MUMBAI: State Bank of India (SBI), the nation’s largest lender, announced the inauguration of its Local Head Office (LHO) in Pune, marking a significant milestone in the Bank’s continued efforts to deepen its regional presence, enhance customer service delivery, and accelerate its growth journey.

The Local Head Office was inaugurated by the Hon’ble Union Finance Minister, Smt. Nirmala Sitharaman, in the august presence of the Hon’ble Secretary – Department of Financial Services, Shri M. Nagaraju, SBI Chairman Shri Challa Sreenivasulu Setty, SBI Chief General Manager – Maharashtra Circle Shri Nand Kishor Singh, and Member of Parliament, Maharashtra, Smt. Medha Kulkarni, along with senior officials from SBI and other distinguished dignitaries.

The establishment of the Pune LHO underscores State Bank of India’s commitment to strengthening its operational capabilities in a key economic region. The state-of-the-art facility will house key administrative and operational functions of the Circle. This integrated framework will collectively enable a more seamless, responsive, and scalable banking experience. The Maharashtra circle was carved out of the Mumbai circle to sharpen the Bank’s regional focus. While the Mumbai LHO will continue to serve the country’s financial capital and Goa, the Pune LHO will serve the rest of Maharashtra.

Inaugurating the Local Head Office, the Hon’ble Finance Minister Smt. Nirmala Sitharaman said, “The decision of State Bank of India to move its Local Head Office to Pune to serve the rest of Maharashtra, with districts towards the east and southeast of the state, reflects the Bank’s nimble, dynamic, and responsive approach. This move is an indication of how SBI is moving forward to meet the aspirations of Viksit Bharat 2047.”

Expressing his thoughts at the ceremony, the Department of Financial Services Shri M. Nagaraju said, “SBI’s strengthened presence in Maharashtra through this new LHO is aligned with the State Govt.’s own vision of economic development. This new LHO at the heart of Pune will bring financial decision-making closer to the people. It also positions the Bank right at the intersection of commerce, technology, and opportunity. SBI is an institution woven into the very fabric of India’s growth story with a balance sheet that represents nearly 20% of India’s GDP, and a customer base that is approx 35% of the nation’s population.”

Commenting on this development, Shri Challa Sreenivasulu Setty, Chairman, State Bank of India, said: “The inauguration of our Local Head Office in Pune reflects our intent to be closer to our customers and be more responsive to regional opportunities. As SBI aspires to increase its balance sheet’s size to 25% of the Country’s GDP from the existing 20%, this step is both timely and forward-looking as Maharashtra offers immense untapped economic potential and is also a leading indicator of India’s economic activity and scale of the country’s ambitions. Within this Maharashtra circle, Pune accounts for its significant share – 27% of deposits and 34% of loans, underscoring its central role in our business. Pune has evolved into one of India’s foremost centres of education, technology, and industry. It is also recognized as a thriving hub for IT, engineering, and automotive innovation. Therefore, establishing an LHO in Pune is a strategic alignment with a high-growth, future-ready ecosystem.”

The inauguration reflects SBI’s continued support for the Government of India’s vision of inclusive and sustainable economic development. By strengthening its regional footprint, the Bank aims to contribute meaningfully to the region’s economic development by supporting critical sectors such as infrastructure, agriculture, MSMEs, and emerging industries. The Pune Local Head Office stands as a testament to the Bank’s enduring commitment to scale, service excellence, and innovation- further solidifying its leadership as India’s foremost banking institution.

As part of this special occasion, SBI donated Rs 22.15 crore under its CSR activities for supporting various projects such as water conservation, wastewater management, education, rural livelihoods, community well-being, and healthcare.

During the event, Hon’ble Finance Minister also unveiled a commemorative postal stamp dedicated to State Bank of India as a tribute to the Bank’s unwavering commitment to financial inclusion, innovation, and customer service.

