Recent 6 months news in Banking

According to the 101st Survey of Professional Forecasters (SPF) released by the RBI, the real Gross Domestic Product (GDP) growth of India is projected at 6.6% for FY27 (up from 6.5% estimated in the 100th SPF) and 7.0% for FY28.

The panellists placed the overall real GDP growth forecasts in the range of 6.0-7.2% for FY27 and 6.5-7.8% for FY28. The quarterly real GDP growth is projected at 6.8% (year-on-year) during Q1 FY27, and is expected to remain within the range of 6.4-7.0% over the subsequent four quarters.

IndusInd Bank and dining platform EazyDiner have jointly launched a lifetime-free co-branded credit card named 'EazyDiner IndusInd Bank Platinum RuPay Credit Card'.

The card offers dining discounts, entertainment benefits, and UPI payment functionality.

Muthoot FinCorp Ltd, a Non-Banking Financial Company (NBFC), has secured a perpetual Authorised Dealer Category-II (AD-II) foreign exchange (Forex) licence from the RBI. The licence enables the NBFC to offer a wider range of regulated forex services.

The RBI has extended the implementation timeline of its revised framework governing loan recovery and engagement of recovery agents from October 1, 2026 to January 1, 2027.

Under the revised directions, existing recovery agents who were not previously covered are granted a 1-year transition window to obtain certification from the Indian Institute of Banking and Finance (IIBF) or an affiliated institute.

Indel Remit, the foreign exchange division of Indel Money Ltd, has secured a perpetual Authorised Dealer-II (AD-II) licence from the RBI to offer trade remittance services.

Under RBI directions, the company is restricted from processing gifts, donations, and transactions exceeding ₹25 lakh.

Indian Bank approved nearly ₹500 crore in Micro, Small and Medium Enterprises (MSME) loans to 128 beneficiaries during a Credit Outreach Programme in New Delhi.

Credit proposals worth nearly ₹1,250 crore were mobilised during the event, which was held as part of the 120th Foundation Day Fortnight Celebrations of the bank. The programme also marked the launch of the Unified MSME Portal, a digital platform designed to provide seamless and integrated lending services for MSME customers.

The RBI has identified 17 Non-Banking Financial Companies (NBFCs) for inclusion in the Upper Layer (NBFC-UL) for FY27, based on their financial position as of March 31, 2026.

Tata Sons continues to be categorized under the upper-layer list. The new entities added to the list include Rural Electrification Corporation (REC) Ltd, Power Finance Corporation (PFC) Ltd, Indian Railway Finance Corporation (IRFC) Ltd, and Housing and Urban Development Corporation (HUDCO) Ltd.

Bajaj General Insurance has signed an MoU with Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group based in Zurich, Switzerland, to explore opportunities in the commercial insurance segment in India.

The 62nd and 3rd Bi-monthly Monetary Policy Committee (MPC) meeting of FY27 was held under the chairmanship of Sanjay Malhotra, Governor of the RBI.

The MPC voted unanimously to keep the policy repo rate under the Liquidity Adjustment Facility (LAF) unchanged at 5.25%, while maintaining a “Neutral” stance. The Standing Deposit Facility (SDF) rate remains at 5%, and both the Marginal Standing Facility (MSF) rate and the Bank Rate are maintained at 5.5%.

The RBI has revised the Gross Domestic Product (GDP) growth forecast of India for FY27 upward to 6.7% from its previous projection of 6.6%. The Consumer Price Index (CPI) inflation for FY27 is projected at 5%.

RBI has granted Authorised Dealer Category II (AD II) licences to Niyo Forex (via Kanji Forex Pvt Ltd) and GlobalPay (WSFx Global Pay Ltd).

While Niyo Forex received a perpetual licence, GlobalPay secured an expanded perpetual licence under the updated Foreign Exchange Management Act (FEMA) 2026. It is to be noted that these licences facilitate inward and outward trade remittances up to a limit of ₹25 lakh.

Standard Chartered Bank has received approval from the International Financial Services Centres Authority (IFSCA) to offer wealth management products and services through its branch at the Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, Gujarat.

HDFC Bank has launched two new savings account variants, “Max for Seniors”, for senior citizens. and “Max for Her”, for women, to offer customized benefits.

The “Max for Seniors” variant offers cyber insurance coverage of up to ₹25,000 and a debit card-linked accidental death cover of up to ₹3.19 crore. The “Max for Her” variant provides an Auto Sweep facility for higher returns on surplus savings, along with a debit card-linked accidental death cover of up to ₹3.19 crore and an additional accident cover of up to ₹10 lakh.

SBI Life Insurance has signed a strategic corporate agency agreement with the Jammu & Kashmir Bank (J&K Bank) to distribute comprehensive life insurance products across India.

The partnership will offer solutions including protection, savings, retirement, and child plans through a network of over 1,000 J&K Bank branches. This collaboration aligns with the Insurance Regulatory and Development Authority of India (IRDAI) vision of ‘Insurance for All by 2047’.

The RBI has appointed Monisha Chakraborty as an Executive Director (ED), effective from August 3, 2026. In her new role, she will oversee the Foreign Exchange Department (FED) and the Financial Markets Regulation Department (FMRD).

The Department of Financial Services (DFS) under the Ministry of Finance (MoF) has launched India’s first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP) in New Delhi.

The insurance product provides third-party liability coverage of up to $1.5 billion.

The RBI has deferred the implementation of the revised Basel Pillar III disclosure framework for banks by 6 months, setting the new effective date for April 1, 2027. The decision was taken in response to implementation challenges raised by stakeholders.

The revised framework, applicable to Commercial Banks (CB), Small Finance Banks (SFB), and Payments Banks (PB), was initially scheduled for implementation by the quarter ending September 30, 2026. The RBI has aligned these disclosure requirements with the Expected Credit Loss (ECL) framework for capital charge for credit risk under the standardised approach, which is also effective from April 2027.

The SEBI has extended the deadline for Regulated Entities (RE) to complete the Accessibility Audit of digital platforms and the remediation of audit findings under its Digital Accessibility framework to October 31, 2026.

SEBI has also launched the GARUDA framework to simplify and accelerate the filing process for Alternative Investment Fund (AIF) schemes.

SBI Cards and Payment Services Ltd has partnered with Google Pay to launch a co-branded credit card named 'Google Pay Flex SBI Card'. The card is designed to make daily spending more rewarding for users.

The Government of India has approved the RBI proposal to conduct field trials of polymer banknotes in ₹10 and ₹20 denominations. The trial involves introducing 100 crore banknotes of each denomination, amounting to a total value of ₹3,000 crore.

This proposal was submitted by the RBI, upon the recommendation of its Central Board, in accordance with Section 25 of the Reserve Bank of India Act, 1934. It is to be noted that polymer banknotes are printed on non-fibrous and non-porous polymer material.

The National Commodity and Derivatives Exchange Limited (NCDEX) has launched a mutual fund (MF) transaction platform named 'NCDEX Nidhi'.

The platform aims to increase MF penetration in rural and semi-rural India by leveraging its network of 800 Farmer Producer Organisations (FPOs) and certified local MF distributors. It has initially onboarded 6 Asset Management Companies (AMCs).