for a five-day working week and other demands, despite the finance ministry's appeal for dialogue.
Bank unions have deferred a three-day nationwide strike after receiving assurances from the Indian Banks' Association (IBA) regarding their demands, including the implementation of a five-day work week and modifications to the PLI scheme for senior officers.
A deposit is not necessarily taxable simply because it appears in a bank account. What matters is whether its source can be satisfactorily explained.
Sikkim Vigilance Police has arrested a former general manager of the State Bank of Sikkim (SBS) in connection with a disproportionate assets case, conducting searches at multiple residential premises in Gangtok and Siliguri. The former GM is accused of embezzling crores of rupees and acquiring properties through illegal means during his tenure between 2022 and 2024. The Enforcement Directorate had also previously attached properties linked to him.
A 76-year-old man, Abdul Samad, has been sentenced to 13 years in prison and fined Rs 16,000 for his involvement in a 1988 bank robbery at the Nallurnad Service Cooperative Bank in Wayanad, Kerala. This sentencing concludes a decades-long legal process for the six-member gang.
Account holders of a Punjab National Bank branch in Greater Noida have alleged that approximately 35 crore has gone missing from their savings and fixed deposit accounts. Customers claim unauthorised transfers occurred without their knowledge or alerts, leading to police action and suspension of bank employees.
A district consumer commission in Thiruvananthapuram has directed a cooperative bank to pay over Rs 14 lakh to a widow, Sheeba R, after it unlawfully denied her access to her deposited funds. The bank had cited an ongoing enquiry against its officials as a reason, but the commission ruled this was not a justifiable cause for withholding the money, especially given the woman's circumstances and need for funds for her mother's treatment.
Indian benchmark indices, Sensex and Nifty, closed largely unchanged after a volatile trading session, influenced by persistently high crude oil prices, selling pressure in major bank stocks, and investor caution ahead of the US Federal Reserve's policy decision.
The Supreme Court has expressed shock and concern over the increasing number of digital arrest scams, questioning why educated individuals continue to fall victim despite public awareness. The court highlighted a case where a woman lost Rs 2.5 crore and suggested that banks should act as a protective umbrella for customers. It is considering directing banks to compensate victims and face prosecution if fraud occurs due to their negligence, noting that digital arrests have already reduced by 50 per cent after its intervention.
Delhi Police have arrested two men for impersonating a corporate director and defrauding banks of Rs 22.56 lakh through fraudulent RTGS instructions. The investigation led to the recovery of assets worth Rs 2.5 crore, including gold, cash, and a Thar, and helped solve six other similar cases of financial fraud.
Delhi Police have arrested three men Shoaib, Mohd Ovesh, and Mohd Adil for allegedly facilitating a cyber fraud. The arrests followed a complaint from a victim who lost Rs 88,784 after being lured into a fake investment scheme. The accused provided bank accounts for receiving fraudulent payments, and investigations are ongoing to trace the full amount and identify other beneficiaries.
Indian stock markets witnessed a significant rally, with the Sensex soaring 905 points and the Nifty topping 22,900, primarily driven by strong buying in banking and FMCG shares, coupled with easing crude oil prices and a US Fed rate pause.
A frozen phone screen, a fake customer-care call, a screen-sharing request or even a duplicate SIM can give cybercriminals a route into your bank account.
'Once you're wrestling with making a merger of that scale value-accretive, you're also under pressure to keep growing the balance sheet and chasing liabilities, and other things start to slip as a consequence.'
Delhi Police have arrested four men for their alleged involvement in a cyber fraud case where a victim lost Rs 44,000. The accused facilitated the use of a bank account linked to the fraud through a chain of account sharing, and five mobile phones have been recovered as evidence.
Bank of Baroda has launched 'bob World 2.0', an AI-powered mobile banking app featuring voice-command capabilities for payments and navigation. The updated app also includes a personal finance management module and a persona-based customer experience, aiming to offer intuitive, secure, and personalised banking services.
Mumbai police have busted an interstate cyber-fraud gang, arresting six individuals and uncovering a nationwide racket involving 255 complaints and approximately Rs 72 crore in fraudulent transactions. The investigation began after an accountant reported a Rs 10 lakh fraud.
Police in Latur, Maharashtra, have registered a case against officials of four credit firms, including Equitas Bank and Shriram Finance, after a farm labourer allegedly died by suicide due to harassment over loan repayment. The man, Dattatraya Suryakant Kumbhar, was found hanging on Monday.
Delhi Police have busted a cyber fraud network in Greater Noida, arresting seven individuals involved in supplying bank accounts opened through fake firms to cybercriminals. The network facilitated over Rs 30 crore in credit transactions and is linked to 27 cyber fraud complaints across various states. The investigation began after a Delhi University student was defrauded of Rs 6,450.
Mumbai Cyber Police have apprehended six individuals, including an IIT graduate and a bank manager, for allegedly defrauding a senior citizen of Rs 1.12 crore through a "digital arrest" scam. The victim was coerced into transferring funds after being threatened with family arrest by impersonators.
Delhi Police have arrested seven men for their alleged involvement in a Rs 3.93 crore cyber fraud that targeted a Delhi-based businessman. The investigation uncovered a sophisticated network involving mule accounts, cash withdrawals, a foreign money-exchange application, and a hawala channel used to convert illicit funds into cryptocurrency. Police recovered numerous banking instruments and mobile phones during fieldwork in Rajasthan, with further investigation ongoing.
Despite recent foreign portfolio outflows, India's long-term investment prospects remain strong, but the return of capital hinges on global financial conditions, relative valuations, and the country's ability to attract sustained foreign investment, according to foreign bankers at the Business Standard BFSI Insight Summit.
HDFC Bank has submitted two names to the Reserve Bank of India for the managing director and chief executive position, following incumbent Sashidhar Jagdishan's decision not to seek reappointment. The bank also announced board changes, increasing whole-time directors to four and appointing Jimmy Tata as an executive director. This move comes as Jagdishan's term ends in October, creating a tight timeline for succession.
If the strike materialises, banking services, especially in public sector banks, would be impacted for four days in many parts of the country. September 11 is a Friday, and the subsequent two days are bank holidays.
A Delhi consumer commission has directed Punjab and Sind Bank to refund Rs 10,000 to a customer whose ATM transaction failed to dispense cash but debited his account. The bank was also ordered to pay significant compensation for delayed reversal, mental agony, and litigation expenses, reinforcing consumer rights in banking disputes.
Indian benchmark stock indices, Sensex and Nifty, rebounded significantly after a four-day losing streak, driven by value buying and strong performance in metal, telecommunication, and healthcare sectors.
Delhi Police have arrested two individuals, Sonu Khan and Arjun Chaudhary, for their alleged involvement in a Rs 2.10-crore digital arrest fraud. The duo operated a mule bank account used to channel illicit funds, with police recovering multiple mobile phones, debit cards, and chequebooks during the arrests.
