A new report by FICCI, BCG, and IBA outlines that India's banking sector must grow significantly faster than nominal GDP to support a USD 30 trillion economy by 2047, requiring banking assets of USD 45 trillion. The report highlights the sector's current strength, challenges in digitisation, and the need to enhance resilience against fraud and cyber threats, proposing a 13-point agenda for stakeholders.
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review and reset of their engagement terms with fintech firms, driven by the Reserve Bank of India's (RBI) draft Guidance on Regulatory Expectations for Data Governance and the stringent compliance requirements of the Digital Personal Data Protection (DPDP) Act, 2023, and its 2025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.
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 property near Heathrow Airport, London, worth Rs 7.5 crore has been attached by the Enforcement Directorate (ED) in connection with a bank loan fraud case involving Neo Corp International Ltd.
NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have successfully integrated the Maldives' instant payment system 'Favara' with India's Unified Payments Interface (UPI). This enables real-time fund transfers from Maldives to UPI-enabled Indian bank accounts, marking a significant step in cross-border digital financial connectivity and bilateral economic cooperation.
Unified Payments Interface (UPI) transactions in India reached Rs 29.8 lakh crore in August, approaching record levels. Volume also hit a new high of 24.51 billion transactions, driven by festive activities like Raksha Bandhan. The digital payment system continues its rapid growth, expanding its global presence to 11 countries, with further growth anticipated during the upcoming festive season and new use cases like credit on UPI.
India's Unified Payments Interface (UPI) recorded an unprecedented 24.51 billion transactions valued at Rs 29.8 lakh crore in August, largely propelled by the Raksha Bandhan festival. This surge marks a 22% annual increase in volume and 20% in value, highlighting the expanding reach and depth of the UPI ecosystem. Experts anticipate further growth during the upcoming festive season, while UPI's international acceptance now spans 11 countries.
Do not share OTPs, PINs, authentication codes, card numbers, card verification values (CVVs), KYC details, security answers, Internet-banking passwords or Aadhaar-based authentication credentials through SMS, e-mail or phone calls.
Finance Minister Nirmala Sitharaman convened a high-level meeting with bank heads to assess cybersecurity risks linked to advanced AI models, following concerns over Anthropic's Claude Mythos system and its potential impact on financial data security.
The devastating flash floods wreaked havoc across Nepal, with the ministry of external affairs on Thursday stating that 84 Indian nationals have been rescued while 290 remain uncontactable as the Himalayan nation stepped up search, rescue and relief operations following the disaster that has claimed more than 390 lives.
Indian benchmark indices Sensex and Nifty closed lower, with the Sensex dropping 388 points and Nifty declining 112 points, as a sharp rally in crude oil prices, driven by geopolitical uncertainties and concerns over the Strait of Hormuz, dampened investor sentiment and reignited inflation fears.
'...A new challenge has emerged in the form of Mythos.'
The search for N Chandrasekaran's successor as Tata Sons Chairman has reportedly narrowed to Tata Steel CEO T V Narendran, Tata Sons Executive Director Saurabh Agrawal, and NSE MD & CEO Ashish Chauhan, with Chauhan emerging as a potential 'dark horse' candidate.
'Every period of excessive optimism eventually gives way to a correction, while periods of extreme pessimism often create the best investment opportunities.'
RBI Deputy Governor Rohit Jain discussed the future of India's foreign exchange markets, highlighting the increasing role of local currencies in cross-border trade, the impact of technology, and existing challenges. He emphasised the need for market evolution to facilitate India's global engagement, absorb shocks, and serve all users efficiently. Jain also addressed concerns about unauthorised forex trading platforms and the importance of customer awareness.
State-owned Bank of Baroda (BoB) reported a 72 per cent year-on-year (Y-o-Y) drop in net profit to 1,278 crore for Q1FY27 due to a $600 million out-of-court settlement related to NMC Health Plc. In contrast, Bank of India (BoI) saw its net profit rise by 36.23 per cent Y-o-Y to 3,068 crore for the same quarter, driven by healthy loan growth and improved asset quality.
Ahmedabad Cyber Crime Branch has uncovered a Rs 1.5 crore WhatsApp fraud, leading to the arrest of two key SIM and OTP suppliers in West Bengal. The investigation revealed a sophisticated international cybercrime network spanning China, Pakistan, India, and Hong Kong, operating a "boss scam" and utilizing a "Cybercrime as a Service" model. Police recovered a significant portion of the defrauded amount and secured thousands of devices.
