28 September 2026
Bankopedia Banking Digest — 2026-09-28 #180
- #1economic_timespositive
SBI's Digital-First Strategy Under Chairman Setty
State Bank of India Chairman C S Setty marks two years at the helm by outlining a digital-first, customer-centric growth strategy. Key milestones include capital augmentation, the SBI Mutual Fund listing, and the bank's role in stabilising Yes Bank.
SBI's two-year transformation prioritises digital banking, capital strength, and national financial stability.
digital_bankingcorporate_finance - #2financial_expressneutral
UPI's Decade-Long Disruption of Indian Banking
A new book, 'Cashless Nation: How UPI Changed Everything' by Santanu Paul and B Sambamurthy, traces India's journey from slow outstation cheque clearances to instant digital payments via UPI. Reviewer Ananth Narayan argues UPI's success was the product of sustained, multi-institutional effort rather than any single breakthrough.
UPI dismantled decades-old banking inefficiencies, enabling instant nationwide payments from any mobile device.
paymentsdigital_banking - #3economic_timesneutral
Bank Strike Deferred After IBA-Union Negotiations
Bank unions under the United Forum of Bank Unions (UFBU) have deferred a planned three-day nationwide strike after reaching an interim agreement with the Indian Banks' Association (IBA). Both sides agreed to form a committee to examine a five-day banking week and to begin talks on a Performance Linked Incentive scheme for senior officers.
Bank strike averted as IBA and unions agree to form committee on five-day banking week.
banking_supervisionregulation - #4moneycontrolneutral
Primary Market Surge: Twenty IPOs Open Simultaneously
Twenty initial public offerings (IPOs) are set to open for subscription alongside 20 new stock-market listings in the week beginning September 28, collectively targeting ₹1,292 crore in fresh capital. The primary market has seen strong momentum in 2026, with 96 mainboard IPOs raising over ₹1.13 lakh crore so far this year.
Twenty IPOs seek ₹1,292 crore next week, extending India's robust 2026 primary market run.
capital_markets - #5economic_timespositive
GST Exemption Accelerates Star Health Retail Growth
Star Health Insurance reports an 11% rise in its retail policy base in the year following the government's removal of 18% Goods and Services Tax (GST) on individual health insurance premiums from September 2025. The average sum insured on fresh retail policies also rose by ₹1.4 lakh to ₹13.7 lakh over the same period.
GST removal on health insurance premiums drove Star Health's retail portfolio growth from 2% to over 11%.
insurancefinancial_inclusion - #6moneycontrolneutral
NPS Full Withdrawal Rules Meet Tax Reality
PFRDA's June 2025 amendment allows full National Pension System corpus withdrawal at 60 if the balance does not exceed ₹8 lakh, up from the earlier threshold. However, the Income Tax Act still exempts only 60 percent of the NPS corpus, leaving the tax treatment of the remaining 40 percent under a full withdrawal legally ambiguous.
NPS corpus below ₹8 lakh can be fully withdrawn, but tax exemption covers only 60 percent.
financial_inclusion - #7hindu_businesslinepositive
SBI Eyes NRI Retail Flows via GIFT City
State Bank of India is designing foreign-currency products for Non-Resident Indian retail customers to invest through its GIFT City International Banking Unit, which carries a balance sheet of approximately $21 billion. Chairman C S Setty highlights GIFT City's tax advantages and competitive short-term interest rates as key draws for NRI deposits from the US, UAE and UK.
SBI's $21 billion GIFT City unit targets NRI retail deposits with new foreign-currency products.
digital_bankingforexfinancial_inclusion - #8moneycontrolneutral
Recurring Deposit Penalties and Account Risk
Missing a recurring deposit instalment triggers an immediate penalty of roughly ₹1.50 per ₹100 of the monthly contribution for each month of delay, with the overdue amount recoverable to keep the account active. Persistent non-payment risks the account being classified as irregular and ultimately closed, jeopardising expected maturity proceeds.
