Police in Gonda, Uttar Pradesh, have registered a case against 69 former and serving officers and employees of an Indian Bank branch for allegedly embezzling nearly Rs 5 crore from a union account. The case was filed following a court order after the accused failed to return the embezzled funds despite an earlier undertaking.
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 asymmetry in deposit and credit growth is the biggest challenge before the Indian banking industry. For every 100 deposit that a bank mobilises, it needs to keep 3 with the banking regulator in the form of cash reserve ratio on which it doesn't earn any interest. Another 18 is used for buying government bonds (statutory liquidity ratio). This means, a bank is left with 79 for giving credit. Add to this, its capital which can be used for giving loans. Most banks are facing a fund crunch. They need to find ways to attract deposits if they want to sustain credit growth, explains Tamal Bandyopadhyay.
'It's not about individuals operating the mule accounts being more or less skilled. Instead, 'lower-level' refers to the role the individual account plays in the broader mule network.'
The Rajya Sabha has passed The Bankers' Books Evidence Bill, 2026, which aims to replace a British-era law and allow digital and virtual records to be admissible as evidence in courts. This legislation aligns with contemporary digital banking practices and extends a uniform evidential framework to various financial entities, including NBFCs and fintech companies. Finance Minister Nirmala Sitharaman highlighted the bill's role in strengthening public confidence and safeguarding customer privacy. The bill's passage, however, saw an Opposition walkout over unrelated issues.
Banking operations at public sector banks across the country were impacted on Tuesday as the United Forum of Bank Unions (UFBU) went on nationwide strike demanding the immediate implementation of a five-day work week.
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.
Analysts predict that the US-Iran geopolitical conflict, upcoming quarterly earnings announcements, and fluctuations in crude oil prices will be the primary drivers of investor sentiment in the Indian equity markets.
The World Bank has increased India's economic growth projection for FY27 to 6.6 per cent, citing resilient domestic demand, while simultaneously cutting its global economic growth outlook due to the conflict in West Asia.
What is the reason behind this drying up of talent for the top post in private banks?
For millions of Indians, this number has become one of the most important financial indicators. It can influence not only whether a bank approves a loan but also the interest rate you pay, the credit limit you receive and, in some cases, how quickly your application is processed.
India has removed a key regulatory hurdle, allowing exporters to receive payments in Indian currency while retaining incentives under the country's foreign trade policy, a move aimed at promoting wider use of the rupee in international trade.
Chandigarh is set to launch the Central Bank Digital Currency (CBDC), or digital rupee, for Direct Benefit Transfer (DBT) under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) on August 14. This initiative makes Chandigarh the first Union Territory to fully roll out CBDC-based DBT for food subsidy, enhancing transparency and efficiency in welfare delivery. The digital rupee, issued by the RBI, will be purpose-bound for purchasing foodgrains from authorised merchants.
A tribal man in Odisha was forced to carry his sister's exhumed skeleton to a bank to prove her death and withdraw her money, sparking outrage and prompting government intervention.
A tribal man in Odisha was forced to carry his sister's exhumed skeleton to a bank to withdraw her money, sparking widespread condemnation. The bank claims it only requested valid documents, but the incident has raised questions about the treatment of vulnerable customers.
Led by the country's biggest lender State Bank of India (SBI), public sector banks logged a record cumulative profit of Rs 52,603 crore in the third quarter of the current fiscal, reflecting an 18 per cent year-on-year growth.
The Supreme Court has directed the Reserve Bank of India to prepare a standard operating procedure (SOP) within four weeks to deal with bank accounts linked to cyber frauds, including mule accounts. This directive is part of a broader effort to strengthen responses to cyber-enabled financial frauds, with the court also urging states and UTs to adopt and operationalise grievance redressal and money restoration modules.
A data breach does not end when the headlines fade. For victims, stolen personal information can fuel fraud, identity theft and financial losses for years.
Union Bank of India , a mid-sized state-owned lender, has plans to expand into investment banking to tap a growing global market in which increasingly aggressive Indian companies are acquiring foreign rivals.
A tribal man in Odisha's Keonjhar district brought the skeleton of his dead sister to a bank to withdraw money deposited in her name after bank officials insisted on the account holder's presence.
Coming out of its self-imposed shell, Union Bank of India, the fifth largest public sector bank in the country, is moving forward to opening branches overseas. The bank has over 2,000 branches across India, but no branch overseas.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
India's privatisation push, once projected as a cornerstone of economic reform, has suffered another setback, with the Centre set to call off the IDBI Bank stake sale, highlighting the political and structural constraints shaping the country's disinvestment policy, experts say.
India's largest retirement fund manager, the Employees' Provident Fund Organisation (EPFO), is enhancing its investment governance and fund management practices, following the Reserve Bank of India's recommendations.
Finance Minister Nirmala Sitharaman on Tuesday allayed apprehension that privatisation of state-owned banks would hurt financial inclusion and national interest. She said the bank nationalisation done in 1969 has not yielded the desired result as far as financial inclusion was concerned.
Bank unions on Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from both the finance ministry and the IBA on their demands, including a five-day work week and adequate recruitment in all cadres. The strike call for March 24 and 25 was given by United Forum of Bank Unions (UFBU), an umbrella organisation of nine bank employees' association.
The CBSE revaluation portal experienced a cyber attack, affecting the payment system and leading to unauthorised access for approximately 50 students. The incident caused fee display abnormalities, prompting investigations and system enhancements.
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.
Moody's Investors Service has changed the outlook for the long-term foreign currency deposit ratings of a number of Indian banks -- currently rated Ba2 -- from 'negative' to 'stable' for India.
Finance Minister Nirmala Sitharaman on Thursday said the country needs big and world-class banks, and discussions are on with the Reserve Bank and lenders in this regard.
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.
Equity benchmark indices Sensex and Nifty ended higher in highly volatile trade on Tuesday, buoyed by heavy buying in bank and metal stocks, a firm trend in global markets and optimism over India-EU FTA. The 30-share BSE Sensex climbed 319.78 points, or 0.39 per cent, to settle at 81,857.48.
Real estate startup Landeed plans to invest Rs 30 crore this fiscal year to expand its business, focusing on enhancing its AI-powered property title search engine, Terra. This investment will boost GPU infrastructure, develop specialised language models, and improve Indic OCR for Indian property records, aiming to streamline property due diligence across 26 states and 4 union territories.
India will celebrate International Day of Yoga (IDY) 2026 at 12 iconic landmarks across the country, including the Red Fort, Hampi, and Konark Sun Temple, with the main event led by Prime Minister Narendra Modi in Kolkata.
But selectively, with regulatory scrutiny and special approval, points out Tamal Bandyopadhyay.
'It is not because of the war in West Asia, which began on February 28.' 'Petroleum product prices are already going through the roof. They are bound to have a serious inflationary impact.' 'A country's leadership is tested in trying times. It is here that the current leadership is failing.'
Sheikh Mohammad Abdullah's dismissal and arrest on August 9, 1953 marked a decisive shift in the Centre-J&K power equation. Seven decades later, the erosion of the state's special constitutional position culminated in the August 5, 2019 changes, notes Mohammad Sayeed Malik, the distinguished commentator on Kashmir affairs.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
BJP MP Kangana Ranaut and Cockroach Janta Party (CJP) spokesperson Saurav Das have engaged in a sharp verbal exchange, escalating the controversy surrounding Ranaut's 'Generation gutter' remarks aimed at young protesters.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
