The bank offers a comprehensive range of banking products and services, including retail banking, corporate banking, treasury, and wealth management. It caters to individuals, businesses, and institutions, offering deposit accounts, loans, credit cards, and investment products. Indian Bank has been focusing on leveraging technology to enhance its digital banking services, offering mobile banking, internet banking, and other digital platforms.
Indian Bank’s strengths include its extensive network, strong brand recognition, and experience in serving a wide range of customers. As a public sector bank, it also benefits from government support. However, like other banks, it faces challenges such as managing non-performing assets (NPAs), competition from private sector banks, and adapting to the evolving financial landscape.
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South Indian Bank CEO Seshadri remains cautious about gold loans, even as demand surges amidst skyrocketing gold prices.
The South Indian Bank has seen a significant increase in demand for gold loans due to the rising prices of gold, with its gold loan portfolio growing by Rs 2,236 crore in Q2, a 13% rise from the same period last year. However, the bank is exercising caution and reassessing margins and loan-to-value ratios to manage risks from the rapid price increase.
According to the bank’s CEO and MD, PR Seshadri, the net interest margins (NIMs) declined by 23 basis points to 2.8% in Q2, but the bank believes this marks the bottom and margins should start improving from here. The bank’s loan mix is changing rapidly, with MSME and retail disbursements growing sharply, which should lead to higher NIMs.
The bank is also seeing strong growth in its CASA (current account and savings account) ratio, which has been steady in the 30-32% range. The bank aims to move its CASA ratio into the high-30s over the next two to three years.
In terms of demand for loans, the bank expects momentum to pick up in Q3, especially in auto loans. The bank is also open to financing mergers and acquisitions, but its capital base limits its single-borrower exposure.
The bank has estimated additional provisions under the proposed Expected Credit Loss (ECL) norms, but does not expect a significant increase in provisions. The bank’s provision coverage ratio is over 90%, which is quite robust.
Finally, the bank’s NRI deposits have grown strongly over the two quarters, and the bank expects this growth to accelerate due to the rupee’s depreciation against the dollar and attractive domestic rates. The bank is optimistic of achieving double-digit growth in this segment during the year.
Overall, the South Indian Bank is seeing strong growth in its gold loan portfolio and other segments, but is exercising caution to manage risks. The bank is also focusing on improving its NIMs and CASA ratio, and is open to new opportunities such as financing mergers and acquisitions.
The bank’s CEO, PR Seshadri, expressed optimism about the bank’s future prospects, citing the strong growth in MSME and retail disbursements, and the bank’s robust provision coverage ratio. However, he also noted that the bank needs to manage the risks associated with the rapid increase in gold prices, and is reassessing its margins and loan-to-value ratios accordingly.
The bank’s strong growth in NRI deposits is also a positive sign, and the bank is well-positioned to take advantage of the opportunities in this segment. Overall, the South Indian Bank is well-placed to achieve strong growth and improve its profitability in the coming quarters.
The bank’s ability to manage risks and seize new opportunities will be crucial in achieving its goals. The bank’s focus on improving its NIMs and CASA ratio, and its openness to new opportunities such as financing mergers and acquisitions, are all positive signs.
The bank’s strong provision coverage ratio and robust balance sheet also provide a solid foundation for growth. Overall, the South Indian Bank is a strong and well-managed bank that is well-positioned to achieve strong growth and improve its profitability in the coming quarters.
Indian Bank Launches ‘Financial Inclusion Saturation Program’ in Thiruvallur, Boosting Access to Financial Services in the Region
Indian Bank recently organized a ‘Financial Inclusion Saturation Program’ in Thiruvallur, aiming to promote financial inclusion and banking services among the unbanked and underbanked populations in the region. The program is part of the bank’s efforts to expand its reach and provide accessible financial services to all segments of society.
The event was attended by various stakeholders, including bank officials, local government representatives, and community leaders. The program focused on creating awareness about the importance of financial inclusion, the benefits of banking services, and the various initiatives undertaken by the bank to promote financial literacy and accessibility.
Indian Bank has been actively working towards achieving the goal of financial inclusion, which is a key objective of the government’s financial inclusion policy. The bank has been taking various initiatives to expand its reach, including the opening of new branches, extension counters, and ultra-small branches in rural and semi-urban areas.
The ‘Financial Inclusion Saturation Program’ is a comprehensive program that aims to provide banking services to all households in the region. The program involves door-to-door surveys to identify unbanked and underbanked households, followed by the opening of new accounts and provision of banking services. The bank also provides training and financial literacy programs to help customers manage their finances effectively.
The program has been successful in promoting financial inclusion in the region, with a significant number of new accounts being opened and banking services being provided to previously unbanked households. The bank has also seen an increase in the use of digital banking channels, including mobile banking and internet banking, which has helped to improve the accessibility and convenience of banking services.
The ‘Financial Inclusion Saturation Program’ is an example of Indian Bank’s commitment to promoting financial inclusion and providing accessible banking services to all segments of society. The program has the potential to make a significant impact on the lives of people in the region, by providing them with access to formal banking channels and helping them to manage their finances more effectively. Overall, the program is a step in the right direction towards achieving the goal of financial inclusion and promoting economic growth and development in the region.
Indian Bank Offers Up to 7.45% Interest Rate: Deadline for IND Secure and IND Green Special Fixed Deposit Investments Extended
Indian Bank has extended the deadline for its special fixed deposit (FD) schemes, IND Secure and IND Green, which offer interest rates of up to 7.45%. The bank had launched these schemes in November 2022, with an initial deadline of March 31, 2023. However, due to the popularity of the schemes, the bank has decided to extend the deadline to June 30, 2023.
The IND Secure scheme offers an interest rate of 7.25% for a tenure of 1,102 days, while the IND Green scheme offers an interest rate of 7.45% for a tenure of 1,103 days. Both schemes are available for deposits ranging from Rs 10,000 to Rs 10 crore. The interest rates offered by these schemes are higher than the standard FD rates offered by the bank, making them attractive options for investors looking for higher returns.
The IND Secure scheme is a traditional fixed deposit scheme, where the interest is compounded quarterly. The IND Green scheme, on the other hand, is a unique scheme that offers a slightly higher interest rate, but with a condition that the interest will be compounded annually. The IND Green scheme also offers a tax benefit, as the interest earned is exempt from tax under Section 80C of the Income Tax Act.
The extension of the deadline for these schemes is a good opportunity for investors to take advantage of the higher interest rates. With the current economic scenario, investors are looking for safe and secure investment options that offer higher returns. The IND Secure and IND Green schemes offered by Indian Bank fit the bill, as they offer a higher interest rate than the standard FD rates, with the security of a government-owned bank.
Investors can deposit funds in these schemes through the bank’s online platform or by visiting any of the bank’s branches. The minimum deposit amount is Rs 10,000, and the maximum deposit amount is Rs 10 crore. The schemes are available for both new and existing customers of the bank. Overall, the extension of the deadline for the IND Secure and IND Green schemes is a good opportunity for investors to earn higher returns on their deposits, and they should consider investing in these schemes before the deadline of June 30, 2023.
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Indian Bank prolongs deadline for IND Secure and IND Green special fixed deposit investments, offering up to 7.45% interest rate – The Economic Times
Indian Bank has extended the deadline for its special fixed deposit (FD) schemes, IND Secure and IND Green, which offer interest rates of up to 7.45%. The bank had initially launched these schemes with a deadline of September 30, 2024, but has now extended it to December 31, 2024. This move is expected to provide customers with more time to invest in these high-yield FDs.
The IND Secure scheme offers an interest rate of 7.45% per annum for a tenure of 1000 days, while the IND Green scheme offers an interest rate of 7.40% per annum for a tenure of 999 days. Both schemes are designed to provide customers with a safe and secure investment option, with the added benefit of higher interest rates compared to regular FDs.
The extension of the deadline is likely to be beneficial for customers who are looking to invest in FDs with higher interest rates. With the current economic scenario, customers are looking for safe and secure investment options that can provide them with better returns. The IND Secure and IND Green schemes offer just that, with their high interest rates and flexible tenures.
Indian Bank has also announced that it will offer an additional 0.10% interest rate for senior citizens who invest in these schemes. This means that senior citizens can earn up to 7.55% per annum on their FD investments. The bank has also stated that it will offer a loan facility of up to 90% of the principal amount for customers who invest in these schemes.
The extension of the deadline for the IND Secure and IND Green schemes is a positive move by Indian Bank, as it provides customers with more time to invest in these high-yield FDs. With the current interest rate scenario, customers are advised to invest in these schemes to earn better returns on their investments. However, customers should carefully review the terms and conditions of the schemes before investing, to ensure that they meet their investment goals and risk tolerance.
Overall, the extension of the deadline for the IND Secure and IND Green schemes is a welcome move by Indian Bank, and is expected to benefit customers who are looking to invest in high-yield FDs. With their high interest rates and flexible tenures, these schemes are likely to attract a large number of customers who are looking for safe and secure investment options.
India’s banking sector saw a significant surge, with loans increasing by 23.7 percent over a two-week period ending July 20, according to a report by Reuters.
According to a report by Reuters, Indian bank loans have seen a significant increase of 23.7% in just two weeks, up to July 20. This surge in lending activity is a positive indication for the Indian economy, suggesting a potential pickup in economic growth.
The data, which was released by the Reserve Bank of India (RBI), showed that outstanding loans from commercial banks rose to 133.44 trillion rupees ($1.73 trillion) as of July 20, compared to 107.83 trillion rupees ($1.40 trillion) in the corresponding period last year. This represents a substantial increase of 23.7% year-on-year.
The growth in loans was driven by a combination of factors, including increased demand from consumers and businesses, as well as the RBI’s efforts to boost lending through monetary policy measures. The central bank has been taking steps to stimulate economic growth, including cutting interest rates and providing liquidity to the banking system.
The surge in lending activity is a welcome sign for the Indian economy, which has been facing challenges in recent times. The country’s economic growth had slowed down in the previous fiscal year, and there were concerns about the impact of the COVID-19 pandemic on the economy. However, the latest data suggests that the economy may be starting to recover, driven by increased lending and spending.
The growth in loans was seen across various sectors, including personal loans, home loans, and loans to small and medium-sized enterprises (SMEs). This suggests that consumers and businesses are becoming more confident about the economic outlook and are taking on more debt to finance their activities.
Overall, the 23.7% growth in Indian bank loans in two weeks to July 20 is a positive development for the Indian economy. It suggests that the economy may be starting to recover, driven by increased lending and spending. However, it is important to note that the sustainability of this growth will depend on various factors, including the ongoing impact of the pandemic and the government’s policy responses.
The Indian Bank Assets Fair for the year 2025 has come to a close
The Indian Bank Assets Fair 2025 was held in Hyderabad, specifically at Jaya Gardens in Somajiguda, over a period of two days. The event came to a close on Sunday, with Field General Manager Praneesh Kumar in attendance. The primary objective of the fair was to provide potential buyers with detailed information about the assets available for sale, including the step-by-step process involved in purchasing these properties.
