'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.
Infosys Chairman Nandan Nilekani stressed the need for India to develop population-scale tokenisation infrastructure capable of handling billions of transactions, rather than merely focusing on issuing tokens. He highlighted the importance of interoperability, liquidity, and high volumes for tokenisation to expand across various asset classes and use cases.
Minister of State for Telecom Chandra Sekhar Pemmasani urged BRICS nations to collaborate on building institutional capacity and advocating for fair standards in international telecom and ICT bodies. He highlighted India's willingness to share its modular, open-source digital public infrastructure frameworks like Aadhaar and DigiLocker, emphasising their role in sustainable development and economic growth across the Global South.
Non-banking financial companies (NBFCs) experienced a significant 68.5 per cent year-on-year growth in gold-backed credit in July 2026, while banks saw their gold loan growth moderate to 88.1 per cent from 136.4 per cent a year prior, according to RBI data.
Microsoft has launched its fourth cloud region in India, located in Hyderabad, significantly expanding its hyperscale cloud presence. This move is part of a USD 20.5-billion investment in India's digital and AI infrastructure, aiming to support the country's rapid digital growth and meet increasing demand from major enterprises.
India's largest bank, SBI, is investigating the suspected exposure of 3,897 customer records containing personally identifiable information on the dark web. The bank received alerts on October 16 and has initiated cyber incident response protocols, engaging an independent cybersecurity agency. While a detailed assessment is underway, SBI states the incident has not materially impacted its core business operations. This comes as CERT-In also warned last week about autonomous AI agents accessing confidential data and reported a compromise of eMudhra's private keys.
The UK has announced a comprehensive sanctions regime against Israeli settlements in the West Bank, banning the import of goods and targeting entities involved in settlement expansion. Foreign Secretary Ed Miliband condemned the "ethnic cleansing of Palestinians" and highlighted international support for the UK's stance, while Israel reacted strongly with counter-measures.
India has secured a spot among the top 10 leading emerging-market performers in artificial intelligence (AI) readiness, with private investment in AI more than tripling to USD 4.1 billion in 2025, according to a new World Bank report.
State Bank of India Chairman C S Setty stated that banks will take three to four months to deploy the significant funds mobilised through foreign currency non-resident (bank), or FCNR(B), deposits, which is unlikely to cause "abnormal lending". He also highlighted the need for agentic artificial intelligence (AI) costs to fall sharply for its widespread deployment in India, envisioning its role in transforming banking from fraud detection to personalised financial assistance.
BRICS finance ministers and central bank governors have called for increased representation of emerging-market and developing economies in the IMF and World Bank, while also criticising unilateral tariffs and trade measures, as the expanded bloc aims to bolster financial cooperation amidst global fragmentation.
Sashidhar Jagdishan, the managing director and CEO of HDFC Bank, has announced his decision not to seek reappointment and will retire at the end of his current term on October 26, concluding a six-year tenure marked by significant regulatory and governance challenges, including RBI restrictions, a major merger, and scrutiny over alleged illegal payments.
Indian digital certification authority eMudhra has reported a compromise of private keys for some of its global TLS and code-signing certificates, according to Cert-In. This incident, while eMudhra states it has limited impact on its Indian operations, could allow cybercriminals to impersonate websites. Separately, SBI has disclosed a suspected exposure of nearly 4,000 customer records on the dark web.
A recent Central Vigilance Commission (CVC) report reveals that over 70,500 corruption complaints were lodged against various government bodies last year, with banks and the Railways accounting for the highest numbers. While a significant portion of these complaints has been disposed of, thousands remain under process, highlighting ongoing challenges in addressing corruption within public sector entities.
Nandan Nilekani, co-founder of Infosys, has urged for the expanded adoption of the Account Aggregator (AA) framework to facilitate formal credit access for self-employed individuals and gig workers. He highlighted its potential to enable cash-flow-based lending by leveraging diverse data streams, moving beyond traditional asset-based lending, and fostering a more inclusive digital financial infrastructure in India.
A report by IIT-Bombay professors recommends reducing the Merchant Discount Rate (MDR) on UPI transactions from 0.40 per cent to 0.08 per cent. It suggests that banks should fund the UPI ecosystem using their net interest margins from CASA deposits, rather than relying on MDR. The report also addresses transaction costs, credit card MDR, and ATM withdrawal allowances, aiming to ensure UPI's long-term sustainability and public trust by proposing remuneration only from large merchants.
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.
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.
Can your money be protected against online frauds like hacking, digital arrests, etc?
Jio Platforms (JPL) is preparing a capex-light strategy to commercially launch 6G services in the early 2030s through software upgrades, rather than fresh infrastructure investments, according to Akash Ambani, managing director of JPL.
NetApp CEO George Kurian announced that India is the company's fastest-growing market in Asia, driven by strong performance in BFSI, manufacturing, IT services, and public sectors. The company's Bengaluru global capability centre is its largest, housing 4,000 engineers and leading global R&D. NetApp also unveiled new AI-focused storage solutions and cloud partnerships at its Insight event.
