RBI appoints Monisha Chakraborty as executive director from August 3
The Reserve Bank of India (RBI) has appointed Monisha Chakraborty as executive director (ED) with effect from August 3, 2026. Before her promotion as ED, she served as chief general manager-in-charge in the Department of Supervision. As executive director, Chakraborty will oversee the Foreign Exchange Department and the Financial Markets Regulation Department.A career central banker, […]
Private banks step up FCNR (B) mobilisation with higher deposit rates
With only two months remaining before the Reserve Bank of India’s (RBI) concessional FCNR(B) swap window closes, private sector banks are now actively increasing efforts to attract deposits. Earlier, foreign banks and State Bank of India (SBI) had led the inflows. To boost participation, major private banks like HDFC Bank and ICICI Bank have raised […]
Chandigarh tops RBI ombudsman grievances rates in FY25
The Reserve Bank of India (RBI) Deputy Governor Swaminathan J has asked banks and financial institutions to improve their internal complaint handling systems. He pointed out that many complaints reaching the RBI Ombudsman were not first handled by the institutions themselves. As per the updated Integrated Ombudsman Scheme (from July 1), customers must first raise […]
Zero PSB locker thefts in FY26: How bank lockers are secured in India
For the first time in five years, public sector banks (PSBs) reported no locker theft cases in 2025-26, according to the government. This marks a significant improvement after the country’s 12 PSBs reported 40 established locker theft cases between 2021-22 and 2024-25. In a written reply to a question in the Rajya Sabha, Minister of […]
RBI allows banks to link bulk deposit rates to liquidity profile
The Reserve Bank of India (RBI) has allowed banks more flexibility in setting interest rates on bulk deposits. Banks can now offer different interest rates based on how stable these deposits are under the Liquidity Coverage Ratio (LCR) rules. However, RBI has kept an important rule in place—interest rates must remain uniform for similar deposits. […]
Bank holidays in August 2026: Banks to stay closed for 14 days; check list
Reserve Bank of India (RBI) has released its holiday calendar, which lists 14 holidays in August, including scheduled Sundays and Saturdays off. All Indian banks, both public and private, will be closed on these days. In addition to gazetted public holidays, all scheduled and unscheduled banks observe closures on all second and fourth Saturdays as […]
Inflows through special window to ease banks’ liquidity pressure
A surge in inflows through a special window—mainly via FCNR(B) deposits—is helping ease liquidity pressure in the banking system. These inflows have strengthened banks’ foreign currency resources, improving overall liquidity conditions and supporting stability in the financial system. The move comes as part of measures aimed at attracting overseas funds and managing tight liquidity situations […]
Axis, Kotak Mahindra raise charges for overseas card transactions
Axis Bank and Kotak Mahindra Bank have increased charges on overseas card transactions, making international spending costlier for customers. Axis Bank will raise its dynamic currency conversion (DCC) fee on credit cards from 1.5% to 3.5% (effective August 28, 2026), while Kotak Mahindra Bank will increase charges on debit card transactions from 1% to 3.5% […]
Banks collected ₹7,086 crore as minimum balance penalties in FY26
Private sector banks collected ₹4,948.71 crore in FY26 as penalties from customers for not maintaining the minimum average balance (MAB) in their savings and current accounts, while public sector banks (PSBs) collected ₹2,137.92 crore during the same period. In total, banks earned over ₹7,086 crore through such charges, as informed by Minister of State for […]
Chandigarh tops RBI ombudsman grievances rates in FY25
RBI Deputy Governor Swaminathan J has asked banks and financial institutions to improve their internal complaint handling systems. He pointed out that many customer complaints reaching the RBI Ombudsman were never addressed by the institutions first. As per the updated rules from July 1, customers must first raise complaints with the concerned bank or NBFC. […]