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The Reserve Bank of India has extended the supersession of the Board of Directors of Abhyudaya Co-operative Bank until November 24, 2025, prolonging central bank oversight of the lender. Satya Prakash Pathak will continue as Administrator as the RBI seeks to strengthen governance and address material concerns over the bank’s operations.
Fintech provider OneStack has raised Rs 12.5 crore in fresh funding to expand its role in bringing cooperative banks and NBFCs deeper into India’s UPI ecosystem. The capital will support product expansion, compliance capabilities and broader participation by partner institutions as both UPI issuers and acquirers.
Authorities have identified serious lapses in loan disbursal at the Irinjalakuda Urban Co-operative Bank, prompting show-cause notices to former administrative committee members and officials. The individuals have been given 21 days to respond, marking a significant escalation in regulatory scrutiny over the bank’s lending practices and internal controls.
The Reserve Bank of India has placed Puducherry Co-operative Urban Bank under restrictions after citing financial instability and supervisory non-compliance. Customers will be allowed to withdraw only up to Rs 5,000 over the next six months, while eligible depositors may claim up to Rs 5 lakh under deposit insurance cover.
Kerala’s government has approved a plan to launch flight services through the cooperative sector, a move that signals an unusual expansion of the state’s cooperative model into aviation. Chief Minister Pinarayi Vijayan said the project will be spearheaded by MVR Cancer Centre Chairman C N Vijayakrishnan, while the government will guarantee deposits made by people in the cooperative sector.
The Enforcement Directorate on Friday searched 17 locations across Kerala in connection with an alleged ₹550 crore fraud involving co-operative banking institutions, intensifying scrutiny of a sector long viewed as politically sensitive and financially vulnerable. The operation covered premises linked to the Urban Co-operative Society in Angamaly, Thennala Service Co-operative Bank and Kuttanellur Co-operative Bank, according to officials familiar with the probe.
HDFC Bank has received government authorisation to accept deposits under the Capital Gains Accounts Scheme (CGAS), 1988, giving taxpayers a new bank channel to temporarily park eligible capital gains while preserving tax exemption benefits. The facility will allow customers to place unused proceeds in savings accounts or fixed deposits for up to three years and earn interest during the holding period.
The International Finance Corporation has extended a $150 million social loan to State Bank of India to expand agricultural financing for about 864,000 rural women, marking its first investment in an Indian state-owned bank. The deal also includes IFC’s first domestic cross-currency swap with an Indian bank, with SBI becoming its first local swap counterparty in South Asia.
Jammu and Kashmir Bank has opened a major recruitment drive for 1,356 posts, including probationary officers and banking associates, in one of the region’s largest hiring exercises in recent years. The announcement has triggered immediate demands from aspirants and PDP MLA Waheed Para for an increase in the upper age limit from 30 to 40 years, with calls to keep merit at the centre of the selection process.
A review of 10 Indian banks shows that reported deposit growth in the July-September quarter averaged 21.1% year-on-year, but the headline number was flattered by special foreign currency inflows. Excluding FCNR deposits, domestic deposit growth was estimated at just 12.2%, exposing a much weaker underlying trend in bank liability mobilisation.
Blackstone is in discussions to make a significant investment in IIFL Finance, underscoring a sharp rise in global appetite for India’s non-bank lenders. The move comes amid a wave of foreign capital into financial services, as investors seek exposure to a credit market expanding beyond traditional banks and into underserved segments.
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