"The framework is designed to strike a balance between the need for an innovative and inclusive system while at the same time ensuring that the regulatory arbitrage is not exploited to the detriment to the customer's interest," Rao said at an event organised by industry grouping Assocham.

​​​​​Vadirajacharya Inamdar issued a SBI cheque for Rs 6,000 to Hubli Electricity Supply Company Limited (HESCOM) towards his electricity bill on September 3, 2020. The SBI branch wrongly identified the Kannada numeral nine as six and, therefore, dishonoured the cheque. The numeral nine indicated the month of September, but the bank read it as June.

We know that we are losing ground there and we are picking up. We also have tied up with almost 25 fintech companies now, which we want to scale up to almost 100 by the end of the year. We have a subsidiary and I am going to recruit from there for marketing. We have got a very good spread of branches in the south, and even here too, we have got 45% to 50% of our branches in rural centres, and this we will activate.

Under the Paynearby tie-up, Axis Bank aims to source better lending opportunities on a range of products. These products are aimed at both the individual and small enterprises that qualify for the PSL tag.

According to Subbarao, coming up with a roadmap would provide much needed predictability to stakeholders. Subbarao further said that the big bang approach to privatisation of state-owned banks is not desirable but at the same time the issue should not be put on the back burner.

​​​Parbhani district in the backward Marathwada region of Maharashtra has the highest non-performing assets (NPAs) at 60.54 per cent, according to data released during the State Level Bankers Committee meeting held in Aurangabad on Monday.

The Delhi-based lender has crossed ₹8 lakh crore in global advances showing a 10% year-on-year growth with retail loan portfolio rising by 11% and personal loan rising by 25%.

The private lender has 12 million pre-approved loan customers across products. It has set up an infrastructure base across 650 districts in India to disburse unsecured loans.

This will become a common remittance platform in collaboration with Singapore’s PayNow funds transfer service and make the process real time, instead of the more than one day it takes now to complete international transfers.