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.
India remains one of the Hyundai Motor group's most important and strategic markets globally. The initiative positions India as a strategic core market for the group's growth, emerging market expansion, and next-generation automotive innovation.
75% of India's 60 million digital-payment merchants have never recorded a transaction above 2,000.
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.
Indian stock markets closed lower, with the Sensex falling 429 points, after the Reserve Bank of India raised its benchmark interest rate for the first time in nearly four years, coupled with rising crude oil prices and persistent foreign fund outflows.
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.
'The Rs 35,000 crore of capex every year, I don't get to sign 35 paise out of this.'
Sonam Maskar, a silver medallist in the women's 10m air rifle team event, has expressed her ambition to secure a quota place for the 2028 Los Angeles Olympics at the upcoming ISSF World Championship in Doha. She also reflected on her journey, highlighting financial struggles and her father's support. The article also features kabaddi player Raj Rani, who won a gold medal at the Asian Games, sharing her joy and acknowledging her father's role in her success.
Indian equity markets, led by the Nifty 50, saw gains following a pullback in Brent crude prices towards $101-102 a barrel and weaker-than-anticipated US jobs data, which eased concerns about a Fed rate hike. However, analysts caution that markets are likely to remain volatile in the near term.
Bajaj Finance, India's largest private-sector NBFC, reported a 29 per cent year-on-year increase in standalone net profit to 5,346 crore for Q1FY27, propelled by robust growth in net interest income and assets under management, which surpassed 4 trillion.
An IIT Madras study reveals that financial cybercrime victims in India are often highly educated professionals, challenging the notion that only careless or financially unaware individuals are targeted. The research highlights that digital literacy doesn't guarantee protection, as fraudsters exploit stress and emotional vulnerabilities.
Indian benchmark equity indices, Sensex and Nifty, closed higher on Monday, driven by softer-than-expected US jobs data which reduced expectations of aggressive monetary tightening by the US Federal Reserve, boosting risk appetite across emerging markets.
Airtel Africa's mobile payments arm, Airtel Money, has filed for an initial public offering (IPO) on the London Stock Exchange, with the International Finance Corporation (IFC) agreeing to purchase shares worth up to $90 million at the final offer price.
The Congress party has strongly refuted claims by Parliamentary Standing Committee on Finance Chairperson Bhartruhari Mahtab that opposition MPs supported levying a Merchant Discount Rate (MDR) on UPI transactions. Congress MP Manish Tewari termed Mahtab's remarks "erroneous and fallacious," clarifying that the committee's recommendation was to "explore" revenue models, not to implement MDR. The party accused Mahtab of misleading due to his recent switch to the BJP.
'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.'
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.
'Separate needs from wants and minimise discretionary spending.'
Union Finance Minister Nirmala Sitharaman has urged significant investment in AI infrastructure, semiconductors, and quantum technology, identifying them as India's next major growth frontiers. Speaking at an IIT Madras Alumni Association event, she emphasized the need to build hardware, skills, and institutional ecosystems to harness these technologies, countering perceptions that India is lagging in AI. Sitharaman also highlighted the potential for increased investment in defence production, particularly in unmanned systems and drones, stressing collaboration between academia and industry.
The GST Council is set to discuss the application of GST on merchant fees for UPI transactions exceeding Rs 2,000. This comes as a new Merchant Discount Rate (MDR) of 0.4% (capped at Rs 300) is effective from October 15 for such transactions, which, as a service, would typically attract an 18% GST levy. The Council's decision is anticipated to consider consumer interests, with merchants potentially able to claim Input Tax Credit.
L&T Finance reported a robust Q1FY27 with net profit growing 29% year-on-year to 900 crore, driven by strong asset growth and strategic initiatives including accelerating cross-selling, improving productivity, and fostering a technology-first, AI-led culture, alongside significant expansion in gold loans.
Finance Minister Nirmala Sitharaman has called upon Indian industry to prioritise not just scale but also resilience, better governance, and deeper technological capabilities to achieve the 'Viksit Bharat' goal by 2047.
The GST Council is set to consider a proposal allowing businesses to file for GST registration in multiple states via a single application and standardise the documents required by tax officers, aiming to enhance ease of doing business.
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.