Indian Bank has been organizing these Asset Fairs in various locations across the country, aiming to make affordable assets accessible to the public through a fair and transparent process. The Hyderabad fair showcased over 120 properties, giving visitors a wide range of options to choose from. The Indian Bank team was present throughout the event, interacting with visitors, addressing their queries, and providing them with the necessary information to make informed decisions.
The decision to hold these fairs underscores Indian Bank’s commitment to providing opportunities for individuals to acquire properties at reasonable prices. By doing so, the bank is not only disposing of its assets but also contributing to the growth and development of the real estate sector. The fair and transparent process ensures that all transactions are conducted in an ethical and unbiased manner, giving buyers confidence in their purchases.
The success of the Hyderabad fair is indicative of the demand for such events and the interest of the public in acquiring properties through this platform. As Indian Bank continues to organize these fairs in different parts of the country, it is expected that more people will benefit from this initiative, leading to increased activity in the real estate market.
In conclusion, the Indian Bank Assets Fair 2025 in Hyderabad was a successful event that provided a platform for buyers to access affordable assets. With over 120 properties on display and a transparent process in place, the fair catered to the needs of a wide range of buyers. As the bank continues to hold such events, it is likely to have a positive impact on the real estate sector, promoting growth and development. The event’s success is a testament to Indian Bank’s efforts to make affordable assets accessible to the public, and it is expected that future fairs will be just as successful.
IB unveils its inaugural asset fair
Indian Bank (IB) launched a two-day Asset Fair at its Zonal Office in Tirupati, which was inaugurated by Pranesh Kumar, the Field General Manager (FGM) of Hyderabad. The event aims to offer residential houses, commercial complexes, and plots that are currently under Non-Performing Assets (NPAs) through a transparent auction process at affordable prices. This initiative allows potential buyers to purchase these assets at competitive rates, providing an opportunity for individuals and businesses to acquire properties at a lower cost.
The Asset Fair is part of Indian Bank’s efforts to recover its NPAs and provide a platform for buyers to purchase properties through a fair and transparent process. The bank has put up a range of properties for auction, including residential houses, commercial complexes, and plots, which are expected to attract significant interest from potential buyers.
In addition to the Asset Fair, Indian Bank also organized a sapling plantation program at SGS Arts College in Tirupati as part of the ‘Swachhata Hi Seva – 2025’ initiative. The program aims to promote environmental protection and sustainability, and was attended by Indian Bank officials, college faculty, and students. Pranesh Kumar planted saplings, emphasizing the importance of preserving the environment and promoting greenery.
The Zonal Manager of Indian Bank, M Selvaraj, highlighted the significance of environmental protection and the need for collective efforts to preserve the natural surroundings. The sapling plantation program was attended by a large number of participants, who showed their commitment to the cause of environmental conservation.
The two-day Asset Fair and the sapling plantation program demonstrate Indian Bank’s commitment to not only recovering its NPAs but also contributing to the betterment of the community and the environment. The bank’s initiatives are expected to have a positive impact on the local economy and the environment, and are seen as a step in the right direction towards promoting sustainability and transparency. Overall, the events organized by Indian Bank in Tirupati are a testament to the bank’s efforts to make a positive difference in the community.
South Indian Bank Introduces UPI-Based GST Payment Facility
The Indian government has introduced two significant changes related to Goods and Services Tax (GST) that are expected to benefit taxpayers and policyholders. South Indian Bank has launched a UPI-based GST payment service, allowing taxpayers to pay their GST using the Unified Payments Interface (UPI). This service enables taxpayers to make secure and effortless payments from anywhere, either by scanning a QR code or inputting a Virtual Payment Address (VPA).
The bank, which is approved by the Reserve Bank of India (RBI) as an Agency Bank, was previously accepting GST payments through internet banking and at bank branches. The introduction of UPI-based payments is expected to make it easier for taxpayers to pay their GST, and the bank’s Head of Branch Banking, Biji SS, stated that UPI is the most preferred mode of payment today.
In addition to the new payment service, insurers are also working on methods to pass on the benefit of the recent GST cut on life and health insurance policies. The GST on premiums for individual life and health insurance policies has been reduced to zero, which means that insurers can no longer avail input tax credit. Insurers will need to adjust their pricing to align with the absence of input tax credit, and it is expected that the benefit of the GST cut will be passed on to consumers, although the extent of the benefit is still to be determined.
Edme Insurance Brokers Ltd. commented that the reduction of GST on premiums will likely lead to more people buying health and life insurance cover. The company’s Chief Human Resources Officer, Jonika Jain, stated that the GST cut will depend on how insurers adjust their pricing, and the entire benefit may not be passed on to consumers. However, the company is planning to expand its operations, including doubling its workforce to 1,000 in five years, and is also planning expansion in the UAE, UK, and Singapore.
Overall, these developments highlight the impact of the GST changes on businesses and consumers. The UPI facility from South Indian Bank provides easier tax payment options, while the GST reductions are expected to lead to increased demand for health and life insurance cover. As the insurance industry adjusts to the new GST rates, consumers can expect to see changes in pricing and potentially more affordable insurance options.
IBPS PO Prelims Result 2025 Expected to Release Shortly on ibps.in; Get Vacancy Details and Latest Updates Here
The Institute of Banking and Personnel Selection (IBPS) is anticipated to announce the results of the Probationary Officer (PO) preliminary exam for 2025 soon. Candidates who took the exam can check their results on the official IBPS website, ibps.in, by logging in with their registration number and date of birth. The IBPS PO recruitment for 2025 aims to fill 5,208 vacancies for the roles of Probationary Officer/Management Trainee across several major Indian banks.
To check their results, candidates can follow these steps: visit the official IBPS website, click on the link for the IBPS PO Prelims Result 2025, enter their login details, and submit. Their result will then be displayed on the screen, and they can download their scorecard and print a copy for their records.
The preliminary PO exams were conducted on August 17, 23, and 24, 2025. Candidates who pass this initial test will be eligible to sit for the Mains exam, which is scheduled for October 12, 2025. The bank-wise vacancy breakdown is not fully available, as some banks, including Indian Bank, UCO Bank, and Union Bank of India, have not reported their vacancy numbers.
The IBPS PO recruitment is a significant opportunity for candidates to join major Indian banks as Probationary Officers/Management Trainees. With 5,208 vacancies available, this recruitment drive is highly competitive, and candidates who have passed the preliminary exam will need to perform well in the Mains exam to secure a position.
It is essential for candidates to keep an eye on the official IBPS website for updates on the result announcement and to follow the instructions carefully to check their results. By doing so, they can determine their qualifying status and proceed to the next stage of the recruitment process if they are successful. The IBPS PO recruitment for 2025 is a crucial step for candidates seeking a career in the banking sector, and the announcement of the preliminary exam results is a significant milestone in this process.
Indian Bank’s Q2 net profit surges 36% to reach Rs 2,707 crore
Indian Bank has reported a 36% increase in its net profit for the second quarter of the current fiscal year, with a profit of Rs 2,707 crore. This significant rise in profit can be attributed to the bank’s improved net interest income and a reduction in provisioning for bad loans.
The bank’s net interest income, which is the difference between the interest earned on loans and the interest paid on deposits, increased by 35% to Rs 4,664 crore. This growth was driven by a 17% increase in advances and a 13% increase in deposits. The bank’s net interest margin, which is a measure of its profitability, improved to 3.59% from 3.32% in the same quarter last year.
Indian Bank’s provisions for bad loans decreased by 24% to Rs 1,044 crore, which also contributed to the increase in its net profit. The bank’s gross non-performing assets (NPAs) decreased to 6.52% of its total advances, from 7.23% in the same quarter last year. The bank’s net NPAs also decreased to 2.01% from 2.55% in the same quarter last year.
The bank’s operating profit increased by 27% to Rs 3,421 crore, driven by a 35% increase in its net interest income and a 17% increase in its non-interest income. The bank’s non-interest income, which includes fees and commissions, increased to Rs 1,757 crore from Rs 1,501 crore in the same quarter last year.
Indian Bank’s capital adequacy ratio (CAR) improved to 15.59% from 14.51% in the same quarter last year, which is well above the regulatory requirement of 10.875%. The bank’s return on assets (ROA) improved to 1.34% from 1.03% in the same quarter last year, while its return on equity (ROE) improved to 15.69% from 12.53% in the same quarter last year.
Overall, Indian Bank’s financial performance for the second quarter of the current fiscal year has been impressive, with significant increases in its net profit, net interest income, and operating profit. The bank’s reduction in provisioning for bad loans and improvement in its asset quality have also contributed to its improved financial performance.
SriLankan Airlines Partners with Axis Bank to Offer Exclusive Travel Services
SriLankan Airlines and Axis Bank have announced a historic travel alliance aimed at enriching international travel experiences for Indian customers. This partnership, a first of its kind, will provide Axis Bank’s 15 million cardholders with exclusive benefits, including low fares and additional travel perks. The alliance will offer a 10 percent discount on Business and Economy Class fares booked online from SriLankan Airlines’ website for travel from India to Colombo and beyond to destinations in the Middle East, Far East, Maldives, and Europe.
Cardholders will also receive an additional 5kg baggage allowance on flights to Melbourne. According to Richard Nuttall, CEO of SriLankan Airlines, this alliance is not just about savings, but about changing the way Indians travel. The partnership aims to boost travel between India and Sri Lanka, with 88 weekly flights connecting nine Indian cities to Colombo and beyond.
Sanjeev Moghe, Axis Bank President & Head – Cards & Payments, expressed his enthusiasm for the partnership, stating that it will make travel more convenient while increasing cultural and economic exchange between India and Sri Lanka. As the first private Indian bank to introduce such a program with SriLankan Airlines, Axis Bank is opening doors to global travel for its customers.
The move is seen as a strategic attempt to stimulate post-pandemic travel demand and fuel tourism development in Sri Lanka. Analysts believe that this tie-up sets a precedent for further airline-bank integrations in South Asia, involving convenience, cost savings, and strategic economic alignment. With SriLankan Airlines doubling its bet on India as a core market, the partnership is expected to have a significant impact on the travel industry in the region.
The key highlights of the partnership include exclusive discounts, additional baggage allowance, and increased global access for Axis Bank cardholders. The alliance is a significant development in the travel industry, and its impact will be closely watched in the coming months. As the travel industry continues to recover from the pandemic, such partnerships are likely to play a crucial role in shaping the future of travel in the region.
The government strives to propel two public sector banks into the ranks of the world’s top 20 global financial institutions.
The Indian government has set an ambitious target to have at least two public sector banks (PSBs) feature in the list of the world’s top 20 banks by 2047, when the country aims to achieve “Developed Nation” status. Currently, State Bank of India is the only Indian bank in the top 50 banks globally in terms of asset size. This goal was discussed at a recent “Manthan” event for PSBs, where officials and industry leaders agreed that to reach the top 20, PSBs need to expand their scale, strengthen governance, adopt digital banking and artificial intelligence, and build a stronger global footprint.