Fugitive diamond merchant Nirav Modi has been ordered by a UK High Court to pay Bank of India over USD 11.5 million, including accruing interest, for a personal loan guarantee related to his Dubai-incorporated firm, Firestar Diamond FZE.
India is relying heavily on its boxing, weightlifting, and athletics contingents to maintain its two-decade streak of top-five finishes at the Commonwealth Games, which opens in Glasgow.
The BJP has strongly condemned the Congress's decision to sing only two stanzas of Vande Mataram, vowing to protect the dignity and national status of the full version of the national song and launch a nationwide campaign to spread its significance.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
The Supreme Court has directed the Central Bureau of Investigation (CBI) to examine all six allegations of financial irregularities levelled by the Enforcement Directorate against Sameer Gehlaut, former chairperson of Indiabulls Housing Finance (IHFL), and five corporate groups, following repeated criticism of investigating agencies for lack of progress.
Unified Payments Interface (UPI) transactions moderated slightly in June from a record high in May, reaching Rs 28.9 lakh crore. Despite a month-on-month decrease in volume, the daily average transactions hit a new high, indicating UPI's strong adoption for low-value payments. The platform also demonstrated significant annual growth and expanding international presence.
A massive flash flood originating in Tibet has devastated central Nepal, killing 17 people and leaving nearly 500 missing, including 105 Indians. The deluge, caused by a rock slide near the Nepal-Tibet border, swept through districts, washing away bridges and severely damaging at least a dozen hydropower projects.
The Reserve Bank of India (RBI) has extended the implementation date for its revised loan recovery and agent engagement directions to January 1, 2027, from the previously proposed October 1, 2026, following stakeholder feedback.
The BCCI on Monday invited bids for the title sponsorship rights for its domestic and international home events, with the current agreement with IDFC FIRST Bank nearing the end of its tenure.
Today, many investors are less concerned about holding bullion physically. What matters more is gaining exposure to price movements. As a result, the new-age investment trend has shifted more towards ETFs.
The Payments Council of India has confirmed that Unified Payments Interface (UPI) services will continue to be free for consumers and small merchants, despite a recent Lok Sabha Bill. This clarification addresses concerns about potential charges, emphasising that while a sustainable financial model for UPI infrastructure is being developed, transaction charges will not be passed on to users or small businesses.
Poor families, she said, cut corners on their own needs to pay for coaching and fees, and when their child clears JEE, it's the happiest day the family has had in years. So why, she asked, her voice already starting to climb, does the same system that we're told is the best in the country keep pushing those very students toward what she called 'institutional deaths'?
The RBI once again said the Tata group holding company's application for deregistration as an NBFC remains under examination.
'Improved law and order and transparent governance have helped change UP's investment image.'
The Kerala Sports Department has submitted its confidential inquiry report regarding the controversy surrounding the proposed visit of football legend Lionel Messi and the Argentina team to the state during the previous government's tenure.
Batting for further consolidation in public sector banking, the executives of top public sector banks (PSBs) said there should be at least two Indian banking entities among the top 20 global banks.
Axis Bank has partnered with the DP World Professional Golf Tour of India (DP World PGTI) as its official banking partner, aiming to strengthen professional golf in India.
In her address to the nation on the eve of the country's 80th Independence Day, the president stressed that just as government and society remain united to ensure national security, everyone must contribute through joint and concerted efforts to safeguard the present and future of students.
India's trade deficit reached a six-month high of $31.98 billion in July, driven by a sharp increase in imports, particularly crude oil, electronic goods, coal, and fertilisers. Both merchandise exports and imports recorded their second-highest levels during the same period.
UPI transactions in India reached record highs in May, driven by summer travel and the IPL, with transaction value hitting Rs 29.90 lakh crore and volume reaching 23.2 billion.
Chandrasekaran's exit is more than a change of chairman. It represents the breakdown of the informal consensus that governed the Tata system under Ratan Tata.
UPI transactions reached 22.35 billion in April, marking a 25 per cent increase compared to April 2025. UPI now accounts for 85 per cent of all digital transactions in India and is live in eight countries.
A US federal judge has permanently dismissed the criminal securities-fraud case against Adani Group chairman Gautam Adani and his nephew Sagar, closing nearly two years of prosecution without a trial. Gautam Adani stated, "Truth has prevailed," in response to the ruling.
