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The plan, announced by the Finance Ministry, proposes a high level committee to guide funding and reforms for the Viksit Bharat banking sector. It emphasises strengthening credit, financial facilities, and inclusive banking services, while considering NBFC performance and potential restructuring of key public sector entities such as PFC and REC.
BIG Bank: India is preparing a major overhaul of its banking sector as the government considers raising foreign direct investment in public sector banks from 20% to 49%. Backed by a new High-Level Banking Committee under the “Viksit Bharat 2047” vision, the move aims to create fewer but stronger global-scale banks. Increased foreign capital could boost balance sheets, improve competitiveness, and
State Bank of India (SBI) will introduce service charges on online IMPS transfers exceeding ₹25,000 starting February 15, 2026, ending the previous free service for high-value payments via internet banking, mobile banking, and YONO app.
India’s banking sector has attracted almost USD 15 billion in foreign investments this year, as global investors show strong interest in the country’s fast-growing economy, expanding digital ecosystem, and largely underbanked population. This surge in international capital reflects confidence in the strength and long-term growth prospects of India’s financial industry.
South Indian Bank (SIB), a leading private sector bank, has announced the integration of its services with the Goods and Services Tax (GST) portal, allowing taxpayers to make payments via the Unified Payments Interface (UPI)