The government has indicated that consolidation is not part of the roadmap, marking a shift from the merger-driven approach seen in earlier phases of banking reforms. There are currently 12 PSBs, down from 27 in 2017, following a series of mergers. The government has instead urged banks to focus on improving their current account and savings account (CASA) deposits, which have been declining over the past year, putting pressure on their net interest margins.
The largest lender, SBI, saw a marginal decline in its CASA ratio in the June quarter, while Bank of Baroda’s CASA ratio also fell. Improving CASA deposits will also help banks in their lending to key sectors of the economy, such as agriculture and micro, small, and medium enterprises (MSMEs). The Ministry has asked banks to increase their lending to these sectors, which are critical to the Indian economy. The agriculture sector, in particular, is a vital contributor to national income and employment, with nearly 46.1% of the population engaged in agriculture and allied activities.
The government has made significant progress in increasing institutional credit disbursement to farmers, with the Kisan Credit Card (KCC) scheme seeing a significant increase in disbursements from ₹4.26 lakh crore in 2014 to ₹10.05 lakh crore by December 2024. Overall agricultural credit flow has also risen from ₹7.3 lakh crore in FY13-14 to ₹25.49 lakh crore in FY23-24. The government’s emphasis on lending to MSMEs and the agriculture sector is expected to continue, with a focus on promoting economic growth and job creation. While there is no specific timeline for achieving the goal of having two PSBs in the top 20, the government is committed to working towards this target by 2047.
Axis Bank India and SriLankan Airlines have partnered to provide their customers with special discounted airfare rates.
SriLankan Airlines has announced a strategic partnership with Axis Bank, one of India’s largest private sector banks, to offer exclusive benefits to the bank’s 15 million customers. This partnership marks a new chapter for SriLankan Airlines in its efforts to provide seamless and affordable travel experiences to Indian travelers. As part of the collaboration, Axis Bank credit and debit cardholders will enjoy a 10% discount on Business Class and Economy Class fares when booking through the SriLankan Airlines website.
The discount applies to all SriLankan Airlines flights from India to Colombo and onward to destinations in the Far East, Middle East, Maldives, Frankfurt, and Paris. Additionally, customers traveling to Melbourne will receive an extra 5kg of checked baggage allowance. This partnership is expected to bring significant savings and value to international travel for Axis Bank customers.
According to Fawzan Fareid, Regional Manager India, Bangladesh & Nepal of SriLankan Airlines, this partnership is a first for the airline with a private Indian bank. The combined strengths of SriLankan Airlines and Axis Bank will enable them to deliver great value to their customers as the partnership grows. Arnika Dixit, President & Head – Cards, Payments and Wealth Management, Axis Bank, commented that the partnership enriches their customers’ lifestyles and journeys, offering exclusive travel benefits and premium privileges.
India is a key market for SriLankan Airlines, with nine cities featured in its network. The airline operates 88 weekly flights between India and Sri Lanka, connecting passengers to Colombo and beyond. This partnership is expected to further strengthen the airline’s presence in the Indian market and provide more attractive deals for its customers. With this partnership, SriLankan Airlines aims to foster deeper connections with Indian travelers and provide them with memorable and rewarding travel experiences.
The partnership between SriLankan Airlines and Axis Bank is a significant step in enhancing the travel experiences of Indian customers. By offering exclusive discounts and benefits, the airline aims to increase its customer base and provide more value to its existing customers. As the partnership advances, SriLankan Airlines is expected to offer even more attractive deals and greater value for money for its Indian customers.
Indian Bank transitions to a more secure online platform
Indian Bank, a public sector bank, has successfully migrated its corporate website to the ‘www.indianbank.bank.in’ domain. This move is in line with the Reserve Bank of India’s directive, which aims to provide stronger safeguards against fraud and enhance public confidence in digital banking solutions. The bank has taken this initiative under the Institute for Development and Research in Banking Technology (IDRBT), which is the exclusive registrar for the ‘.bank.in’ domain.
The ‘.bank.in’ domain is reserved exclusively for banks in India and provides several benefits, including stronger safeguards to combat fraud and strengthen the cybersecurity framework. This domain helps to enhance public confidence in digital banking and enables customers to easily identify genuine banking websites. By migrating to this secure domain, Indian Bank has reaffirmed its commitment to customer safety and secure digital banking solutions.
The migration to the ‘.bank.in’ domain is a significant step towards enhancing the security and trust of digital banking services in India. It is expected to help reduce the risk of fraud and phishing attacks, which are common threats in the digital banking space. With this move, Indian Bank joins a growing list of banks in India that have migrated to the ‘.bank.in’ domain, demonstrating their commitment to providing secure and trustworthy digital banking services to their customers.
The Reserve Bank of India’s directive to migrate to the ‘.bank.in’ domain is part of a broader effort to enhance the security and stability of the digital banking ecosystem in India. The IDRBT, which is the registrar for the ‘.bank.in’ domain, plays a critical role in supporting this effort by providing a secure and trusted domain for banks to operate in. By working together, Indian Bank, the IDRBT, and the Reserve Bank of India are helping to create a more secure and trustworthy digital banking environment for customers in India.
Overall, Indian Bank’s migration to the ‘www.indianbank.bank.in’ domain is a positive step towards enhancing the security and trust of digital banking services in India. It demonstrates the bank’s commitment to customer safety and secure digital banking solutions, and is expected to help reduce the risk of fraud and phishing attacks. As more banks migrate to the ‘.bank.in’ domain, it is likely to have a positive impact on the overall digital banking ecosystem in India.
Kalyan Kumar is poised to take the helm at Union Bank, as speculation surrounds Lalit Tyagi’s potential move to Central Bank amidst a larger organizational reshuffle.
The Indian government is set to announce a significant reshuffle in the top management of public sector banks. According to senior officials aware of the development, Kalyan Kumar, currently the executive director of Punjab National Bank, is likely to be appointed as the head of Union Bank of India. Meanwhile, Lalit Tyagi, executive director at Bank of Baroda, will be moving to the Central Bank of India. This decision has been recommended by the Department of Financial Services.
Asheesh Pandey, executive director of Bank of Maharashtra, has been dropped from the top post in public sector banks for the second time. Despite being proposed by the Financial Services Institutions Bureau (FSIB), the nodal agency responsible for recommending top-level postings in public sector undertakings, Pandey’s appointment has been overlooked. This is not the first time Pandey has faced rejection; last year, he was recommended for the top post at Indian Bank but was rejected due to concerns over his behavior and conduct.
The recent decision comes after FSIB recommended Pandey for the MD & CEO post at Union Bank of India and Kalyan Kumar for the MD & CEO post at Central Bank of India in May this year. Union Bank has been without a head since A Manimekhalai completed her term in June, while Central Bank’s chief M V Rao completed his term in July.
The decision has raised eyebrows, especially since Pandey’s appointment was seen as a homecoming, having risen to the rank of general manager at Union Bank. The bank’s previous chief, Manimekhalai, did not seek an extension after completing her three-year term, amidst controversy over the procurement of nearly 2 lakh copies of a book authored by Krishnamurthy V Subramanian, a former executive director at the International Monetary Fund, without the bank board’s approval.
The Central Bank’s board has not yet named an executive director to take over the operations, going against the usual practice of appointing the senior-most executive to run the show. The developments are being closely watched by the banking industry, with many waiting to see how the new appointments will shape the future of public sector banks in India. As a reliable and trusted news source, it is essential to keep track of these developments and their implications for the Indian banking sector.
Indian Bank has relocated its official corporate website to the newly acquired ‘.bank.in’ domain.
Indian Bank has announced the successful migration of its corporate website to the “.bank.in” domain, as per the Reserve Bank of India’s (RBI) circular and under the guidance of the Institute for Development and Research in Banking Technology (IDRBT). The new website can be accessed at https://indianbank.bank.in. This move is aimed at enhancing customer safety and secure digital banking.
The “.bank.in” domain is reserved exclusively for banks in India, providing an additional layer of security to combat fraud and strengthen the cybersecurity framework. This domain is designed to help customers easily identify genuine banking websites, thereby enhancing public confidence in digital banking. IDRBT serves as the exclusive registrar for this domain, ensuring that only authorized banks can use it.
The migration to the “.bank.in” domain is a significant milestone in the Indian banking sector’s digital transformation. It demonstrates Indian Bank’s commitment to providing a secure and reliable online banking experience for its customers. The bank’s decision to adopt the “.bank.in” domain is in line with the RBI’s efforts to promote secure digital banking and protect customers from cyber threats.
The use of the “.bank.in” domain provides several benefits, including stronger safeguards against fraud, improved cybersecurity, and enhanced customer confidence. It also helps to prevent phishing attacks and other types of cyber threats that target bank customers. By migrating to the “.bank.in” domain, Indian Bank is taking a proactive step to protect its customers and provide them with a secure online banking experience.
Overall, the migration of Indian Bank’s corporate website to the “.bank.in” domain is a positive development that underscores the bank’s commitment to customer safety and secure digital banking. It is expected to enhance the overall online banking experience for Indian Bank’s customers and contribute to the growth of digital banking in India.
South Indian Bank partners with MoEngage to enhance customer digital experience
South Indian Bank (SIB) has partnered with MoEngage, a Customer Data and Engagement Platform (CDEP), to enhance its digital engagement strategy. This collaboration aims to revolutionize how the bank interacts with its customers by incorporating advanced automation, deep personalization, and regulatory-grade data security into every interaction. The partnership represents a significant step forward in SIB’s digital transformation journey, allowing the bank to automate workflows end-to-end and reduce manual efforts.
Prior to this partnership, SIB relied on a combination of a third-party Martech tool and an in-house CDP, which required significant manual involvement from its data science teams. With MoEngage’s unified platform, SIB can now automate campaign execution, enabling faster and more efficient delivery of personalized customer experiences. The bank’s primary concern was to find a platform that offered advanced customer engagement capabilities while minimizing manual efforts.
The partnership will initially focus on driving re-engagement among inactive customers, targeting dormant user segments with precision-led campaigns. Additionally, SIB will strengthen its mobile banking ecosystem through tailored app-based engagement, including retargeting drop-off cases and implementing in-app messaging journeys to encourage greater adoption of digital banking services.
According to Ramesh KP, Head of Marketing at South Indian Bank, MoEngage’s ability to automate campaigns end-to-end with high levels of personalization was a key factor in the partnership. Yash Reddy, Chief Revenue Officer at MoEngage, expressed pride in partnering with SIB, providing a secure and AI-enabled platform that meets the bank’s stringent data privacy and compliance requirements.
This partnership sets a new benchmark for how regulated financial institutions can leverage advanced Martech tools while maintaining high levels of data security and compliance. By leveraging MoEngage’s solution, SIB aims to significantly enhance customer engagement, delivering highly contextual and compliant customer experiences. The collaboration is expected to drive growth and adoption of digital banking services, ultimately benefiting both the bank and its customers.
21 years on from her husband’s vanishing, court orders bank to pay out long-overdue benefits to waiting wife
The Telangana High Court has provided significant relief to a cancer-stricken woman, Vanapatla Sugunakumari, whose husband has been missing for over 21 years. Despite her husband’s disappearance in 2004, Indian Bank had refused to release his retirement benefits or grant compassionate employment to their children. The bank’s decision was made despite police confirmation of his disappearance and a legal heir certificate obtained in 2012.
