Jay Kotak, son of Uday Kotak, says 90% of India makes less than Rs 25,000 a month. “A Rs 50,000 minimum balance implies a sum equal to ~94% of Indians monthly income is to be left with the bank at all times, else a fee!,” he tweets.
ICICI Bank’s employee attrition rate falls to 18% in FY25 from 24.5% a year ago; for HDFC Bank, it was 22.6% in FY25 and 26.9% in FY24.
ICICI Bank's new minimum balance rule is for customers opening accounts on or after 1 Aug; move to set it apart from other Indian banks in terms of mass customer access and expose it to widespread criticism for positioning it as “an elite bank”.
State Bank of India’s Q1 net profit stands at Rs 19,160 crore; gross advances up 11.61% to Rs 42.55 lakh crore and deposits rise 11.66% to Rs 54.73 lakh crore.
RBI slaps penalty of Rs 75 lakh on ICICI Bank for non-compliance with regulatory directions concerning property valuation and opening of current accounts.
RBI will standardise claims settlement procedure for bank accounts and lockers in favour of nominees of deceased customers.
RBI mandates all regulated entities under a co-lending agreement to retain at least 10% of each individual loan on their books.
This is first monetary policy after US imposition of 25% tariff on India; RBI lowers inflation forecast for FY26 to 3.1% and retains GDP growth at 6.5%.
After interviewing 80 candidates, the Financial Services Institutions Bureau has recommended 11 suitable names for EDs in public sector banks.
IndusInd Bank has named Rajiv Anand as its new MD & CEO for a period of three years, beginning 25 August; he moves in from Axis Bank where he was deputy MD.
PNB MD & CEO Ashok Chandra says other key parameters have delivered in Q1 and bank is on track to achieve its targets for FY26.
RBI caps AIF investments by banks and NBFCs at an individual level at 10% of fund’s corpus; move to mitigate concentration risk.
Public sector banks account for Rs 58,330 crore of unclaimed deposits and Rs 8,673 cr is from private lenders; SBI tops list with Rs 19,329 cr.
IndusInd Bank emerges profitable in Q1 after losses in preceding quarter due to accounting lapses and fraud in microfinance; pressure on growth, bad loans and microfinance portfolio remains.
Running a digital payments infrastructure on zero-charge model can’t be sustainable long-term; someone will have to bear the cost, says RBI Governor Sanjay Malhotra.