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INDIA: BOBCARD LIMITED, a wholly owned subsidiary of Bank of Baroda, has announced a limited-period Lifetime Free (LTF) offer on its premium BOBCARD ETERNA Credit Card for new customers. Customers can now get ETERNA with zero joining fee and zero annual fee, against a standard joining & annual fee of ₹2,499.

Fully geared up for the summer season to fuel your travel plan, the Lifetime Free offer is valid for a limited period until 30th June 2026. ETERNA will offer unlimited domestic lounge access, accelerated rewards on travel, dining, and international spends, reduced forex markup, and other premium lifestyle features. These benefits will help customers achieve their travel goals without stressing about the costs.

Beyond fulfilling travel goals, this offer enables customers to unlock meaningful annual savings & lifestyle privileges through waived fees and ongoing partner-led offers, exceeding ₹1,00,000 in value per year. Over three years, Lifetime Free cardholders can realise savings of ₹2,50,000+ compared to similar fee-based offerings in the market.

Under this offer, cardholders are eligible for a range of features, including accelerated reward points (15 reward points per ₹100) on select luxury spending categories like travel, dining, international, and online shopping, a 1+1 complimentary movie ticket benefit every month, 3 reward points on all other spends, and spend-based rewards. These benefits, combined with curated partner offers, further enhance the overall savings potential for customers across everyday and premium spending categories.

The card also includes a welcome benefit, 12 months FITPASS Pro membership, valued at ₹48,000, allowing customers access to FITPASS partner gyms across the country for a full year at no additional cost. The cards further provide unlimited complimentary domestic airport lounge access on meeting milestone spends, delivering additional lifestyle value that contributes to the overall annual savings proposition for cardholders.

In addition, the ETERNA Credit Card offers a low foreign currency markup and supports UPI-linked credit card payments on its RuPay variant and GPay linkage on Visa & Mastercard variants, enabling usage across both international transactions and everyday domestic spends.

The card also provides personal accident insurance coverage, a 1% fuel surcharge waiver, lifetime free add-on cards, and flexible EMI with tenures of 6 to 48 months.

Cardholders can further access periodic merchant offers through BOBCARD’s partnerships with top shopping & travel platforms like Amazon, Flipkart, Croma, Make My Trip, Yatra, Reliance Digital, Myntra, & more. These partnerships play a key role in consistently driving additional value and savings for cardholders throughout the year.

With this Lifetime Free offer, BOBCARD aims to make premium credit card benefits more accessible, while reinforcing its commitment to delivering value-driven and customer-centric financial solutions.

Commenting on the LTF offer, Ravindra Rai, MD & CEO BOBCARD LIMITED, said, “At BOBCARD, we continue to focus on adding value for customers from the very beginning of their relationship with us. This limited-period Lifetime Free offer on the BOBCARD ETERNA Credit Card is intended to provide new customers access to premium benefits without joining or annual fees, while enabling a rewarding and hassle-free credit card experience. The offer also supports cardholders across their everyday spending, travel, and lifestyle needs.”

Your ultimate travel offer is here. Use the BOBCARD ETERNA Credit Card to fulfil your travel goal with ease and convenience.

This is your opportunity to reimagine credit with a limited-period Lifetime Free BOBCARD ETERNA Credit Card. Go grab it now!

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PUNE: India Mortgage Guarantee Corporation (IMGC), India’s first mortgage guarantee company, has announced a strategic partnership with Bajaj Housing Finance Limited (BHFL), India’s largest non-deposit taking HFC, offering the full suite of mortgage products to expand responsible access to home loans for underserved and first-time homebuyers across India.

The collaboration combines IMGC’s expertise in credit risk protection with BHFL’s strong distribution and last-mile lending capabilities to extend formal housing finance to borrowers often excluded due to limited credit histories or informal income profiles.