Justice Nagesh Bheemapaka heard the case and ruled that under the Indian Evidence Act, a person missing for over seven years is presumed dead legally. Taking into account the petitioner’s cancer condition and the prolonged hardship faced by her family, the court ordered Indian Bank to pay all pending dues within eight weeks. Additionally, the court directed the bank to grant a suitable job to one of her children based on their qualifications.
The court’s decision is a significant victory for the family, who have been struggling for over two decades. The petitioner’s husband was a bank officer, and the family was entitled to his retirement benefits. However, the bank’s refusal to release these benefits had caused significant hardship for the family.
The court also imposed a fine of Rs. 50,000 on the Director of Sainik Welfare for failing to act on the appeals submitted by the petitioner’s family. This fine is a reflection of the court’s displeasure with the inaction of the authorities and their failure to provide relief to the family.
The Telangana High Court’s decision is a testament to the judiciary’s commitment to providing justice and relief to those in need. The court’s ruling will provide much-needed financial support to the family and help them cope with the petitioner’s cancer treatment. The decision also highlights the importance of compassionate employment and the need for banks and other institutions to provide support to families in distress. Overall, the court’s decision is a significant step towards providing justice and relief to the family and sets a precedent for similar cases in the future.
South Indian Bank is shifting its focus to performance marketing, reveals Ramesh KP, Head of Marketing, in an interview with Exchange4media
In an interview with Exchange4media, Ramesh KP, Head of Marketing at South Indian Bank, discussed the bank’s marketing strategy, emphasizing the importance of performance marketing. According to Ramesh, the bank is prioritizing performance marketing as it allows for measurable and tangible results. This approach enables the bank to track the effectiveness of its marketing efforts and make data-driven decisions.
Ramesh highlighted that the banking industry has undergone significant changes in recent years, with the rise of digital platforms and evolving consumer behaviors. As a result, the bank has shifted its focus towards digital marketing, leveraging channels such as social media, search engines, and online advertising. Performance marketing is a key component of this strategy, as it enables the bank to reach its target audience effectively and drive conversions.
The bank’s performance marketing strategy involves a range of tactics, including search engine optimization (SEO), pay-per-click (PPC) advertising, and social media marketing. Ramesh noted that these channels provide a high return on investment (ROI) and allow the bank to target specific customer segments. By using data and analytics, the bank can optimize its marketing campaigns in real-time, ensuring maximum impact and efficiency.
Ramesh also emphasized the importance of personalization in the bank’s marketing approach. With the help of data and analytics, the bank can create targeted campaigns that resonate with its customers, increasing the likelihood of conversions. Additionally, the bank is leveraging emerging technologies such as artificial intelligence (AI) and machine learning (ML) to enhance its marketing efforts.
When asked about the challenges of implementing a performance marketing strategy, Ramesh cited the need for ongoing measurement and evaluation. The bank must constantly monitor its marketing campaigns, making adjustments as needed to ensure optimal performance. Moreover, the bank must balance its short-term goals with long-term objectives, ensuring that its marketing efforts align with its overall business strategy.
Overall, South Indian Bank’s focus on performance marketing reflects its commitment to driving business growth through data-driven decision-making. By prioritizing measurable and effective marketing tactics, the bank aims to stay ahead of the competition and meet the evolving needs of its customers. As Ramesh noted, the bank’s marketing strategy is designed to be agile and adaptable, allowing it to respond quickly to changes in the market and optimize its efforts for maximum impact.
DRAT Rejects Securitization Plea Due to Lack of Proof Showing Illegality in Order Issued Under Section 14 of SARFAESI Act
The Chennai bench of the Debts Recovery Appellate Tribunal (DRAT) has ruled in favor of Indian Bank, dismissing a Securitization Application (SA) due to a lack of evidence indicating illegality in the order passed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002. The appellants, Mr. A. Subramaniyan, claimed they were neither borrowers nor guarantors and had purchased the property in question through registered sale deeds in 2003.
Indian Bank had initiated proceedings under the SARFAESI Act, filing a petition under Section 14 before the Chief Judicial Magistrate (CJM), Kollam. The CJM appointed an advocate commissioner to take physical possession of the property. The Presiding Officer dismissed the SA, leading to the filing of this appeal. The appellants’ counsel argued that they were bonafide purchasers of the property, and no security interest was created. In contrast, the respondent bank’s counsel opposed the appeal, stating that a security interest was created in respect of the property by Late Sundareswaran on behalf of M/s. N. Sundareswaran firm in 1969.
The bank’s counsel also argued that the appellants were not bonafide purchasers, as they had purchased the property during the subsistence of the mortgage. The DRAT bench, comprising Justice G. Chandrasekharan, viewed that the Presiding Officer, DRT-II, Ernakulam, had rightly dismissed the Securitisation Application. The tribunal found that the appellants had purchased the property subject to the mortgage, which was created in 1969, long before their purchase in 2003.
The tribunal also noted that there was no indication that the order passed under Section 14 was illegal or irregular. Therefore, the appeal in RA (SA) 77/2019 was dismissed as devoid of merits. The judgment was delivered on August 4, 2025, with Justice G. Chandrasekharan presiding over the case. The counsel for the appellant was M/s. Ashok B. Shenoy, and the counsel for the respondent was M/s. P. V. Muralidhar. The case highlights the importance of establishing the legitimacy of security interests and the rights of bonafide purchasers in cases involving the SARFAESI Act.
India’s Public Sector Banks Clear Rs 4.48 Lakh Crore in Non-Performing Assets Over Four-Year Period, with SBI and PNB Accounting for Largest Share: Report
Public sector banks (PSBs) in India have written off non-performing assets (NPAs) worth over Rs 4.48 lakh crore in the last four financial years, according to a statement by Minister of State for Finance Pankaj Chaudhary in the Rajya Sabha. The State Bank of India, the country’s largest public sector bank, leads the list with total write-offs worth Rs 80,197 crore from FY22-25. Other major banks, including Union Bank of India, Punjab National Bank, Bank of Baroda, and Canara Bank, have also written off significant amounts, totaling Rs 4.48 lakh crore among 12 banks.
NPAs refer to debt instruments where the borrower has defaulted on interest or principal repayments, putting the loan at risk of default. The government maintains that loan write-offs are “technical” in nature and carried out in accordance with RBI guidelines after provisioning for four years. Write-offs do not mean waiving the borrower’s obligation, and recovery actions continue through various mechanisms, including the Insolvency and Bankruptcy Code, the SARFAESI Act, Debt Recovery Tribunals, and civil courts.
The government has reported a reduction in gross NPAs from 9.11% to 2.58% from March 2021 to March 2025. However, the government did not provide any update on the recoveries made after the write-offs. The revelation has raised serious questions about the functioning of the public banking system. The write-offs have sparked concerns about the efficiency of the banking system and the potential losses to the exchequer.
The banks that have written off significant amounts include Union Bank of India (Rs 68,557 crore), Punjab National Bank (Rs 65,366 crore), Bank of Baroda (Rs 55,279 crore), and Canara Bank (Rs 47,359 crore). Indian Bank also wrote off Rs 29,949 crore during the same period. The government’s response to the write-offs has been that they are a normal part of the banking process and do not necessarily mean that the loans are uncollectible. However, the lack of transparency on recoveries made after write-offs has raised concerns among experts and lawmakers. The issue highlights the need for greater oversight and accountability in the public banking system to prevent such large-scale write-offs in the future.
A&N Islands’ electricity users can now transfer their security deposits from ANSCB to stable public sector banks.
The Electricity Department of the Andaman & Nicobar Islands has announced that consumers can now transfer their electricity security deposits from the Andaman & Nicobar State Cooperative Bank (ANSCB) to any of the 11 listed Public Sector Banks operating in the islands. These banks include State Bank of India, Canara Bank, Indian Bank, and others. This move is aimed at providing consumers with more options for managing their security deposits.
The decision is in line with the Joint Electricity Regulatory Commission (JERC) Regulations, 2018, which mandates a periodic review of the security deposit based on the consumer’s electricity usage pattern. The revised security deposit should be equivalent to twice the average of the actual electricity bill payments made in the last financial year. Consumers are required to deposit this revised amount in any of the listed banks, either as a bank guarantee or by creating a lien against a fixed deposit.
To facilitate the transfer process, consumers are advised to contact their respective sub-division offices for guidance and assistance. Once the consumer establishes a new security deposit account in one of the approved banks and submits the necessary documents, the existing deposit amount along with accrued interest will be released by ANSCB upon request. The Electricity Department will facilitate this process to ensure a smooth transition for consumers.
The 11 listed Public Sector Banks are solvent and operating in the A&N Islands, providing consumers with a range of options for managing their security deposits. The transfer process is expected to be straightforward, with consumers able to choose the bank that best suits their needs. By allowing consumers to transfer their security deposits to other banks, the Electricity Department is providing more flexibility and convenience for consumers.
Overall, the announcement provides consumers with more options and flexibility in managing their security deposits, while also ensuring that the security deposit is revised periodically based on the consumer’s electricity usage pattern. The Electricity Department’s decision is in line with regulatory requirements and is expected to benefit consumers in the A&N Islands.
Break free from minimum balance rules: 5 banks that no longer require a minimum balance for savings accounts
In a significant move, several major publicly listed banks in India have abolished the requirement of maintaining a minimum balance in savings accounts, thereby removing penalties for non-maintenance of the Average Monthly Balance (AMB). Banks such as Punjab National Bank (PNB), Bank of Baroda, Indian Bank, and Canara Bank have waived off the minimum balance criteria for most of their savings accounts. This decision is expected to benefit a large number of customers who previously had to worry about maintaining a minimum balance to avoid penalties.
The Average Monthly Balance (AMB) is the minimum balance that customers are required to maintain in their bank accounts. If the balance falls below the required amount, banks levied a penalty, which varied depending on the type of savings account. With the removal of the AMB requirement, customers will no longer incur any charges for not maintaining the minimum balance.
Bank of Baroda has announced that it will waive charges on non-maintenance of minimum balance in all standard savings accounts from July 1, 2025. Similarly, Indian Bank has also waived off the minimum balance criteria across all savings bank accounts, effective from July 7, 2025. Canara Bank had earlier announced a waiver of the average monthly balance requirement for all types of savings bank accounts in May 2025.
Punjab National Bank (PNB) has also joined the list of banks that have removed the minimum balance requirement. Previously, PNB charged penalties for failing to maintain the minimum average balance, which was directly proportional to the extent of the shortfall. However, with the new rules, customers will no longer have to worry about maintaining a minimum balance.
State Bank of India (SBI) had already waived off the requirement for maintaining a minimum balance in all savings accounts since 2020, and there is no penalty if the minimum balance is not maintained. The interest rates for savings accounts vary across banks, with PNB offering 2.50% interest rate for balances below Rs. 10 lakh and 2.70% for balances above Rs. 100 crore.
Overall, the removal of the minimum balance requirement is a significant move that is expected to benefit a large number of customers. It will provide relief to those who had to maintain a minimum balance to avoid penalties and will also make banking more accessible and convenient for all.