Banks charge ₹1.50 per ₹100 per delayed month on missed recurring deposit instalments.
digital_banking - #9hindu_businesslineneutral
Supreme Court Scrutinises UPI Merchant Fee
India's Supreme Court is set to hear a petition challenging the government's decision to impose a 0.4 percent Merchant Discount Rate on UPI person-to-merchant transactions exceeding ₹2,000, effective October 15. Person-to-person transfers, which account for 70 percent of UPI's transaction value, remain exempt from any charge.
Supreme Court to examine legality of 0.4% MDR on UPI merchant payments above ₹2,000.
paymentsregulation - #10hindu_businesslineneutral
Tamil Nadu SLBC Targets Agri and MSME Credit
Tamil Nadu's 187th State Level Bankers' Committee meeting reviewed banking sector performance as of June 2026, focusing on credit flow, financial inclusion and government-sponsored scheme implementation. Senior officials stressed expanding Kisan Credit Card disbursements, agri-infrastructure lending and creating model projects under the Micro, Small and Medium Enterprises framework.
Tamil Nadu SLBC urges banks to scale up Kisan Credit Card and MSME model-project lending.
financial_inclusioncredit_marketsbanking_supervision - #11hindu_businesslineneutral
SEBI's PRIM Route Reshapes Portfolio Management
SEBI's new Portfolio Manager Route for Investing in Mutual Funds (PRIM) allows investment advisers and wealth managers to manage customised portfolios starting at ₹25 lakh, half the conventional PMS threshold. The reform could draw a new wave of players into the portfolio management industry by broadening the scope of permissible assets to include ETFs, index funds and Specialised Investment Funds.
SEBI's PRIM route halves the PMS entry threshold to ₹25 lakh, opening managed portfolios to more advisers.
capital_marketsregulation - #12financial_expresspositive
ASK Automotive Diversifies Beyond Braking Systems
ASK Automotive posted 52.1% year-on-year consolidated revenue growth in Q1 FY27, driven partly by higher alloy prices, as the auto-component maker expands beyond its core braking business into aluminium lightweighting, alloy wheels and electric vehicle components. The key question facing the company is whether its broader product portfolio can sustain the high returns historically delivered by its braking segment.
ASK Automotive's underlying revenue grew 25.3% in Q1 FY27 after stripping out alloy price effects.
corporate_finance - #13financial_expresspositive
IIT Madras Deeptech Fund Achieves First Close
IIT Madras, IIT Madras Research Park and Unicorn India Ventures have achieved a ₹450-crore first close of their ₹1,000-crore IITM Unicorn Frontier Fund I, targeting deeptech startups. The fund has already deployed nearly ₹55 crore across four startups spanning rocket engines, quantum instrumentation, battery cells and carbon capture.
IITM Unicorn Frontier Fund I hits ₹450-crore first close, targeting a ₹1,000-crore deeptech corpus.
capital_marketsfintech - #14hindu_businesslinepositive
NABARD Scales Water Security Financing in Rajasthan
NABARD Chairman Shaji Krishnan V met Rajasthan's Chief Secretary to discuss scaling up financial support for water-security and climate-resilience projects in the state, including expanded use of the Rural Infrastructure Development Fund. The two sides also agreed to hold a Rural Development Conclave in October to frame an action plan for a climate-resilient and water-secure rural Rajasthan.
NABARD plans to increase Rural Infrastructure Development Fund support for Rajasthan's water-security projects.
financial_inclusioncredit_marketsdigital_banking - #15hindu_businesslineneutral
Cars24 Charts IPO Path via Reverse Flip
Used-car platform Cars24 expects to be eligible to file its Draft Red Herring Prospectus (DRHP) by April 2027, following a six-to-nine-month reverse flip process to re-domicile from Singapore to India. The company, last valued at $3.3 billion in its 2022 funding round, has not raised fresh capital since then and anticipates a further three to four months for SEBI approvals after filing.
Cars24 targets DRHP filing eligibility by April 2027 after completing its Singapore-to-India re-domiciliation.
capital_marketscorporate_finance