Banking Sector

Consumer panel orders Axis Bank to compensate for failed ATM transaction

A consumer commission in Maharashtra's Nagpur has pulled up Axis Bank for "deficiency in service", directing it to provide a refund and pay Rs 10,000 as compensation to a customer who lost Rs 5,000 in a failed ATM transaction eight years ago. The District Consumer Disputes Redressal Commission (Additional DCF), Nagpur, termed the non-receipt of cash after the amount got debited from the customer's bank account at an ATM as "a serious matter". It is the bank's responsibility to examine such transactions and to give immediate relief to the customer, the commission asserted. In a verdict delivered last month, the commission found that the bank didn't take the complainant's grievance "seriously" and failed to provide a fair hearing through the ombudsman process. The failed transaction dated back to August 19, 2018, when the complainant, a resident of Nagpur, claimed he attempted to withdraw Rs 5,000 from an Axis Bank ATM. Though the machine failed to dispense any cash, the amount was

Credit growth rises to 14.5% in Feb 28 fortnight; deposits expand 12%

Bank credit growth accelerated to 14.5% year-on-year in the fortnight ended February 28, while deposit growth strengthened to nearly 12%, according to RBI data

SBI, MUFG sign pact to collaborate on M&A, aviation, real estate financing

State Bank of India and MUFG Bank sign a strategic partnership to collaborate on M&A, aviation and real estate financing, supporting cross-border transactions

Global banks push back on RBI's plan for offshore rupee trade reporting

Banks told the RBI the proposal could breach client confidentiality and conflict with data and reporting rules in other jurisdictions

Waiver danger: Repeated agricultural loan bailouts must be avoided

Maharashtra's new farm loan waiver may fulfil a poll promise, but repeated debt relief risks weakening credit discipline and straining the state's fiscal balance

Banking sector to maintain strong growth over the next two years: ICRA

Profitability in the banking sector is expected to remain healthy, supported by stronger core earnings

Foreign banks find India growth story comes with strict entry conditions

While India offers one of the most compelling growth opportunities in coming decades, overseas bidders in the financial sector face tight voting caps, onerous processes and long payback timelines

SBI recruits 5,783 junior associates, crosses 18,000 hires in FY26

SBI has selected 5,783 junior associates from nearly 9 lakh applicants, taking its total hires in FY26 to more than 18,000 as the bank ramps up customer service and branch operations

Asian banks' billions in Gulf loans at risk amid West Asia turmoil

Asian and Chinese banks, which have emerged as the Gulf's top financiers, extended more than $15 billion in loans last year - a record high and triple the previous year

Gold loan share in bank retail credit doubles to 6% in a year: RBI data

Additionally, the share of gold loans in overall retail loans of banks has now doubled to 6 per cent (January 2026), from 3 per cent as of January 2025

Transition path for NBFCs to become universal banks may be in the offing

DFS to again meet on shadow banks next week

RBI workshop urges stronger governance and tech use to fight cyber frauds

At a two-day workshop with 60 banks, RBI called for stronger governance, better internal controls and greater tech adoption to counter rising cyber-enabled financial frauds

India tweaking BIT model to suit bilateral needs: FM Nirmala Sitharaman

"AgriStack is a fantastic experiment. I would think the next UPI-like big revolution shall emerge from AgriStack. Now we'll be able to have a clear picture of how much fertiliser is required"

Credit card spends dip slightly in January; issuances rise to 116.6 mn

Credit card spending eased to Rs 2 trillion in January after festive highs, though outstanding cards rose to 116.65 million as issuers recalibrated amid tighter norms and shifting customer profiles

Banks step up CD borrowing as deposits lag credit growth: RBI data

Fortnightly issuance hits ₹1.34 trn; outstanding at record ₹6.62 trn

DFS secy urges banks to lower cost of borrowing for small-ticket biz loans

DFS Secretary M Nagaraju asked banks to lower borrowing costs for small-ticket business loans and expand credit, stressing PSBs' strong capital position and upcoming digital lending portals

All you need to know about RBI's new draft norms to curb misselling

Customers must stay vigilant and avoid falling prey as mis-selling is not easy to prove

DFS secy urges stronger BC ecosystem, better services and process upgrades

M Nagaraju highlighted the vital role of Business Correspondents in last-mile banking, urging continuous process improvement, service expansion and enhanced digital oversight to meet customer needs

Q3 scorecard: OMCs, banks drove India Inc's steepest profit rise in 8 qtrs

The combined net profits of the listed companies excluding these cyclical sectors were up just 7.5 per cent Y-o-Y, decelerating from 17.2 per cent in Q3FY25 and 10.9 per cent in Q2FY26

Short-term debt flows shifting from CPs to CDs on attractive returns

Rising CD yields and lower perceived risk draw investors away from CPs as banks ramp up short-term borrowings amid deposit tightness