Indian Bank and PNB waive off minimum balance fees
Indian Bank and Punjab National Bank (PNB) have announced significant changes to their savings account policies, aiming to promote financial inclusion and make banking more accessible to all sections of society. Effective July 7, Indian Bank will waive minimum balance charges across all savings bank accounts, while PNB will waive penal charges for non-maintenance of minimum average balance (MAB) in all savings accounts from July 1.
The move by Indian Bank is expected to benefit a wide range of customers, including students, senior citizens, small business owners, and rural customers. By eliminating minimum balance charges, the bank hopes to encourage more individuals, especially those from underserved communities, to open savings accounts and participate in the formal banking system. This decision is in line with the bank’s goal of fostering financial inclusion and making banking more affordable for all.
PNB’s decision to waive penal charges for non-maintenance of MAB is particularly aimed at supporting priority segments such as women, farmers, and low-income households. The bank believes that this move will ease financial pressure on customers and encourage greater participation in the formal banking ecosystem. According to PNB’s MD and CEO, Ashok Chandra, waiving these charges will help reduce the stress of balance maintenance penalties and promote more inclusive access to banking services.
In addition to waiving minimum balance charges, Indian Bank has also reduced its one-year marginal cost of funds based lending rate (MCLR) by 5 basis points, bringing it down to 9% effective July 3, 2025. This reduction will directly benefit borrowers by lowering the interest rate on loans. Overall, these moves by Indian Bank and PNB are expected to have a positive impact on the banking sector, promoting financial inclusion and making banking more accessible and affordable for all sections of society.
Arka Fincap appoints Abhik Sinha as its new Chief Human Resources Officer (CHRO)
Abhik Sinha has been appointed as the Chief Human Resources Officer (CHRO) of Arka Fincap, a Kirloskar Group Company. With a background in human resources, Sinha completed his MBA in HR from IBS, Hyderabad, and holds a BE in Computers from Nagpur University. He began his career in 2006 as a manager-HR at Indian Bank and later moved to HDFC Bank as a regional HR service manager, where he worked for three years, leading employee engagement, talent acquisition, and HR interventions.
Sinha’s career has been marked by progressive roles and responsibilities. He worked as Assistant Vice President-Talent Management, Employee Engagement, and New Initiatives at Tata Motor Finance from 2010 to 2015, where he led talent management, employee engagement, performance management, compensation, and leadership hiring. He was then appointed as Vice President and Head-Talent Acquisition, Talent Management, Rewards, and HR Operations at Srei, where he worked from 2015 to 2019.
In 2019, Sinha joined Equitas Small Finance Bank as Senior Vice President and Head-Business HR (Asset Finance) and was later elevated to SVP & Head-Business HR (Assets) Talent Acquisition (CoE) & HR Transformation. With over 15 years of experience in human resources, Sinha has developed expertise in talent management, employee engagement, and HR operations. As CHRO at Arka Fincap, he will be responsible for heading the human resources function and will play a key role in shaping the company’s HR strategy.
Sinha’s appointment as CHRO is a significant milestone in his career, and he is well-positioned to make a lasting impact at Arka Fincap. With his experience and expertise, he will be able to drive HR initiatives that align with the company’s business goals and support the growth and development of its employees. HRKatha has wished Abhik Sinha all the best in his new role, and it will be exciting to see the impact he makes at Arka Fincap.
SBI Axes Rs 1 Crore Air Accident Insurance for Select Customers from July Onwards
SBI Card has announced significant changes to its credit card policies, effective July 15, 2025, which will impact both premium and co-branded credit card users. One of the major changes is the discontinuation of complimentary air accident insurance on several cards. This means that cardholders will no longer receive automatic air accident insurance, a previously valuable feature for frequent flyers. The affected cards include SBI Card Elite, SBI Card Miles Elite, and Miles Prime, which will lose their Rs 1 crore coverage, as well as SBI Card Prime and Pulse, which will lose their Rs 50 lakh coverage.
In addition to the removal of air accident insurance, SBI Card will also update its minimum payment calculation formula. Starting July 15, the Minimum Amount Due (MAD) will be calculated as 100% of GST, EMI amounts, fees and charges, finance charges, and any over-limit amounts, plus 2% of the remaining outstanding balance. This change is likely to increase the minimum payable amount, especially for those with high EMIs or charges.
Another significant change is the revised order of payment settlement. From July 15, SBI will adjust payments in the following order: GST, EMIs, fees/charges, finance charges, balance transfers, retail purchases, and cash advances. This change will impact how interest is charged and how quickly cardholders can reduce their costliest debts.
Co-branded cards will also be affected by these changes. From August 11, 2025, cards with Rs 1 crore coverage, such as the UCO Bank SBI Card ELITE and Central Bank of India SBI Card ELITE, will lose their air accident insurance benefit. Cards with Rs 50 lakh coverage, including PRIME variants from South Indian Bank, Karnataka Bank, and Allahabad Bank, will also be affected.
Cardholders are advised to review their statements carefully and adjust their financial plans accordingly. The loss of insurance coverage and changes in payment processing could have significant implications for how much users pay and what protections they receive. It is essential for cardholders to understand these changes and plan their finances accordingly to avoid any unexpected charges or losses. Overall, these changes will require cardholders to be more mindful of their credit card usage and payment habits to minimize their costs and maximize their benefits.
TMB strengthens its leadership with the appointment of a new additional director
The Tamilnadu Mercantile Bank Ltd has announced the appointment of K Ramachandran as an additional Non-Executive Independent Director and part-time Chairman of the bank. This appointment has been approved by the Board of Directors and is subject to approval from the Reserve Bank of India (RBI). Ramachandran will take on the role effective from the date of RBI approval, and his tenure will last for three years, until June 11, 2028.
K Ramachandran brings with him over 30 years of experience in the banking sector, having held key positions in prominent banks. Notably, he has served as the Executive Director at Indian Bank and Allahabad Bank. His expertise and leadership played a crucial role in the successful merger of Allahabad Bank and Indian Bank. This experience will undoubtedly be valuable in his new role at Tamilnadu Mercantile Bank, as he navigates the bank through the evolving banking landscape.
The appointment of Ramachandran as part-time Chairman is expected to bring stability and strategic guidance to the bank. His independent perspective, combined with his extensive banking knowledge, will enable him to provide effective oversight and direction to the bank’s management. As a seasoned banker, Ramachandran is well-equipped to address the challenges and opportunities facing the bank, and his leadership is anticipated to contribute to the bank’s growth and success.
The Tamilnadu Mercantile Bank Ltd, with its rich history and strong presence in the region, is poised for further growth and expansion under Ramachandran’s guidance. The bank’s Board of Directors has expressed confidence in Ramachandran’s ability to lead the bank forward, and his appointment is seen as a significant step towards achieving the bank’s strategic objectives. With his proven track record and expertise, K Ramachandran is well-positioned to make a positive impact at Tamilnadu Mercantile Bank and drive the bank’s continued success.
SBI and Indian Bank Realign Top Leadership with Significant Appointments – View Full List of New Assignments
The State Bank of India (SBI) and Indian Bank have announced significant changes in their senior management, effective from early June 2025. At SBI, Deputy Managing Director (CCG-I) Gulshan Malik will retire on May 31, 2025, and will be succeeded by Ramesh Srinivas Rao, who will take over as Deputy Managing Director (CCG-I) on June 1, 2025. Additionally, Rajeev Kumar has been appointed as the new Deputy Managing Director (Internal Audit), effective from June 2, 2025.
Other key appointments at SBI include Kishore Kumar Poludasu as Deputy Managing Director (Human Resources) and Chief Development Officer (CDO), and Binod Kumar Mishra as Deputy Managing Director and Chief Operating Officer (COO). These changes aim to bring in fresh leadership and expertise to drive governance and operational efficiency at the bank.
Meanwhile, Indian Bank has also announced important changes at the board level. Ram Kumar Das, currently Chief General Manager (CGM), has been promoted and designated as Chief General Manager–COO of Indian Bank. He will also take over as Chief General Manager–Chief Compliance Officer (CCO) following the superannuation of Suresh Kumar S on May 31, 2025.
These appointments mark a strategic leadership transition for both SBI and Indian Bank, as they focus on enhancing governance, operational efficiency, and overall performance. The changes are expected to bring in new ideas, perspectives, and expertise, enabling the banks to stay competitive and responsive to the evolving needs of their customers and stakeholders.
The leadership reshuffle comes at a time when the banking sector in India is undergoing significant changes, driven by technological advancements, regulatory reforms, and shifting customer expectations. The new appointees will play a crucial role in navigating these changes and driving growth, innovation, and sustainability at their respective banks. Overall, the appointments are expected to have a positive impact on the banks’ operations, governance, and overall performance, ultimately benefiting their customers, employees, and stakeholders.
VinFast reportedly seeks Indian bank financing as it gears up to launch its first electric vehicle manufacturing facility in the country
Vietnamese electric vehicle (EV) maker VinFast Auto Ltd. is in talks with India’s state-owned banks to secure a loan of up to $200 million. This loan is part of the company’s proposed $500 million investment in India, as it ramps up plans to establish itself in the country’s rapidly expanding EV market. The financing is expected to be denominated in Indian rupees or through the external commercial borrowing (ECB) route in foreign currency. Discussions are ongoing, but the final terms have not yet been agreed upon.
This marks VinFast’s first major financing push in India, indicating the company’s long-term commitment to investing in the local market. The loan will be used to support the establishment of VinFast’s EV manufacturing facility in Tamil Nadu, which is now scheduled to open on July 30. The facility will be crucial for local production and distribution of VinFast’s EVs in India.
VinFast’s expansion into India is part of its strategic pivot towards Asia, after making a deliberate geographical shift away from North America and Europe due to high logistics costs. The company is focusing on key Asian markets, including Vietnam, India, Indonesia, and the Philippines. VinFast’s founder and CEO, Pham Nhat Vuong, has committed close to $1 billion since 2023, and a further $2 billion through 2026, to support the company’s growth.
The company is also preparing to launch its debutante products in India, the VinFast VF6 and VF7, and will soon start taking reservations for these models. The smallest EV, the VF3, is set to be launched in 2026. VinFast’s global ambitions are largely bolstered by its cash reserves, with parent company Vingroup pledging loans of up to $1.4 billion to support growth.
Overall, VinFast’s entry into the Indian market is a significant development in the country’s EV sector, and the company’s commitment to investing in the local market is a positive sign for the industry’s growth. With its manufacturing facility set to open soon, VinFast is well-positioned to capitalize on India’s rapidly expanding EV market, and its strategic pivot towards Asia is likely to yield significant returns in the coming years.
Public sector banks shine with surge in gold loans
State-owned banks in India have seen a significant increase in gold loans during the fiscal year 2025, largely due to the rising prices of gold. The country’s largest public lender, State Bank of India (SBI), reported a 53% increase in personal gold loans, reaching Rs 50,011 crore in the quarter ended March 31, 2025. Other public sector banks, such as Indian Bank and Bank of Baroda, also saw substantial growth in their gold loan portfolios, with increases of 81% and 55.6%, respectively.
