Banking

State Bank of India’s digital platform, YONO, has surpassed 20 crore users within two years, underscoring the rapid adoption of digital banking across the country. The milestone highlights SBI’s success in integrating banking, payments and lifestyle services into a single ecosystem. Riding on this growth, the country’s largest lender is preparing to step up investments in technology, infrastructure and cybersecurity to scale the platform further.

State Bank of India (SBI), the country’s largest lender, has announced a reduction in its lending rates, a move aimed at improving credit demand and easing borrowing conditions across key sectors. The decision reflects a favorable interest-rate environment marked by moderating inflation and stable liquidity. The rate cut is expected to provide relief to retail borrowers while supporting businesses seeking capital for expansion and working capital needs.

Federal Bank has opened its 1,600th branch in New Delhi, signaling the institution’s continued commitment to deepening its presence across India’s fast-growing financial landscape. The milestone reflects the bank’s strategic efforts to strengthen its retail and corporate banking reach while supporting digital adoption in underserved and high-growth markets. As competition intensifies in the banking sector, Federal Bank’s latest expansion underscores its focus on customer-centric services, operational efficiency, and long-term market positioning.

The Ministry of Finance has released a comprehensive ranking of banks and insurance companies based on their grievance redressal performance, signaling a push for enhanced consumer protection and accountability. The evaluation considered response times, resolution efficiency, customer satisfaction, and adherence to regulatory standards. The initiative aims to encourage financial institutions to streamline complaint-handling mechanisms, reduce bottlenecks, and improve trust among consumers.

Airpay has received formal approval from the Reserve Bank of India to facilitate cross-border payment services, marking a pivotal advancement for the fintech firm as it strengthens its global capabilities. The authorization positions Airpay to support international remittances, merchant settlements, and cross-border digital commerce—sectors experiencing rapid expansion due to rising global mobility and cross-market trade.

The Ministry of Finance has announced a series of reforms aimed at modernizing and accelerating recruitment across India’s public sector banks (PSBs). The measures are designed to improve transparency, reduce delays, and ensure that banks can quickly onboard skilled professionals to meet operational needs. By enhancing coordination between banks and recruitment bodies, the government aims to create a more efficient hiring pipeline, particularly for critical frontline and specialist roles.

The Asian Development Bank (ADB) has revised India’s GDP growth projection for FY26 to 7.2%, reflecting stronger-than-expected domestic consumption, improved investment sentiment and a supportive policy environment. The upgrade, from an earlier estimate of 6.5%, highlights India’s resilient economic fundamentals, propelled by tax reforms, steady manufacturing activity and sustained services-sector expansion. The country’s robust 8.2% GDP growth in the July–September quarter has further reinforced optimism.

The Supreme Court has begun examining whether borrowers should be granted a mandatory personal hearing before banks classify their loan accounts as fraudulent—a move with substantial implications for both lenders and debtors. The issue arises amid long-standing concerns that the current framework lacks adequate procedural safeguards, often leaving borrowers without a meaningful opportunity to contest the decision.

State Bank of India (SBI), the nation’s largest lender, has crossed a significant milestone with its home loan portfolio surpassing Rs 9 lakh crore, reflecting sustained demand in the housing market and the bank’s commanding presence in retail credit. The growth underscores rising consumer confidence, urban expansion, and increased affordability due to stable interest rates. Backed by strong distribution capabilities and a diversified borrower base, SBI continues to consolidate its leadership in the mortgage segment.

Bank of Maharashtra has lowered interest rates across several retail loan categories in an effort to boost credit offtake and support consumer spending. The rate cuts, applied to products such as home loans, auto loans, and personal loans, signal the bank’s intention to strengthen its presence in the competitive retail lending space. As borrowing costs ease, the move is expected to encourage fresh loan applications and enhance affordability for both new and existing customers.