India’s affordable housing segment continues to face a sizeable credit gap, particularly among self-employed individuals and informal workers. Through this partnership, Bajaj Housing Finance will leverage mortgage guarantee-backed solutions to expand access to home loans — including through Sambhav Loans, its affordable housing offering designed specifically for customers with informal income profiles or limited credit history — while maintaining the risk discipline that underpins responsible lending. The partnership will also enable IMGC to deepen its presence in the affordable housing space, supporting the development of a more inclusive housing finance ecosystem and helping bridge the significant housing credit gap across India.

Speaking on the partnership, Mahesh Misra, MD and CEO, IMGC, said: “This partnership with Bajaj Housing Finance is a step forward in expanding access to housing finance for underserved segments. Mortgage guarantees play a key role in enabling lenders to extend credit with confidence, while maintaining strong risk discipline. With mortgage penetration in India still relatively low compared to global benchmarks, the opportunity to scale responsible lending remains significant, and risk-sharing solutions like mortgage guarantees are critical to unlocking it responsibly.”

India’s total outstanding housing credit stood at ₹43 trillion as of February 2026, yet mortgage penetration remains low at around 11-12% of GDP — compared with over 50% in several developed markets, highlighting the significant opportunity to deepen housing finance access across the country. EY estimates a 25% CAGR in India’s affordable housing segment between 2022 and 2027, with ten states, including Maharashtra, Karnataka, and Uttar Pradesh, accounting for over three-quarters of national demand.

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BELEM, BRAZIL: Multilateral development banks (MDBs) reaffirmed today at COP30 their commitment to respond to their clients’ priorities to improve livelihoods and create jobs for the resilience of communities and businesses in the face of intensified climate shocks and ecosystem degradation.

Working together as a system, they call for resilient, economically sound development that is rooted in trust and built to last, focusing on stable institutions, reliable infrastructure, employment opportunities, adaptation to the impacts of climate shocks, and the capacity to grow within each country’s context. Their efforts to better support clients include:

• Improving the risk profile of investments and attracting more money by finding new ways to involve the private sector.
• Strengthening how results are measured to better capture and track the impact of their investments.
• Harmonising their work to simplify financing processes and deliver greater adaptation and mitigation impact
• Advancing the implementation of the Joint MDB Long-Term Strategy Programme to support clients with climate planning and the design and implementation of country-led, country-driven platforms.

Gianpiero Nacci, Managing Director for Climate Strategy and Delivery at the European Bank for Reconstruction and Development (EBRD), said: “As MDBs, we are united in driving economic growth while strengthening climate resilience. The green transition is now a business imperative for competitiveness, with clear market signals from governments, investors, and businesses showing strong demand for climate finance.”

Delivering at scale

In 2024, MDBs provided US$137 billion (€118 billion) in climate finance for adaptation and mitigation and mobilised an additional US$134 billion from private capital. Of these amounts, US$85 billion and $33 billion were directed to low- and middle-income economies respectively, putting MDBs on track to reach US$120 billion from their own accounts and US$65 billion in private-capital mobilisation by 2030.

Accelerating action for adaptation and resilience

Since 2019, MDBs have doubled their support for adaptation and resilience, delivering over US$26 billion to low- and middle-income economies in 2024 alone. Based on this experience – not only financing programmes and policies, but also linking finance with policy dialogue, strategic planning and institutional capacity-building – they launched at COP30 the technical paper From Innovation to Impact: Building Resilience for People and Planet, a new report that showcases more than 100 best practices for delivering resilience, including several pioneering instruments that are expanding resources, mobilising private capital and strengthening systemic resilience.

Enhancing action on nature

The MDBs are supporting clients to scale up investments that actively protect, restore, or enhance nature while generating an economic return by improving metrics, methodologies, and the design of financial products. In Belém, they will launch a new framework for nature financing that includes the Common Principles for Tracking Nature Finance and A Practitioner’s Guide to Results Metrics Selection, both designed to support the development of high-quality financial products and attract greater private capital for nature.

