The incident involved compromise of an employee's email account, resulting in unauthorised access to certain data.
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.
A sophisticated cross-bank syndicate is systematically defrauding non-resident Indians (NRIs) and elderly citizens by exploiting their fixed deposits through forged documents and fictitious loans, often involving colluding bank employees and real estate deals.
'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.'
Equitas Small Finance Bank (SFB) Managing Director and CEO P N Vasudevan stated, "We may end up applying within a year" for a universal banking licence, while also targeting a nearly threefold increase in advances to Rs 1.2 trillion over the next five years.
Himachal Pradesh Chief Minister Sukhvinder Singh Sukhu congratulated the State Cooperative Bank on successfully migrating its core banking system to the 'Finacle 10.2.25' platform. This upgrade aims to provide faster, more transparent, and secure financial services, enhancing customer experience and operational efficiency across its 262 branches.
Indian golfer Rayhan Thomas finished Tied-71st at the Pinnacle Bank Championship on the Korn Ferry Tour, while Indian-American rookie Mahanth Chirravuri secured a Tied-19th finish, his best on the tour. Frankie Harris won the title with a remarkable 59 and a playoff victory.
Andhra Pradesh and Punjab National Bank (PNB) have signed an MoU to establish the PNB Quantum Finance Hub at Amaravati Quantum Valley. This initiative aims to foster innovation and adopt next-generation technologies like AI and Quantum Computing in the banking sector, focusing on cybersecurity, fraud detection, and customer experience.
Parliament was informed that UPI has onboarded 55.49 crore users by June 2026, with transactions reaching 24,162 crore in volume and Rs 314 lakh crore in value in FY 2025-26. The platform, operated by NPCI, is expanding internationally through NIPL, facilitating cross-border payments and assisting other nations in building similar systems. Significant efforts are also underway by the Government, RBI, and NPCI to enhance the security and transparency of UPI transactions, including risk-based limits, security frameworks, and public awareness campaigns against cyber-crime.
It is because dealing with a regulatory system that is largely headed by retired IAS officers then becomes relatively easy, points out A K Bhattacharya.
Public sector banks in India are increasing their IT spending to bolster cybersecurity measures in response to concerns about Anthropic's Claude Mythos AI tool and its potential to exploit vulnerabilities in financial systems.
Finance Minister Nirmala Sitharaman met with bank heads to discuss risks related to Artificial Intelligence (AI) following global concerns over Anthropic's Mythos model and its potential threat to financial systems' data security.
A private security agency has denied involvement in the alleged embezzlement of donations at the Ram temple in Ayodhya. The agency stated it only recruited personnel for housekeeping at an SBI branch at the bank's request, disclaiming responsibility for their duties or the alleged theft, which is currently under SIT investigation.
Meghalaya has shown significant progress in digital transactions and financial inclusion, recording 32.76 crore digital transactions and nearly 10 lakh Jan Dhan accounts by 2025-26. Efforts like the JAM Trinity and financial literacy programmes have expanded banking access, with a high percentage of bank account holders adopting digital modes. The next phase focuses on enhancing financial literacy and cyber resilience, especially in rural areas.
Finance Minister Nirmala Sitharaman met with bank heads to discuss risks related to Artificial Intelligence (AI) following global concerns over Anthropic's Mythos model threatening data security of financial systems.
Finance Minister Nirmala Sitharaman met with bank heads to discuss the risks associated with Artificial Intelligence (AI) following global concerns about Anthropic's Mythos model and its potential threat to financial systems' data security.
The Supreme Court of India has quashed criminal proceedings against Standard Chartered Bank and one of its officers in a 1991-92 Foreign Exchange Regulation Act (FERA) case, citing an extraordinary 23-year delay in prosecution and the Enforcement Directorate's failure to comply with mandatory procedural safeguards.
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.
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 new challenge has emerged in the form of Mythos.'
India's banking system liquidity has fallen into a deficit for the first time in nearly three months, prompting the Reserve Bank of India (RBI) to inject 1.41 trillion through a seven-day variable rate repo (VRR) auction to ease the temporary tightness.
"Our endeavour is to bring headline inflation in line with the target over the medium term," said RBI Governor Sanjay Malhotra, addressing concerns about the central bank's policy stance and economic outlook.
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 biggest challenge to widespread deployment is no longer AI. It is the financial and commerce infrastructure that was built decades ago for deterministic software and human interactions -- not autonomous AI agents.
Finance Minister Nirmala Sitharaman clarified that the Merchant Discount Rate (MDR) on digital transactions applies to merchants, not customers, and aims to support banks and fintech in infrastructure investment. She countered Congress leader Jairam Ramesh's claims, stating that a committee will decide on MDR only after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026, a process currently stalled by parliamentary disruptions.
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.
The Telecom Regulatory Authority of India (Trai) has expanded the 1600-number series to include utilities, courier, and logistics companies, introducing the new 1601 series to help consumers identify legitimate calls and prevent widespread fraud and impersonation.
A think tank, GTRI, has urged India to resist US pressure regarding its UPI policies, advocating for the defence of competition, policy autonomy, and the long-term sustainability of its payments ecosystem. This comes as the Lok Sabha passed a bill allowing charges on UPI transactions, a move GTRI suggests should not be influenced by foreign trade complaints.
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 primary school teacher, a former car mechanic, a retired bank employee and a trusted aide of a senior Shri Ram Janmabhoomi Teerth Kshetra Trust functionary -- people from diverse backgrounds are among the eight arrested in connection with the alleged embezzlement of donations at the Ram temple in Ayodhya.
Elena Rybakina mounted a stunning comeback from a set and a break down to defeat Naomi Osaka in a hard-fought Canadian Open quarter-final, setting up a semi-final clash with Coco Gauff.
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.
Vodafone Idea (Vi) significantly reduced its losses in Q1 FY27 to approximately 3,754 crore, driven by an exceptional gain and increased average revenue per user (Arpu). The company also reported its first net subscriber additions since its 2018 merger, indicating a positive shift in its operational trajectory.
Bangladeshi cricket legend Shakib Al Hasan, an ally of ousted PM Sheikh Hasina, is willing to return from exile in the US to face charges, including murder, if the government guarantees his safety. He hopes to play a farewell series and represent Bangladesh in the 2027 World Cup, highlighting the challenges faced by Hasina's allies after her government's fall.
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.
A bank manager in Ghaziabad was shot dead by a security guard following disputes over salary and leave, leading to the arrest of the guard and an accomplice.
The Ram Temple trust in Ayodhya has implemented a new, two-shift system for counting cash donations, overseen by the State Bank of India (SBI), following an embezzlement scandal. A new team, including ex-servicemen and supervisors, has been deployed to enhance security and transparency in the process, aiming to prevent future theft and restore public trust.
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.
Foreign Currency Non-Resident (Bank), or FCNR (B), deposits mobilised under the Reserve Bank of India's (RBI's) concessional swap facility may have already surpassed the amount raised during the 2013 scheme in just about 45 days, prompting SBI Research to sharply raise its estimate for inflows under the facility to $65-70 billion.
A delayed ITR could prompt greater scrutiny, document requests or processing delays.