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.
The Indian corporate sector demonstrated strong credit quality in the first half of FY27, driven by robust balance sheets and healthy liquidity, despite facing risks from elevated crude prices, inflation, and global interest rates.
Union Minister Ashwini Vaishnaw announced that the Indian government will release a draft consultation paper on Artificial Intelligence (AI) regulations within the next 30 days, focusing on safety, a human-first approach, skilling, inclusivity, and harm restriction.
BJD MP Santrupt Misra has voiced strong concerns over the Centre's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, arguing that the government or large financial institutions could easily absorb the costs of maintaining the digital payment network instead of burdening merchants and consumers.
A report by IIT Bombay suggests that the proposed Merchant Discount Rate (MDR) framework for Unified Payments Interface (UPI) transactions needs rationalisation before implementation to safeguard public trust in the digital payments system, highlighting that UPI's long-term economic benefits outweigh potential incremental income from merchant fees.
Finance Minister Nirmala Sitharaman clarified that the proposed Merchant Discount Rate (MDR) on select high-value UPI transactions is not a tax or cess, and its collections will not go to the government. She explained that MDR is a charge within the digital payments ecosystem, shared among participants to maintain infrastructure, and will not be passed on to consumers. The NPCI's new framework, effective October 15, applies a 0.4% MDR on person-to-merchant UPI transactions above Rs 2,000, with most transactions remaining free and small merchants exempt.
IBM India and South Asia MD Sandip Patel stated that India is at a defining moment with a unique opportunity to shape exponential technologies like artificial intelligence, emphasizing that "when India builds, it builds for billions," leading to scalable impact. Speaking at the IBM Think 2026 event, Patel highlighted that the AI revolution is still in its early stages, requiring enterprises to redesign their operations around agents, real-time data, automation, hybrid architecture, and trust. He also introduced the concept of "digital swaraj" or sovereignty in the Indian context, stressing the importance of control over operating environments, data, technology, and AI execution. IBM also announced an MoU with MeitY Startup Hub to accelerate India's deep tech innovation and startup ecosystem, providing startups access to IBM's technology expertise and platforms like watsonx and Sovereign Core.
'The Rs 35,000 crore of capex every year, I don't get to sign 35 paise out of this.'
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.
For the first time, co-working spaces have surpassed the IT/ITeS sector as the largest occupier of office space in India during the January-September period, indicating a significant shift towards flexible workspaces, according to Anarock Research & Advisory.
A joint report by Dell Technologies and Zinnov reveals that despite high ambition, nearly 70% of India's Global Capability Centres (GCCs) are stuck at the pilot stage for AI adoption. Foundational gaps in data, infrastructure, and governance are identified as key bottlenecks preventing the scaling of AI initiatives into enterprise-wide production. The report highlights the need for significant reskilling of the workforce and robust foundations for industrialising AI responsibly.
The National Payments Corporation of India (NPCI) stated that the Merchant Discount Rate (MDR) "is distributed only amongst the UPI ecosystem, to further invest into infrastructure resilience, innovation, cybersecurity (protecting the UPI infrastructure with banks and non-banks) and customer service."
Tata Sons Chairman N Chandrasekaran affirmed India's robust economic position amidst global uncertainty, emphasising that energy security, advanced manufacturing jobs, and investment in human capital are 'critical' for sustaining the nation's long-term growth.
The government is introducing a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant payments above Rs 2,000, effective October 15. This move ends the zero-MDR regime, aiming to fund UPI infrastructure and sustainability, as the previous government subsidy was insufficient to cover operational costs. Payments between individuals and most everyday merchant transactions will remain free.
Kunwar Basit Ali, national president of BJP Minority Morcha, stated that the demolition of religious structures for development should not be viewed communally, citing examples from Uttar Pradesh and Muslim nations. He accused the Congress of misleading Muslims and instigating unrest. Ali also expressed confidence in the BJP forming the next government in Jammu and Kashmir and addressed concerns regarding the delay in statehood restoration, asserting that the central government would make the best decisions for Kashmir.
RBI Governor Sanjay Malhotra stated that the central bank consistently views fintechs as 'valuable partners' in shaping India's future financial system, crediting the sector with expanding financial inclusion, enhancing customer experience, and streamlining credit delivery, particularly for MSMEs.
Congress leader Rahul Gandhi has accused the Modi government of quietly paving the way for imposing fees on UPI transactions, alleging it's a surrender to American pressure. The government's recent notification exempts charges only up to Rs 2,000, sparking concerns that higher value transactions and eventually all UPI payments could incur fees. Finance Minister Nirmala Sitharaman, however, clarified that Merchant Discount Rate (MDR) applies to merchants, not customers, and supports digital infrastructure.
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.
RNFI Services Ltd has received in-principle authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator - Physical (PA-P). This approval allows the company to expand its financial infrastructure into physical, offline, and in-store payments, complementing its existing regulated financial services portfolio.