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• Profit After Tax for Q2FY26 at INR 654 crore, up 18.3% YoY.
• Q2FY26 Operating Profit at INR 1296 crore, up 32.9% Y-o-Y and 31.8% Q-o-Q.
• NIM for Q2FY26 flat at 2.5% Q-o-Q, trending upwards 10 BPS Y-o-Y
• Non-Interest Income for Q2FY26 at INR 1,644 crore, up 16.9% Y-o-Y.
• RoA for Q2FY26 at 0.6% vs 0.5% in Q2FY25
• Net Advances at INR 2,50, 212 crores, up 6.4% Y-o-Y & 3.8% Q-o-Q
• Total deposits in Q2FY26 stood at INR 2,96,276 crore, growing 6.9% Y-o-Y and 7.4% Q-o-Q, driven by a 12.5% rise in CASA deposits, which improved the CASA ratio to 33.7%.

MUMBAI: YES BANK, India’s sixth-largest private sector bank, has announced its Q2FY26 results, reporting an 18.3% YoY increase in Profit after tax to INR 654 crore. The bank’s operating profit increased to INR 1,296 crore, marking a 32.9% YoY and 31.8% QoQ improvement.

The Net Interest Income (NII) for Q2 FY26 was ₹2,301 crore, up 4.6% YoY. The Net Interest Margin (NIM) for the quarter stood at 2.5%, up 10 bp Y-o-Y. Non-interest income for Q2FY26 stood at Rs 1,644 crore.

Operating Profit for Q2 FY26 increased significantly by 32.9% YoY and 31.8% QoQ to ₹1,296 crore. The Bank successfully reduced its Cost-to-income Ratio sequentially for the fifth consecutive quarter, reaching 67.1% in Q2 FY26. The Return on Assets (RoA) for Q2FY26 improved to 0.6%, up from 0.5% in Q1 FY26.

The balance sheet continued to show positive momentum. Total Deposits grew by 6.9% YoY and 7.4% QoQ to ₹2,96,276 crore. The CASA ratio witnessed a significant improvement, rising by 170 bps YoY and 90 bps QoQ to 33.7%. Net Advances registered a growth of 6.4% YoY and 3.8% QoQ to ₹2,50 212 crore.

Commenting on the results and financial performance, Prashant Kumar, Managing Director & CEO, YES BANK, said, “The Bank delivered strong performance across key operating metrics during Q2FY26. Deposit growth momentum sustained, with continued outperformance relative to the industry, particularly in CASA deposits. Disbursements recorded healthy sequential growth, supported by broad-based traction across segments, including around 20% Q-o-Q growth in the Retail segment. Asset quality further strengthened during the quarter, with a decline in fresh slippages and overdue balances as well as an improvement in Provision Coverage Ratio. Net Interest Margin was broadly stable, aided by lower RIDF balances and deposit rate actions/ repricing, which largely offset the impact of asset repricing. Core fee income witnessed healthy growth, led by forex, loan processing fees, and third-party distribution, while operating expenses were tightly controlled, resulting in healthy growth in core operating profitability. All these enabled the Bank to deliver an RoA of 0.7% for H1FY26, and we firmly remain on track to achieve the stated objective of 1% RoA by FY27.”

In Q2FY26,  SMBC became YES BANK’s largest shareholder with a 24.2% stake and nominated Rajeev Veeravalli Kannan and Mr. Shinichiro Nishino as Non-Executive & Non-Independent Directors. The bank’s credit rating has been upgraded to AA- by domestic agencies. It has opened 43 of the planned 80 branches for FY26.

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MUMBAI: On the auspicious occasion of Dhanteras, RBL Bank, one of India’s leading private sector banks, announced the launch of eight new branches across India as part of its strategic network expansion to strengthen retail presence and customer outreach. The new branches are located in Ahmedabad, Surat, Uttar Pradesh, Haryana, Rajasthan, Andhra Pradesh, and Tamil Nadu.

The expansion reflects RBL Bank’s continued focus on deepening its presence in emerging and high-growth markets, enabling greater access to banking and financial services for individuals and businesses.

