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RBI deputy governor Swaminathan J expressed concern over banks bypassing internal ombudsman. He stated that many customer grievances resolved by the RBI ombudsman were never referred internally. This situation undermines the purpose of the internal ombudsman framework, he noted. Banks must refer all eligible complaints promptly and without exception to their internal ombudsmen. Effective internal ombudsman performance should naturally reduce external escalations and provide customer resolutions.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/Y89iBtx
The Reserve Bank of India's special swap facility attracted $20.72 billion by July 17. Most of this money arrived through Foreign Currency Non-Resident deposits. Overseas Foreign Currency Borrowings and External Commercial Borrowings also contributed to inflows. This facility was launched to strengthen India's balance of payments and encourage capital. Banks anticipate a significant rise in FCNR(B) deposits before the September deadline.
IDBI Bank reported a 3.3% rise in standalone net profit for June 2026 quarter. Lower provisions supported earnings, offsetting a weaker operating profit. Net interest income saw a slight decline while non-interest income dropped significantly. Deposits decreased sequentially, but advances showed modest growth. Asset quality remained stable with improved NPAs and strong capital ratios.
India's Reserve Bank is exploring polymer banknotes for enhanced durability. Manufacturers are invited to bid for specialized plastic substrate materials. Polymer notes offer greater resistance to moisture and dirt than paper. This move aims to reduce currency replacement and printing costs. Advanced security features will also be incorporated into the new notes.
