The Indian government has approved the sale of a 60.72 per cent stake in IDBI Bank Ltd to Canadian billionaire Prem Watsa's Fairfax Financial Holdings Ltd for approximately 52,878 crore, a move that reflects improving India-Canada ties and marks a significant turning point for the bank.
Samajwadi Party president Akhilesh Yadav has criticised the BJP government, posing 12 questions regarding the banking sector. He highlighted issues such as recurring bank charges, reduced interest rates, demonetisation's impact, missing locker valuables, and poor working conditions for bank employees, accusing the government of weakening banks and exploiting vulnerable communities.
Anup Bagchi, the incoming MD & CEO of HDFC Bank, is set to become India's highest-paid bank CEO with a proposed target annual compensation package of approximately 35.9 crore, including a significant variable pay component and a one-time joining bonus.
Canadian billionaire Prem Watsa's Fairfax Financial Holdings will utilise the expertise of Deepak Parekh and Paresh Sukthankar, former HDFC leaders, as it moves to acquire a 60.72 per cent stake in IDBI Bank for 52,878 crore, with N S Kannan proposed as chairman.
Follow these guidelines to reduce the potential of a power bank fire on a flight.
'We see a lot of cases of bank deposits getting lost, especially when people die, so this will help address that because you have one consolidated view.'
HSBC has emerged as the leading international bank in facilitating fundraising for Indian companies through bonds, syndicated loans, and IPOs during January-September 2026, according to Hitendra Dave, CEO of HSBC India.
India's leading private-sector banks, including HDFC Bank, Axis Bank, and Kotak Mahindra Bank, reported robust deposit growth in the July-September quarter (Q2FY27), significantly aided by the Reserve Bank of India's concessional FCNR(B) swap window.
'Get people young, train them, assimilate them, and grow them adequately.'
A special CBI court in Mumbai has ordered the issuance of proclamation against billionaire jeweller Jatin Mehta, his wife, and another individual in a Rs 146.35 crore bank fraud case involving Canara Bank. The court allowed the CBI's plea to secure the presence of the absconding accused but declined the immediate attachment of their properties, citing lack of material evidence. The accused are reportedly residing in the United Kingdom.
Kanpur police have uncovered a Rs 2.66-crore cyber fraud operation, leading to the arrest of two individuals and the identification of 89 bank accounts nationwide. The investigation began after a bank manager reported alleged fake complaints filed by one of the accused, Akhil Singh Chauhan, who was denied banking facilities. The fraud involved a fake investment scheme that targeted an exporter, with money routed through numerous mule accounts.
A two-day weekend would help employees recover physically and mentally. They would return better prepared for branch work that demands patience, judgment, and accuracy, asserts Tamal Bandyopadhyay.
The Central Bureau of Investigation (CBI) has dismantled a multi-state impersonation and cheating network involved in banking recruitment. Four individuals, including a CGST inspector, were arrested for allegedly infiltrating banking exams and interviews by posing as candidates, thereby compromising the integrity of public examinations.
The Supreme Court has upheld the Bombay High Court's decision to quash the Yes Bank administrator's write-off of Rs 8,415 crore worth of Additional Tier 1 (AT-1) bonds, criticising the RBI and Yes Bank's conduct.
An IndiGo flight from Delhi to Chennai was diverted to Hyderabad on Sunday after a passenger's power bank caught fire in the overhead bin. The cabin crew quickly extinguished the fire, and the aircraft landed safely. All 180 passengers and seven crew members were unharmed. This is reportedly the third such incident on an IndiGo aircraft in about a year.
Indian benchmark indices Sensex and Nifty saw an early rebound, driven by strong performances from blue-chip HDFC Bank and major IT firms like HCL Tech, which reported a significant rise in net profit. Track Sensex, Nifty on October 13.
Indian banks are projected to achieve healthy profit growth in the second quarter of financial year 2027 (Q2FY27), driven by lower credit costs, robust advance growth, and fee income. However, net interest margins (NIMs) are expected to face pressure due to significant mobilisation of foreign currency non-resident (bank) FCNR(B) deposits.
Indian benchmark indices Sensex and Nifty extended their rally for a second consecutive session, driven by a decline in Brent crude oil prices below USD 100 per barrel and strong buying in banking stocks and Reliance Industries.
The CBI has registered an alleged bank fraud case against Mumbai-based Hanjer Biotech Energies Pvt. Ltd for causing a loss of over Rs 93.44 crore to Punjab National Bank. The company is accused of diverting a Rs 135 crore term loan, leading to searches at its Mumbai premises.
Anup Saha, currently a Wholetime Director at Kotak Mahindra Bank, has been appointed as the new Managing Director and Chief Executive Officer for a three-year term, effective January 1, 2027, with the Reserve Bank of India's approval.
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.
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.
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.
Bankers said the impact could become more visible from September 29 as customers could withdraw larger amounts of cash, although ATM operations are increasingly managed through third-party cash-loading arrangements.
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.
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.
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.
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.
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.
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.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
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.
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.
'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.'
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.
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.
