Banking

In response to expanding business demands, India’s public sector banks (PSBs) are set to onboard approximately 50,000 new employees in the current financial year, with around 21,000 officer-level positions and the remainder comprising clerical and support staff. Leading the recruitment drive, State Bank of India (SBI) plans to hire nearly 20,000 personnel, including specialized officers.

In a candid reflection on the dynamics of India’s stock markets, banking veteran Uday Kotak recently underscored the undue influence of financial clout on investor success, emphasizing the market’s foundational roles of capital formation and fair price discovery. His remarks coincided with a significant regulatory crackdown by the Securities and Exchange Board of India (SEBI), which uncovered and penalized New York-based hedge fund Jan Street for manipulating market indices, seizing over Rs. 4,843 crore in illicit gains.

The Odisha government has reversed its earlier decision to delist HDFC Bank, ICICI Bank, and Axis Bank from the roster of empanelled banks authorized to handle state government business. The initial removal, executed on June 21, was based on underperformance in managing state-run schemes and banking metrics such as priority sector lending and credit-to-deposit ratios. Following a constructive meeting between bank officials and Chief Minister Mohan Majhi on July 1, the banks provided written commitments to enhance their performance.

IndusInd Bank has inaugurated its 12th all-women branch in Chennai, located within Saveetha Dental College, Velappanchavadi. Spanning 1,300 square feet and staffed entirely by female officers, this branch aims to foster an inclusive banking environment by offering a comprehensive suite of retail financial services. The initiative underscores the bank’s commitment to empowering women, facilitating their participation in the financial sector through a supportive and accessible platform.

UCO Bank has reported robust growth for the first quarter of FY26, with total business rising 13.67% year-on-year to Rs. 5.24 lakh crore. This expansion was driven by a 16.58% jump in total advances and an 11.57% increase in deposits. Domestic operations contributed significantly, with domestic advances rising nearly 20% and domestic deposits nearing 10% growth. The bank also witnessed a sequential uptick in business, reflecting continued momentum. While the CASA ratio saw a minor decline, the credit-deposit (CD) ratio improved meaningfully.

Reliance Infrastructure Ltd and Reliance Power Ltd have issued formal clarifications affirming their independence following the State Bank of India’s decision to designate the loan account of Reliance Communications (RCom) as fraudulent. The two Anil Dhirubhai Ambani Group (ADAG) companies emphasized there is no financial, operational, or managerial overlap with RCom, nor does Anil Ambani hold board positions in either company.

India’s public sector banks (PSBs) are undergoing a sweeping transformation under the seventh edition of the Enhanced Access & Service Excellence (EASE 7.0) reform agenda. Launched as a critical pillar of the government’s “Viksit Bharat” vision, these reforms are modernizing PSBs through deeper MSME outreach, digital innovation, artificial intelligence deployment, and improved risk management.

In a significant development, State Bank of India (SBI) has officially designated Reliance Communications Ltd.’s (RCom) loan account as “fraud,” implicating its former director, Anil Ambani, in the process. The move prompted swift responses from two other Reliance Group entities—Reliance Infrastructure and Reliance Power—both of which issued clarifying statements to assure markets of their independence from RCom. Despite their efforts to contain the damage, investor sentiment weakened, with shares of both companies falling sharply on July 4.

AU Small Finance Bank announced a series of executive-level appointments, reinforcing its leadership structure and preparing for scalable expansion. The bank has inducted two independent directors—cybersecurity specialist and former IPS officer Nandkumar Saravade, and human capital executive Jagajit Mangal Prasad. Key hires include Yogesh Jain as Chief Operating Officer, Vivek Tripathi as Chief Credit Officer, and Dhavan Shah as Head of Commercial Banking. Internal promotions extend to Avinash Sharan (Branch Banking) and Arvind Butola (Credit Cards & Unsecured Loans).

HDB Financial Services, the non-banking financial arm of HDFC Bank, made a notable debut on Indian stock exchanges, listing at a 13% premium over its issue price of Rs. 740. The Rs. 12,500-crore initial public offering, which included a Rs. 10,000-crore offer-for-sale by HDFC Bank, marked a major milestone for the lender’s long-nurtured subsidiary. While institutional demand proved exceptionally strong, retail interest was moderate.