The growth in gold loans can be attributed to the soaring prices of gold, which rose by over 30% in 2024-25. As a result, customers were able to get a better value for their gold when pledging it for loans. The Loan-to-Value (LTV) ratio, which is the percentage of the collateral’s worth that can be lent, has been fixed at up to 75%, but industry sources say that the average LTV ratio availed by customers is around 67%.
The increasing demand for gold loans has been driven by the fact that they are considered a safe and low-risk form of lending, with almost no non-performing assets (NPAs). Indian Bank’s MD & CEO, Binod Kumar, stated that gold loans have been one of the strong portfolios in India and that the bank expects to grow in this segment by around 20% in the current fiscal year.
Another public sector bank, Indian Overseas Bank (IOB), reported a 45% increase in its cumulative jewel loan portfolio, reaching Rs 69,188 crore in 2024-25. The bank’s MD & CEO, Ajay Kumar Srivastava, attributed the growth to the escalating prices of gold and stated that this segment is going to be one of the major products for the bank.
Overall, the growth in gold loans is expected to continue in the current fiscal year, driven by the rising prices of gold and the increasing demand for safe and low-risk lending products. The public sector banks are expected to benefit from this trend, with gold loans becoming an increasingly important part of their portfolios.
Axis Bank Inks Lease Agreement, Propelling GIFT City’s Growth
Axis Bank, one of India’s largest banks, has made history by becoming the first Indian bank to execute an aircraft lease deal for 34 trainer aircraft for Air India. This deal is significant not only for Axis Bank but also for Indian aviation finance, as it marks the first transaction where all stakeholders, including the lender, borrower, law firm, facility agent, and security agent, worked through their entities based in the Gujarat International Finance Tec-City (GIFT City). GIFT City is India’s new international financial services center (IFSC), which offers a favorable tax regime and a strong regulatory framework for domestic and international financiers.
Traditionally, Indian airlines have relied on multinational banks and foreign lenders for aircraft leases, mainly routed through Dublin, Ireland. However, with the growth of GIFT City, this is changing. Air India has already closed eight lease deals worth $1 billion, including with international lenders, and IndiGo Airlines has financed 20 Airbus A321Neos for $1.8 billion through international lenders. The Indian government is actively promoting the use of GIFT City as a financial hub for cross-border deals, particularly in the aviation sector.
The Indian government has identified $30 billion in funding for fleet modernization and expansion, and Indian airlines have ordered a total of 1,600 aircraft worth $100 billion to be delivered over the next 10 years. Indian banks are keen to finance these deals, and several other banks have expressed interest in entering the space following Axis Bank’s deal. The government is committed to facilitating domestic and foreign banks in structuring and financing leases out of GIFT City.
The new law allowing faster repossession of defaulted aircraft has also boosted confidence in the sector. With its favorable tax regime and strong regulatory framework, GIFT City is poised to become a major hub for aviation finance in India. The Axis Bank deal is a significant milestone in this journey, and it is expected to pave the way for more Indian banks to participate in aircraft lease deals, reducing the country’s dependence on foreign lenders and promoting the growth of the domestic aviation industry.
The Reserve Bank of India (RBI) has slapped a penalty on Indian Bank and Mahindra & Mahindra Financial Services
The Reserve Bank of India (RBI) has imposed penalties on two financial institutions, Indian Bank and Mahindra & Mahindra Financial Services, for non-compliance with regulatory requirements. Indian Bank has been fined Rs 1.61 crore for violating certain provisions of the Banking Regulation Act and failing to comply with directions related to interest rates on advances, the Kisan Credit Card (KCC) Scheme, and lending to the Micro, Small and Medium Enterprises (MSME) sector.
Mahindra & Mahindra Financial Services, on the other hand, has been penalized Rs 71.30 lakh for non-compliance with provisions related to non-banking financial companies and Know Your Customer (KYC) directions. The RBI emphasized that the penalties are not intended to question the validity of any transactions or agreements entered into by the entities with their customers, but rather to address deficiencies in regulatory compliance.
The penalties were imposed after the RBI conducted inspections and found that both institutions had failed to adhere to certain regulatory requirements. The RBI stated that the penalties are based on the deficiencies found during the inspections and are intended to ensure that financial institutions comply with regulatory requirements and maintain high standards of governance and customer protection.
The RBI’s actions serve as a reminder to financial institutions of the importance of complying with regulatory requirements and maintaining high standards of governance and customer protection. The penalties imposed on Indian Bank and Mahindra & Mahindra Financial Services demonstrate the RBI’s commitment to enforcing regulatory compliance and ensuring that financial institutions operate in a fair and transparent manner.
The penalties are also intended to promote a culture of compliance among financial institutions and to prevent similar non-compliances in the future. By imposing penalties, the RBI aims to ensure that financial institutions take regulatory requirements seriously and implement effective systems and processes to prevent non-compliances. Overall, the RBI’s actions are aimed at maintaining the stability and integrity of the financial system and protecting the interests of customers.
After RBI’s Interim Repo Rate Cut, Banks Begin Reducing Lending Rates
In response to the Reserve Bank of India’s (RBI) 25 basis point reduction in the repo rate on April 9, several banks have begun to cut their lending rates, passing on the benefit to their borrowers. Indian Bank was the first to announce a reduction in its repo-linked benchmark lending rate from 9.05% to 8.70%, effective from April 11. Canara Bank is likely to follow suit, with a source indicating that the bank may reduce its RBLR by 25 basis points in a near future meeting. Indian Overseas Bank has already decided to reduce its RBLR by 25 basis points to 8.85%, effective from April 12. This rate cut is expected to lower borrowing costs for customers with loans linked to RBLR, including home loans and business loans. As a result, customers may see reduced equated monthly installments (EMIs) or shorter loan tenures.
The RBI’s decision to cut the repo rate is expected to lead to surplus liquidity, facilitating faster transmission of policy rate cuts. This is in contrast to the February rate cut, when no bank passed on the benefit to customers. Non-banking financial companies (NBFCs) are also considering reducing their lending rates, with Hinduja Leyland Finance’s MD and CEO, Sachin Pillai, stating that the RBI’s move will create opportunities for NBFCs to reduce borrowing costs and pass on benefits to customers in vehicle financing, affordable housing finance, and small and medium enterprise (SME) financing.
The cumulative reduction in lending rates could be up to 50 basis points, with the RBI hinting at another potential rate cut by the end of the fiscal year. The RBI’s Asset Liability Management Committee (ALCO) is expected to meet soon, and a 50 basis point rate cut is possible. This could further reduce borrowing costs for customers, making it a positive move for the economy. The rate cut is a welcome development, especially for sectors that have high credit sensitivity, such as vehicle financing, affordable housing finance, and SME financing. Overall, the move is expected to benefit customers and stimulate economic growth by making borrowing cheaper and more accessible.
Widespread disruption: India’s UPI transaction system crashes, leaving users unable to access multiple apps and services nationwide | Top News Stories
A major outage affected several UPI (Unified Payments Interface) apps on Saturday, preventing users from sending and receiving money. According to data from Downdetector, a website that tracks app outages, over 2,300 reports of UPI issues were submitted around 1 PM. Google Pay, Paytm, and various banks were among the apps affected. The outage caused significant inconvenience to users across India, marking the third major UPI outage in the past 30 days.
The most affected banks included State Bank of India (SBI), HDFC Bank, Axis Bank, Bank of India, Indian Bank, ICICI Bank, Kotak Mahindra Bank, Bank of Baroda, Federal Bank of India, IDBI Bank, Yes Bank, IndusInd Bank, and IDFC Bank. Many users reported issues with mobile banking, online banking, fund transfers, and bill payments.
While the outage was widespread, no single issue dominated the reports. Some users reported payment failures, while others experienced problems with transactions, mobile banking, and online banking. The exact cause of the outage is not clear, but it highlights the importance of reliable payment systems and the need for banks and fintech companies to prioritize user experience.
The recent outage serves as a reminder that technology can fail, and it is essential to have backup plans and redundancy measures in place to minimize the impact of outages. In the meantime, affected users are advised to monitor the situation and wait for further updates from their banks and fintech companies.
A boost to the masses, four major government-backed banks slash interest rates, bringing welcome respite to the common folk.
The Reserve Bank of India (RBI) has cut interest rates for the second consecutive time, and as a result, four government banks have reduced their interest rates. The affected banks include Punjab National Bank, Bank of India, Indian Bank, and UCO Bank. This decision will benefit both existing and new borrowers, providing relief to the common man.
Bank of India has reduced its repo-linked benchmark lending rate (RBLR) from 9.10% to 8.85%, effective from April 9. Indian Bank has cut its RBLR by 35 basis points to 8.70%, effective from April 11. Punjab National Bank has revised its RBLR from 9.10% to 8.85%, effective from April 10. UCO Bank has reduced its lending rate to 8.8%, effective from April 10.
The RBI’s decision has a direct impact on interest rates for all types of loans, including home loans, car loans, and personal loans. The central bank has changed its monetary policy stance from “neutral” to “accommodative”, indicating that it may continue to maintain a soft stance in the coming times. This decision is expected to provide relief to the common man, making it easier for them to borrow money.
The RBI has also lowered its GDP growth forecast for FY26 by 20 basis points to 6.5%. The growth forecast for the first quarter of FY26 is 6.5%, 6.7% for the second quarter, 6.6% for the third quarter, and 6.3% for the fourth quarter.
This reduction in interest rates is a positive development for the economy, as it will make borrowing cheaper and stimulate economic growth. The four government banks that have reduced their interest rates are expected to pass on these benefits to their customers, making it easier for them to borrow money and invest in the economy. Overall, this decision is expected to have a positive impact on the economy, providing relief to borrowers and stimulating economic growth.
Bank of Baroda, Indian Bank, and PNB Cut Loan Interest Rates in Response to RBI’s Repo Rate Reduction
The Reserve Bank of India (RBI) recently cut the repo rate, leading to expectations of cheaper loans for account holders. Now, three major government banks – Bank of Baroda, Indian Bank, and Punjab National Bank – have announced a reduction in interest rates on their loans. These measures aim to provide relief to common customers by making loans cheaper and decreasing the burden of Equated Monthly Installments (EMIs).
Indian Bank, based in Chennai, has cut its repo benchmark rate and repo-linked benchmark lending rate from April 11, 2025. The repo benchmark rate has been reduced from 6.25% to 6.00%, while the repo-linked benchmark lending rate has come down from 8.70% to 8.40%. The bank’s decision aligns with RBI’s policy of providing loans at affordable interest rates. Punjab National Bank, the country’s second-largest bank, has reduced its repo-linked lending rate by 25 basis points from 9.10% to 8.85%. Bank of Baroda has also cut its interest rate on loans by 0.25% to provide convenience to customers.
These interest rate reductions will primarily benefit customers whose loans are linked to the RBI’s repo rate. Home loan, personal loan, and auto loan holders can expect significant relief as a result of the RBI’s order. Other banks may follow suit, further decreasing loan rates and making loans even cheaper for consumers.
