SBI Chairman admits it is too late to catch up with entrenched players like PhonePe and Google Pay who dominate UPI market; YONO Pay is trying to get at least its own customers to use the platform.
State Bank of India’s Q1 net profit up 10.2% at Rs 21,121 crore; Chairman CS Setty says bank on track to raise $10 bn in FCNR(B) deposits and inflows to replace high-cost bulk deposits.
Repo rate remains unchanged at 5.25% for 4th consecutive time; inflation forecast lowered to 5% for FY27 and GDP growth increased to 6.7%.
Rupee ends at its highest level in a month on the back of lower crude oil prices; closes at 95.12 per dollar.
RBI is targeting to launch long-lasting polymer banknotes at the beginning of FY28 after completing field trials, Governor Sanjay Malhotra said.
Banks’ combined stock of FCNR(B) deposit outstanding stands at $60.55 bn as on 30 July, up from $32.56 bn on 5 June 2026; SBI, HSBC and ICICI Bank lead the ship.
SBI’s FCNR(B) deposit outstanding was at $13.82 bn as on 30 July, up from $9.70 bn on 5 June; difference of $4.12 bn is net growth but does not reflect FCNR flows under RBI scheme as around $2 bn matured.
Post HDFC Bank rate row, RBI allows differential bulk deposit rates based on their run-off risk profile; lenders, however, have to offer uniform interest rates on deposits of similar amount.
Private banks collected Rs 4,948.71 crore in FY26 from customers for failing to maintain minimum balance in their savings and current accounts; HDFC and Axis Bank accounted for 58% of this.
In an unusual development, HDFC Bank CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan and retail assets group head Arvind Vohra are imposed a penalty of Rs 1 lakh in MSRDC case.
Bank of Baroda says bank’s core banking systems not accessed and continue to remain secure; breached data includes customer details and identification documents, says cybersecurity activist Srikanth.
RBI bought $22.2 bn and sold $28.3 bn in May; rupee sank to record low of 96.96 per dollar on 20 May amid surge in oil prices.
MoS for Finance Pankaj Chaudhary said 18,021 complaints against banks regarding recovery agencies had more than doubled in FY26 over year-ago.
Banks, NBFCs, ARCs, credit information companies and other regulated entities should set up processes to manage data risk.
Merchandise trade deficit widened to $27.9 bn in May ; balance of payments posted a deficit of $4.4 bn.
