Recent 6 months news in Banking

The RBI has issued the “RBI (Non-Banking Financial Companies (NBFC) - Branch Authorisation) Amendment Directions, 2026” to enhance operational flexibility for NBFCs while ensuring regulatory oversight. The rules have come into force with immediate effect.

All applications must be submitted through the Platform for Regulatory Application, Validation And AutHorisation (PRAVAAH) portal. Under the revised norms, deposit-taking NBFCs with Net Owned Funds (NOF) up to ₹50 crore or lower credit ratings are permitted to open branches only within the state of their registered office.

SEBI has launched three new Information Technology (IT) platforms: “Single Universal Platform for Communications” (SUPCOMS) 2.1, the “e-adjudication portal”, and “Cyber-Sec Audit Compliance” (C-SAC).

The SUPCOMS 2.1 platform serves as a centralized digital interface that replaces traditional email-based communication for all interactions with external entities. The “e-Adjudication Portal” provides a transparent and paperless platform for quasi-judicial proceedings to increase efficiency and speed. It is to be noted that C-SAC is an AI based platform that enables automated analysis of cyber audit reports to identify compliance gaps and provide risk insights.

NPCI Bharat BillPay Ltd (NBBL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has onboarded Axis Bank onto the “Banking Connect” platform.

With this, the platform is now available across 8 major banks, including State Bank of India, HDFC Bank, and ICICI Bank. The platform also integrates 11 Payment Aggregators (PAs) to facilitate streamlined digital payment services.

The SEBI has introduced a two-pronged, one-time relief measure for companies to ease IPO validity timelines and Minimum Public Shareholding (MPS) compliance requirements.

The measure extends the validity of “SEBI Observation Letters” (IPO approvals) that expire between April and September 2026 until September 2026. SEBI also granted a one-time relaxation for listed companies to meet the 25% MPS threshold if their deadlines fall within the same period of April to September 2026.

CSB Bank Ltd, one of the oldest private sector banks in India, has launched its first dedicated retail savings product named “SMART SAVE ACCOUNT”.

The move aims to strengthen the liquidity of the bank and expand the retail banking portfolio of CSB through automated and customer-centric solutions.

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a sub-committee of the Insurance Advisory Committee (IAC) to examine the current state of private health insurance in India.

The initiative aims to improve consumer experience and increase the reach of health insurance by building trust among policyholders.

The sub-committee is tasked with reviewing critical parameters, providing advice, and overseeing digital transformation.

The Pension Fund Regulatory and Development Authority (PFRDA) has approved PPFAS Asset Management Company (AMC) to act as a sponsor for a pension fund under the National Pension System (NPS).

PPFAS AMC, a subsidiary of Parag Parikh Financial Advisory Services Limited, will set up a separate pension fund company to invest in Equities (EQ), Government Securities (G-Secs), and Corporate Bonds (CBs). Currently, there are 10 AMCs authorized to function as fund managers under the NPS framework.

It is to be noted that the NPS was launched in 2004 for government employees and was extended to all citizens in 2009, allowing individuals to choose and switch between various fund managers.

Punjab National Bank (PNB) has signed an MoU with the Government e-Marketplace (GeM) to enhance credit availability for sellers registered on the platform.

Bajaj Alternate Investment Management (Bajaj Alts), the alternative investment arm of Bajaj Finserv, has received approval from the Securities and Exchange Board of India (SEBI) to launch Portfolio Management Services (PMS).

This licence allows the firm to expand its operations beyond its existing Alternative Investment Fund (AIF) business into the actively managed listed equities space.