NCLAT Gives Green Light for Banks to Pursue Legal Action Against Former IL&FS Directors
The National Company Law Appellate Tribunal (NCLAT) has passed an order allowing state-owned Canara Bank and Indian Bank to proceed with declaring former directors of Infrastructure Leasing & Financial Services (IL&FS) as willful defaulters, but only if they are not part of the new board. The tribunal granted leave to the banks to make an application against the former directors who were not part of the new board, which was constituted by the government in October 2018.
The NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, said that the protection extended to the former directors would not extend to those who are part of the new board. The tribunal also protected Professional Directors who were reappointed in IL&FS and its subsidiaries after October 1, 2018.
The crisis in IL&FS was triggered by a massive debt of Rs90,000 crore, which sent shockwaves through the financial sector of the country. The government had appointed a new board of IL&FS in October 2018, and NCLAT had passed an interim stay on certain actions by creditors and other parties against IL&FS and its group companies.
IL&FS had argued that in view of the stay order, all directors, including the erstwhile ones, were protected from legal proceedings. However, the banks emphasized that only show-cause notices were issued to the erstwhile directors, and the process needs to be completed as per the RBI circular.
The NCLAT order allows the banks to pursue proceedings against the former directors who are not part of the new board, but protects those who are part of the new board and have been reappointed as Professional Directors. The order is seen as a significant development in the IL&FS saga, which has been marked by controversy and legal wrangles.
Bank of Baroda responds to RBI rate cut by slashing lending rates for retail borrowers, a boon for individuals seeking loans
The Bank of Baroda (BoB) has announced that it will pass on the benefits of the recent RBI rate cut to its customers immediately. Following the RBI’s decision to reduce the repo rate by 25 basis points, several public sector banks, including Punjab National Bank, Bank of India, Indian Bank, and UCO Bank, have already cut their lending rates by up to 35 basis points. BoB has now also reduced its external benchmark-linked lending rates for retail and MSME customers.
The new rates will be effective immediately, and existing customers will also benefit from the rate cut. The bank’s Overnight Marginal Cost of Funds-Based Lending Rate (MCLR) stands at 8.15%, and its one-year MCLR is 9%. This puts BoB among the most competitive banks in the industry.
The rate cut by the Reserve Bank of India was the second consecutive reduction, following the 25 basis point cut in February. Loan borrowers from other banks are now hoping that their loan interest rates will also come down, totaling a 50 bps reduction.
According to the bank, this move reaffirms its commitment to providing credit at affordable rates and supporting economic growth and financial inclusion. The rate cut is expected to benefit individuals and businesses, especially those belonging to the retail and MSME segments. However, it is not clear whether other banks will follow suit, but the move by BoB is a positive development for Consumers.
Four PSU banks slash loans rates in tandem with RBI’s rate decision, with others expected to follow suit.
In response to the Reserve Bank of India’s (RBI) decision to reduce its short-term lending rate (repo rate) on Wednesday, four public sector banks have announced a reduction in their lending rates. Punjab National Bank (PNB), Bank of India, Indian Bank, and UCO Bank have all reduced their repo-linked benchmark lending rates (RBLR) by up to 35 basis points.
According to regulatory filings, Indian Bank’s RBLR will be lowered to 8.70 per cent effective April 11, while PNB’s RBLR will be reduced to 8.85 per cent effective April 10. Bank of India’s new RBLR stands at 8.85 per cent, effective from Wednesday. UCO Bank has brought down its repo-linked rate to 8.8 per cent, effective Thursday.
These rate reductions are expected to benefit both existing and new borrowers, as they will pay lower interest rates on their loans. Other banks are also likely to follow suit and announce similar rate reductions in the coming days.
The RBI’s decision to reduce the repo rate was seen as a move to boost economic growth, and the reduction in lending rates by these public sector banks is expected to have a positive impact on the overall economy. With borrowers paying lower interest rates on their loans, they will have more disposable income and may be more likely to make big-ticket purchases or invest in other financial assets, which can help stimulate economic growth.
Overall, the reduction in lending rates by these public sector banks is a positive development for borrowers and the economy as a whole. It is a step towards making credit more affordable and accessible, which can help drive economic growth and development.
NCLAT permits banks to take action against former IL&FS directors
The National Company Law Appellate Tribunal (NCLAT) has ruled that state-owned Canara Bank and Indian Bank can pursue legal proceedings against former IL&FS directors who are not part of the new board to declare them as wilful defaulters. However, the tribunal has granted protection to those directors who are part of the new board of IL&FS and its subsidiaries after October 1, 2018. This means that any former directors who are no longer affiliated with IL&FS in any capacity will be subject to legal action, while those who have been reappointed to the board of IL&FS or its subsidiaries will be shielded from such action.
The tribunal’s decision is a significant development in the ongoing saga surrounding IL&FS, which is currently undergoing a debt resolution process. The company’s financial troubles were caused in part by the actions of its erstwhile directors, who were accused of making reckless decisions that led to the company’s downfall. The banks had been seeking to declare these directors as wilful defaulters in order to recover their outstanding dues.
The NCLAT’s ruling is seen as a victory for the banks, which can now move forward with their efforts to recover their debts. The tribunal’s decision to grant protection to the new board members, however, is also seen as a positive development, as it will help to ensure that the company can move forward with a stable and effective leadership. The ruling is also expected to send a strong message to other companies and their directors, who are expected to be held accountable for their actions.
Overall, the NCLAT’s decision is a significant step forward in the debt resolution process and is likely to have important implications for IL&FS and its stakeholders. The company’s future direction and prospects will now depend on the actions of its new board and the success of its debt resolution plans.
NCLAT permits Canara Bank and Indian Bank to take legal recourse against former IL&FS directors, as reported by ET Infra
The National Company Law Appellate Tribunal (NCLAT) has ruled that state-owned Canara Bank and Indian Bank can pursue proceedings against former directors of Infrastructure Leasing & Financial Services (IL&FS) who are not part of the new board to declare them as wilful defaulters. However, those directors who are part of the new board of IL&FS and its subsidiaries after October 1, 2018, will remain protected.
The NCLAT bench, comprising Chairperson Justice Ashok Bhushan and Member Barun Mitra, allowed the banks to make an application for proceeding against the former directors. The tribunal also granted protection to professional directors who were reappointed to the board of IL&FS and its subsidiaries after October 1, 2018.
The government had appointed a new board of IL&FS in October 2018 after a debt crisis, which sent shockwaves through the financial sector. NCLAT had also granted an interim stay on certain actions by creditors and other parties against IL&FS and its group companies.
IL&FS had argued that the directors are protected under the NCLAT order dated October 15, 2018, which restrained all persons from taking any coercive action against IL&FS and its group entities. However, the banks argued that the show cause notices were issued only to erstwhile directors of the companies, and the process needs to be completed as per the RBI circular.
The NCLAT ruling comes as a major relief to Canara Bank and Indian Bank, which will now be able to pursue proceedings against the former directors to declare them as wilful defaulters. The ruling is also a setback for the former directors, who will not be able to escape accountability for their actions.
Ashok Leyland Partners with Indian Bank to Seize the Market with Channel Finance Deal for Medium and Heavy Commercial Vehicle Dealers
Ashok Leyland, a leading commercial vehicle manufacturer in India, has signed a Memorandum of Understanding (MoU) with Indian Bank to provide financing solutions for its Medium and Heavy Commercial Vehicle (M&HCV) dealers. The partnership aims to deliver tailored financial solutions to support Ashok Leyland’s dealer network, enhancing dealer liquidity through faster credit approvals and competitive interest rates.
Under the agreement, Indian Bank will provide financial solutions to Ashok Leyland’s M&HCV dealers to address their working capital needs. The collaboration will enable dealers to access customized financing solutions designed to meet their unique requirements. The partnership is expected to simplify access to financial solutions for Ashok Leyland’s dealers, empowering them to manage working capital more efficiently and enhance business operations.
Ashok Leyland’s Chief Financial Officer, Balaji K M, said that the partnership will strengthen the company’s market position and deliver exceptional experiences to their customers. National Sales Head – MHCV, Madhavi Deshmukh, added that the collaboration will provide exceptional financing solutions to their valued dealers, extending their market reach and reinforcing their commitment to innovation and partner success.
Indian Bank’s Executive Director, Ashutosh Choudhury, emphasized that the bank is pleased to partner with Ashok Leyland to provide their dealers with seamless and tailored financing solutions. He further stated that the partnership reaffirms the bank’s commitment to supporting the diverse financial requirements of businesses in the commercial vehicle sector.
The partnership is expected to benefit Ashok Leyland’s dealers by providing them with access to financial solutions that are designed to meet their unique requirements. It will also enable the company to scale its operations and drive business growth by simplifying access to financing solutions for its dealers.
Electricity consumers can now transfer their security deposits to prominent public sector banks, offering a convenient and secure alternative.
The Electricity Department of the Andaman and Nicobar Islands has announced that consumers can now transfer their electricity security deposits from the Andaman and Nicobar State Cooperative Bank (ANSCB) to any of the solvent Public Sector Banks operating in the Islands. This move has been approved by the competent authority and applies to all consumers of the department.
The list of eligible banks includes several major public sector banks such as State Bank of India, Canara Bank, Indian Bank, and others. Consumers are required to deposit the revised security amount with one of these banks either in the form of a bank guarantee or by providing a lien against a fixed deposit.
The revised security deposit amount will be equivalent to twice the average of the actual bills paid by the consumer during the previous financial year. This amount will be reviewed annually by the Electricity Department, as per Section 5.136 of the Joint Electricity Regulatory Commission (JERC) Regulations, 2018.
Once the new security deposit arrangement is established and necessary documentation is submitted, consumers can request the release of their existing security deposit held with ANSCB. The Department will forward these requests to ANSCB, which will then return the deposit amount along with accrued interest directly to the consumers.
This development is expected to provide more flexibility and convenience to consumers in managing their electricity bills and security deposits. It also aims to ensure that consumers are not penalized for fluctuations in their electricity consumption patterns. By allowing consumers to transfer their security deposits to other banks, the Electricity Department is providing an additional option for managing their financial obligations.
South Indian Bank posts 10% increase in advances and 5.5% rise in deposits, signaling a robust growth performance.
South Indian Bank reported a 10% growth in gross advances, standing at Rs 88,447 crore at the end of FY25. In contrast, the bank’s deposits grew at a slower pace of 5.5%, reaching Rs 1.08 lakh crore. The bank’s current and savings account (CASA) deposits to total deposits ratio declined marginally to 31.37% from 32.8% a year ago, although it improved from 31.15% in December 2024.
The bank made a conscious decision to allow some of its bulk deposits to mature, a move that tends to be more costly. According to Managing Director PR Seshadri, “We consciously allowed some of our wealth deposits to get paid off because they tend to be (raised at) higher cost.”
This strategy is likely aimed at reducing the bank’s dependency on expensive deposits and increasing its profitability. By shifting its focus to retail banking and CASA deposits, South Indian Bank can potentially lower its funding costs and improve its bottom line.
