Topic
financial services
Finance RBI Orders Winding Up of Paytm Payments Bank, Appoints Liquidator
The Reserve Bank of India has ordered the winding up of Paytm Payments Bank Limited and appointed Girikumar Nair, former Chief General Manager of SBI, as the Official Liquidator. The move follows the Delhi High Court's approval under the Banking Regulation Act and Companies Act, after the RBI earlier cancelled the bank's licence citing serious regulatory violations.
Business RBI’s Financial Inclusion Index Climbs to 70.0 in March 2026, Signaling Deeper Financial Engagement
The Reserve Bank of India (RBI) reported its Financial Inclusion Index (FI-Index) rose to 70.0 in March 2026 from 67.0 in March 2025, reflecting sustained progress in expanding financial services. The composite index, tracking 97 indicators, showed improvements across all three dimensions (Access 35%, Usage 45%, Quality 20%), driven primarily by higher usage of financial services including digital infrastructure, credit, and insurance.
Business TVS Arm Home Credit India to Acquire Education Loan Specialist Varthana Finance for Rs 967 Crore
Home Credit India Finance, a subsidiary of TVS Holdings, signed a share purchase agreement to acquire Varthana Finance, an education loan specialist, for Rs 967 crore in an all-cash deal. The acquisition aims to diversify Home Credit's portfolio, improve business mix, and create synergies in distribution, technology, and risk management. The transaction is subject to regulatory approvals and is expected to close within nine months.
Finance HDB Financial Services Reports 38% Jump in Q1 Net Profit to Rs 785 Crore
HDB Financial Services reported a 38.3% year-on-year increase in net profit to Rs 785.2 crore for the June 2026 quarter. The growth was driven by a 20% rise in net interest income to Rs 2,508.7 crore, with stable credit costs and contained funding costs. Non-interest income grew modestly while treasury gains declined.
Finance Auto Lenders Push for Embedded Finance Innovation to Transform India's Auto Loan Market
Auto financiers in India are calling for a shift from traditional EMI-based loans to embedded finance and digital credit at the point of sale. Nearly 80% of new cars are financed, but leasing and subscription models remain minuscule. Industry leaders at the Fada Finance and Insurance Summit highlighted the need for seamless, integrated products and faster rate transmission.
Finance Banks opt to deepen card usage within existing base
Banks are increasingly issuing multiple credit cards to existing customers rather than onboarding new ones, resulting in just 5.2 crore unique cardholders against 10.7 crore cards in circulation as of March 2026, according to TransUnion Cibil's 'Beyond the Swipe' report. The shift reflects a decade-long trend of deepening usage rather than expanding ownership, with the share of consumers holding three or more cards rising from 12% in 2016 to 22% in 2026.
Finance UK Banks Accused of Failing Vulnerable Customers by Financial Regulator
The Financial Conduct Authority (FCA) has accused nine major UK banks of failing the most vulnerable customers, with a mystery shopping exercise rating a third of basic bank account interactions as poor or very poor. Banks have now agreed to simplify access for homeless and financially distressed individuals.
Jersey Government to Share Personal Data With UK Credit Agencies From July 30
Jersey's government will securely share residents' personal data with UK credit reference agencies from 30 July 2026, unless they opt out, to improve access to credit cards. The move has drawn mixed reactions: some islanders welcome easier credit applications, while others worry about data privacy. Consumer Council calls it a relief for those previously unable to obtain credit.
Finance Gold Loans Surge 105.5% as Services Credit Outpaces Personal Loan Growth in India
Gold loans in India grew 105.5% year-on-year to Rs 5.1 lakh crore as of May 2026, driving their share within personal loans to 7.3%. Meanwhile, services credit expanded 20.4%, led by a 33.7% surge in NBFC lending, surpassing personal loan growth of 15.4% and reducing the share of personal loans in total bank credit to 32.6%.
Finance TFS Financial and WEX Launch Equipment Financing Program as Trucking Industry Rebounds
TFS Financial and WEX have launched 'Equipment Financing Powered by TFS' to help trucking fleets acquire trucks, trailers, and other assets. The program leverages TFS's multi-lender platform and Match Engine Technology. Fleet confidence is rising as carriers begin replacing equipment delayed during the freight recession.
Finance HDFC Halts Government Fund Mobilization via Agents
HDFC Bank has announced that it will cease using agents to mobilize government funds starting July 1, 2026. This strategic shift aligns with the bank's expanded branch network and aims to mitigate regulatory scrutiny.
Business Godrej Enters Wealth Management with Ambitious Growth Plans
Godrej Industries Group has launched Godrej Wealth, aiming for Rs 1,00,000 crore AUM by 2031. The venture targets affluent clients and plans to expand to 35 locations in five years.