The Indian government has confirmed there will be no rollback of the 0.4 per cent Merchant Discount Rate (MDR) charges on Unified Payments Interface (UPI) transactions exceeding Rs 2,000, effective from October 15. Despite opposition, officials state the decision aims to make the UPI ecosystem self-sustainable and secure, with charges applying only to merchant payments, not person-to-person transactions.
A Gurugram resident, Akhil Maurya, was arrested for allegedly defrauding an Italian woman, Paola Bertolini, of 900 euros (approximately Rs 98,000) under the guise of marriage. Maurya, who posed as an AI film creator, convinced Bertolini to transfer money for a project before cutting off contact. The Gurugram Cyber Crime police traced and apprehended him after the victim filed a complaint.
Life Insurance Corporation of India (LIC) is facing a thinning of its top management as Managing Director Dinesh Pant exits to join Irdai, leaving one of four MD posts vacant. This comes amidst broader staffing challenges across several public sector insurers and a headless Financial Services Institutions Bureau (FSIB).
External Affairs Minister S Jaishankar, addressing the UN General Assembly, condemned the targeting of commercial shipping and seafarers in the Gulf, calling it "simply unacceptable." He also voiced deep concern over the "weaponisation of everything," which he stated has severe consequences for Global South nations, impacting peace, progress, and development globally. India urged restraint, de-escalation, and protection of civilians, while also highlighting the 4F crisis (food, fuel, fertiliser, finance) faced by developing countries.
Union Finance Minister Nirmala Sitharaman expressed strong confidence in India achieving over 10 per cent economic growth, advocating for increased technology adoption and innovation. She urged overcoming scepticism and highlighted technology's transformative role in agriculture and public sector reforms, while also launching a new fund and book at an IIT Madras event.
The Congress party has strongly refuted government claims that its MPs on the Parliament Standing Committee on Finance supported a fee on high-value UPI payments. Congress leaders, including Gaurav Gogoi and Manish Tewari, stated that the "UPI tax" proposal was not specifically discussed by the committee, accusing the Modi government of diverting attention from public backlash and appeasing US companies. The government, however, cited the committee's report which pressed for a tiered Merchant Discount Rate (MDR) framework.
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.
Fraser Stewart, Head of Cricket at MCC, expressed concern over cricketers retiring early from Tests for franchise T20 leagues but acknowledged players' desire for higher earnings with less play. He also welcomed the ICC's decision to trial pink balls in day-time Tests to mitigate fading light issues and boost spectator interest.
Indian benchmark indices, Sensex and Nifty, closed lower on Tuesday, with the Sensex declining 329.91 points to 74,529.08 and the Nifty dipping 85.30 points to 23,329, primarily dragged by underperformance in IT, financial, and capital goods stocks despite positive global market trends and easing crude oil prices.
India has significantly increased its diplomatic engagements with Bhutan, Nepal, Bangladesh and the Maldives.
Hockey India President Dilip Tirkey has lodged a police complaint against several HI officials, including the former Executive Director, accusing them of "criminal breach of trust, theft, endangerment of life and wrongful abandonment." The complaint stems from an incident where Tirkey's personal belongings, including medicines, were allegedly withheld after an official vehicle was recalled. This incident highlights an ongoing power struggle between Tirkey and HI Secretary General Bhola Nath Singh, exacerbated by past controversies like the saffron jersey fiasco and disputes over board meetings.
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.
Indian benchmark indices Sensex and Nifty rebounded on Wednesday, driven by a decline in crude oil prices below USD 100 per barrel and optimism surrounding a potential de-escalation of the conflict in West Asia.
The Trinamool Congress has lost the chairpersonship of two significant Parliamentary panels following a reconstitution by Rajya Sabha Chairman C P Radhakrishnan and Lok Sabha Speaker Om Birla. This development comes after a split in the TMC, with rebel MPs joining the Nationalist Citizen Party and supporting the NDA. The TMC has strongly criticised the move, alleging that Parliament is being turned into a 'deep, dark chamber' due to their exclusion from committee leadership.
Finance Minister Nirmala Sitharaman has urged the Reserve Bank of India to accelerate its central bank digital currency initiatives, emphasising the need to sharpen capabilities with the digital rupee amidst rapid advancements in tokenisation, agentic AI, and quantum computing. She also highlighted critical concerns regarding cybersecurity, warning that autonomous AI systems are evolving rapidly and require robust safeguards. Sitharaman proposed a federated industry platform to give India's technology ecosystem a collective international voice.
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.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