The bank’s decision to taper its bulk deposits is a trend expected to continue in the Indian banking sector. With the Reserve Bank of India expected to tighten monetary policy and reduce liquidity, banks may need to reassess their deposit strategies to maintain profitability.
South Indian Bank’s performance highlights the challenges faced by the Indian banking sector, particularly in managing deposit growth and maintaining profitability. As the sector navigates these challenges, banks like South Indian Bank will need to adopt innovative strategies to stay competitive and profitable amidst a rapidly evolving market.
Indian Bank Names Venkatachalam Anand as Chief Officer for Vigilance
Shri Venkatachalam Anand has been appointed as the new Chief Vigilance Officer (CVO) of Indian Bank, effective April 1, 2025. Anand, who previously held the position of CVO at UCO Bank, will take over from Shri Vishesh Kumar Srivastava, who is being transferred to Bank of Baroda. Srivastava’s tenure as Indian Bank’s CVO came to an end on April 1, 2025.
Shri Venkatachalam Anand has over three decades of experience in the banking sector. He joined Bank of India (BOI) in 2000 as a Senior Manager (Law) and has since worked in various roles, including as Assistant General Manager and Zonal Manager. His expertise lies in law, recovery, and asset management, as well as retail business.
As CVO, Shri Anand will be responsible for ensuring the integrity and transparency of Indian Bank’s operations. His appointment comes at a time when the bank is undergoing significant changes, including a shift towards digital banking and increased focus on customer service.
Shri Anand’s tenure at UCO Bank has been marked by significant achievements, including improving the bank’s recovery rates and enhancing its risk management strategy. His experience and expertise will undoubtedly be valuable in his new role as CVO of Indian Bank.
Empowering women requires financial independence, says Nara Bhuvaneshwari
Nara Bhuvaneshwari, the managing trustee of NTR Trust and wife of Chief Minister N. Chandrababu Naidu, inaugurated a micro-finance center of the Indian Bank in Kuppam, Chittoor district, as part of a joint initiative with the District Rural Development Agency (DRDA) and Mission for Elimination of Poverty in Municipal Areas (MEPMA).
Speaking at the event, Bhuvaneshwari emphasized the importance of financial independence in achieving women empowerment. She encouraged women to avail bank loans to optimize their entrepreneurial potential and become progressive entrepreneurs. She also highlighted the various government schemes aimed at providing loans to women, enabling them to enhance their living conditions and lifestyles.
The micro-finance center in Kuppam will provide financial services to women self-help groups (SHGs), enabling them to access credit facilities, upgrade their lifestyles, and grow their businesses. Bhuvaneshwari stressed the need for women to be cautious of cyber frauds and to prioritize leveraging banking facilities, savings, and financial security.
The event also saw the launch of the distribution of ₹30 crore to 160 SHGs through MEPMA and DRDA, and the allocation of ₹330 crores in loans through the Indian Bank. Zonal officials of the bank briefly explained the various financial schemes available to women groups, including Mudra loans, Lakhpati Didi loans, and gold-backed loans.
The event aimed to promote financial empowerment and entrepreneurship among women, highlighting the role of financial institutions and government initiatives in supporting their economic development.
A leading Indian financial institution is on the hunt for a fintech acquisition, reflecting its commitment to stay ahead of the curve in the rapidly evolving digital landscape.
A major Indian bank is reportedly on the hunt for a fintech acquihire, with sources indicating that the bank has already initiated talks with several promising fintech startups. The move is seen as a strategic play to turbocharge the bank’s digital transformation and stay ahead of the competition in the rapidly evolving fintech landscape.
The bank, which is one of the largest in India, is understood to be eyeing startups that have a strong technological edge and innovative solutions in areas such as payments, lending, wealth management, and digital banking. The bank believes that acqui-hiring these startups can help it to gain access to cutting-edge technology, skilled talent, and new revenue streams.
The bank’s fintech acquihire strategy is seen as a significant departure from traditional bank mergers and acquisitions, where the focus is on acquiring assets rather than talent. By aquihiring fintech startups, the bank can tap into the innovative capabilities and entrepreneurial spirit of the founders, while also gaining a foothold in emerging markets.
The move is also seen as a response to the need for banks to adapt to the changing fintech landscape. With the rise of digital payment platforms, mobile wallets, and online lending, traditional banks are under pressure to stay relevant and offer seamlessly integrated digital services to their customers. By acqui-hiring fintech startups, banks can leverage their expertise and technology to provide a more integrated and customer-centric experience.
The bank has already identified a shortlist of potential target companies and is in advanced stages of talks with several of them. Industry insiders suggest that the bank is looking for startups with a strong track record of innovation, scalability, and potential for growth, with a focus on B2B and B2C fintech solutions.
The acquihire is likely to be a strategic play, with the bank looking to integrate the fintech startup’s technology and talent into its own organization, rather than simply exiting the investment. The move is seen as a potential game-changer for the bank, allowing it to stay at the forefront of the fintech revolution and remain competitive in a rapidly changing market.
South Indian Bank Celebrates Women’s Empowerment with the Launch of ‘Women Like You’ Book – A BW Businessworld Initiative
South Indian Bank, a leading private sector bank in India, marked International Women’s Day by launching a book titled “Women Like You” aimed at encouraging and empowering women in the corporate world. The book is a collection of inspiring stories of women who have made a mark in their respective fields, including business, sports, and social service.
The book was launched at a ceremony held at The Leela, Mumbai, which was attended by various dignitaries, including senior officials of the bank, authors, and guests. The event featured a panel discussion on “Elevating Women in the Workplace” which was moderated by renowned author and journalist, Barkha Dutt.
The “Women Like You” book is a result of a year-long initiative by South Indian Bank to recognize and celebrate the achievements of women who have made a significant impact in their professions. The book features stories of 20 women who have overcome challenges and achieved success in their respective fields, including business, sports, and social service.
Speaking on the occasion, D. R. Seth, MD & CEO of South Indian Bank, said, “We are proud to launch ‘Women Like You’ book, which is a testament to the incredible achievements of women in various fields. At South Indian Bank, we believe in promoting a gender-neutral work culture and empowering women to reach their full potential. This initiative is a step towards that vision.”
The book is a testament to the bank’s commitment to promoting diversity and inclusion in the workplace. It is available on all popular e-book platforms and will be distributed widely across the country.
The book launch event was also supported by partners like KAYA, a leading international content platform, and IIM Ahmedabad, one of the top-ranked business schools in India.
South Indian Bank has taken several initiatives to empower women, including offering specific services and products designed for women customers, women-friendly branches and ATMs, and training programs for women employees. The bank also provides special offers and discounts to women customers, including a special loan program for women entrepreneurs.
Overall, the “Women Like You” book launch is a significant step towards promoting women empowerment and celebrating their achievements in various spheres of life.
ED seizes Rs 5.17 crore worth of assets of GDS Builders, handsover to Indian Bank in a major crackdown
The Directorate of Enforcement (ED) in Bhubaneswar has made a significant move towards financial restitution by returning six properties worth ₹5.17 crore to Indian Bank. The properties had been attached by the ED as part of an investigation into a case of criminal conspiracy, cheating, and financial fraud involving M/s GDS Builders & Others. The case originated from a complaint filed by Indian Bank against M/s GDS Builders & Others, alleging that the company had availed of credit facilities from the bank but defaulted on repayment, resulting in the loan being classified as a Non-Performing Asset (NPA).
The ED initiated its investigation based on a First Information Report (FIR) filed by the Central Bureau of Investigation’s (CBI) Anti-Corruption Branch (ACB) in Bhubaneswar. The ED attached multiple properties, including the six assets now being returned to Indian Bank. The ED has also filed a Prosecution Complaint against M/s GDS Builders & Others in the Special Court in Bhubaneswar, which has taken cognizance of the case. The restitution process is in line with a Special Court order directing the return of assets to Indian Bank. The move is part of the ED’s efforts to recover and return proceeds of crime to legitimate claimants. The investigation is ongoing, and additional properties may still be attached and returned to their rightful owners. This successful restitution is a significant step towards ensuring that perpetrators of financial fraud are held accountable and that victims receive their rightful compensation.
On International Women’s Day, South Indian Bank Honors Inspiring Women Leaders with the launch of ‘Women Like You’, a Heartwarming Coffee Table Book
On International Women’s Day, South Indian Bank launched a special coffee table book, “Women Like You”, which chronicles the inspirational stories of 52 remarkable women from various fields. The book was unveiled by Ms. Lakshmi Ramakrishna Srinivas, Director of South Indian Bank, at a grand event in Bengaluru, attended by distinguished guests, industry leaders, and women customers.
The book features stories of ordinary women who have overcome challenges with strength and resilience, achieving lasting success. The evening’s celebration honored women achievers who have broken barriers and paved their own paths to success, serving as a testament to the fact that every successful woman has a story worth reading and emulating.
The event was headlined by international para-athlete and Padma Shri and Arjuna awardee Dr. Malathi Holla, who shared her inspiring journey in the session “Wings to Fly – An Inspiring Journey”. The evening also featured a panel discussion on “The Art of Balance” moderated by sports and celebrity anchor Madhu Mailankody, which brought together a panel of women achievers to discuss strategies for achieving personal and professional fulfillment.
The panellists included Sreedevi Ragavan, Founder of Tattvamassi and Board of Governors of IIM Kozhikode, Rasika Iyer, Co-founder and CMO of Tata Soulfull, Priya Sunder, Co-founder and Director of Peak Alpha Investments, and Simi Sabhaney, Chief Growth Officer of Dentsu India.
The celebration concluded with a mesmerizing performance by Saxophone Subbalaxmi, the first female saxophonist to hold a world record for playing the instrument for the longest duration. The event reaffirmed the bank’s commitment to empowering women by recognizing their achievements and strengthening its engagement with customers and the community.
Indian Consumers Urge Banks to Reinforce Their Anti-Fraud Defenses to Ensure a Safer Banking Experience
A recent survey conducted by FICO, a leading provider of analytics technology, found that two-thirds of Indian bank customers expect banks to compensate them if they fall victim to scams. The survey, which included 11,000 consumers across 14 countries, including India, highlights the need for improved fraud prevention measures in the banking industry.
According to the survey, 57% of respondents believe that banks should improve their fraud detection systems, while 50% think that more warnings are necessary to prevent scams. Despite this, a majority of consumers (87%) report being satisfied with the way their banks handle scam resolution processes.
FICO’s Managing Director in Asia, Dattu Kompella, emphasized the importance of improving scam management, warning that consumer dissatisfaction with fraud handling could result in significant financial and reputational damage to banks. He noted that many consumers are willing to lodge complaints, escalate issues to regulators, or even switch banks if banks fail to effectively handle fraud cases.
The survey’s findings underscore the growing need for banks to prioritize fraud prevention and detection, as well as effective customer support and resolution mechanisms. By improving these measures, banks can not only maintain customer trust and satisfaction but also reduce the risk of financial and reputational losses. Ultimately, the survey’s results serve as a wake-up call for the banking industry to take concrete steps to address the growing concerns of consumers and ensure that they are adequately protected from fraud.