RBL Bank currently serves 7.3 million customers for a variety of retail as well as wholesale offerings. The new branches will offer a full range of RBL Bank’s products and services, including savings and current accounts, fixed deposits, loans, credit cards, and digital banking solutions. Each branch is designed to deliver a seamless and efficient banking experience, supported by trained relationship teams and advanced technology infrastructure.

Speaking on the launch, Narendra Agrawal, President & Head – Branch Banking & Retail Liabilities, RBL Bank, said: “The launch of these new branches is in line with our strategy to strengthen our retail footprint and provide a comprehensive suite of financial products tailored to customer needs. As we continue to scale our retail franchise, our focus remains on enhancing customer experience through personalized service and innovative digital offerings.”

RBL Bank’s expanding network underscores its long-term vision to grow its retail assets and liabilities franchise while fostering financial inclusion across the country.

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The rate cut is over and above the rate reduction by the Bank post the 100 basis points cut in the policy repo rate by the Reserve Bank of India (RBI). The new rate beginning at 8.15% p.a. is applicable to loans for the purchase of a new car and is linked to a borrower’s credit profile.

The Bank has also reduced interest rates on Baroda Mortgage Loan (Loan Against Property) from 9.85% p.a. to 9.15%* p.a. with immediate effect.

Commenting on the announcement, Shri Sanjay Mudaliar, Executive Director, Bank of Baroda, said, “The festive season is an auspicious time for new beginnings with many families looking to fulfil their aspirations of owning a new vehicle. Bank of Baroda is pleased to introduce a special offer on our car loan rates that makes car ownership more accessible and affordable. In addition, our mortgage loan offering is now even more competitive, giving a great opportunity to unlock higher value for property, and customers can raise additional funds with a reduction in interest rates from 55 bps to 300 bps, depending on CIBIL score.”

Applicants can apply for a Bank of Baroda Car Loan digitally through the Bank’s Digital Lending Platform – Baroda Digital Car Loan or by visiting the nearest bank branch.

The Bank also offers an attractive fixed rate of interest on Baroda Car Loans, linked to the Bank’s 6-month MCLR, starting at 8.65%* p.a.

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The ‘Lock FD’ is a new security feature for safeguarding the customers’ Term Deposits from Digital Frauds by allowing customers to restrict FD closures through digital means. Customers who opt for this feature will have to visit the branch for the premature closure of their FD. The option for premature closure from digital channels will not be available once the deposit is locked. This in-branch verification with stringent identity checks reduces the risk of unauthorized access. This functionality is especially beneficial for customers who may be less familiar with digital platforms and are more susceptible to digital fraud.

Sameer Shetty, Group Executive – Digital Business, Transformation & Strategic Programs, Axis Bank, said,

“At Axis Bank, we have been continuously investing in a digital-first proposition that focuses on secure and seamless banking experiences. In this endeavour, we are excited to introduce ‘Lock FD’ that reflects our proactive response to the rising tide of digital fraud. This feature empowers customers to safeguard their term deposits from unauthorized digital access and enables us to provide security to the customer’s money by blocking alternative means of siphoning off funds by fraudsters.”

The ‘Lock FD’ feature is available to all Axis Bank customers and can be activated through the Axis Bank mobile app or any branch. Axis Bank has also recently launched the ‘In-App Mobile OTP’ feature on its mobile app to enhance authentication security and protect customers from rising OTP-related fraud and scams. These initiatives align with the Bank’s strategy to enhance customers’ digital experience while combating digital fraud, positioning it as a leader in banking security.

To know more about the feature: Click here

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The MoU was formally signed in Mumbai in the presence of Shri Prabhat Chaturvedi, CEO, NUCFDC, and Shri K. V. Mukundan, CEO, IIA India. The collaboration aims to introduce globally benchmarked audit and risk management frameworks to UCBs, aligning with broader regulatory objectives of strengthening institutional resilience and restoring depositor trust.

RBI guidance on risk-based internal audit encourages banks to adopt international standards of internal audit, like those issued by IIA and BCBS. Under the agreement, IIA India will support NUCFDC’s long-term mandate of improving governance frameworks within UCBs. The scope of cooperation includes the adoption of international audit standards, strengthening internal control systems, and enhancing the professional capabilities of internal auditors and senior management personnel.

NUCFDC will assist UCBs to adopt robust governance models, and IIA India will offer participating UCBs access to its extensive global knowledge base, including resources on internal audit standards, ESG, and AI-related practices in audit and risk frameworks. UCB officials will also gain access to Internal Auditor magazine, “Tone at the Top briefings”, global webinars, structured training modules, and functional workshops, as well as awareness programmes designed to improve audit quality and institutional resilience across the Urban Cooperative Banking spectrum.

Shri Prabhat Chaturvedi, CEO, NUCFDC, said,

Echoing the sentiment, Shri K V Mukundan, CEO, IIA India, said,

Key leaders from both organizations also participated, including Sumit Hans (Chief Business Officer, NUCFDC) and Manish Solanki (President, IIA Bombay Chapter), and Rajiv Divadkar (Chief Growth Officer, IIA India). The strategic alliance comes at a critical juncture, as policymakers and regulators intensify efforts to professionalise and strengthen the resilience of the Urban Cooperative Banking sector. As 2025 marks the UN-designated “International Year of Cooperatives”, the move underscores the crucial role of UCBs in promoting grassroots financial inclusion and governance-led development.

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NEW DELHI: SBI Card, India’s largest pure-play credit card issuer, in partnership with PhonePe, announced the launch of PhonePe SBI Card today. This new co-branded credit card aims to provide a rewarding experience on everyday spending, crafted to serve the evolving financial needs of customers across India. The credit card comes in two variants, the PhonePe SBI Card PURPLE and the PhonePe SBI Card SELECT BLACK, catering to diverse customer preferences and lifestyle spending needs. Additionally, both variants of this contactless credit card are available on the RuPay and VISA payment networks, giving consumers the choice of the network that best suits their needs. The RuPay cards can be linked to UPI as well and can be used for transactions at millions of UPI merchants across the country. The VISA variant can be tokenised on PhonePe and used securely across a host of online merchants.

With the new PhonePe SBI Card, customers can earn reward points on various everyday transactions, including groceries, bill payments, travel bookings, utility payments, insurance premium payments, and more, across online and offline shopping platforms. PhonePe SBI Card SELECT BLACK cardholders can earn up to 10% value back as reward points on essential and frequent PhonePe in-app transactions. Customers can also earn up to 5% value back as reward points on all their online spending on other platforms.

Furthermore, the application process is integrated into the PhonePe app, where customers can easily apply for the PhonePe SBI Card through a digital application. Customers can make purchases using the PhonePe app and repay their credit card bill on the PhonePe platform.

Speaking on the launch, Salila Pande, MD & CEO, SBI Card, said,

Adding to this, Sameer Nigam, Co-founder & CEO at PhonePe, said,

The PhonePe SBI Card SELECT BLACK offers a ₹1,500 welcome e-gift voucher upon joining fee payment of ₹1,499. It provides up to 10% value back as reward points on PhonePe and Pincode app spends, up to 5% value back as reward points on all other online merchant spends, and 1% value back as reward points on all other eligible spends. The PhonePe SBI Card PURPLE offers a ₹500 welcome e-gift voucher upon joining fee payment of ₹499. It includes up to 3% value back as reward points on PhonePe and Pincode app spends, 2% value back as reward points on all other online transactions, and 1% value back as reward points on all other eligible spends. All these reward points can be redeemed to settle outstanding credit card bills or avail e-gift vouchers from the SBI Card redemption catalogue.  

In addition to rewards, both credit cards feature significant milestones and travel benefits. PhonePe SBI Card SELECT BLACK cardholders will receive a ₹5,000 travel voucher upon reaching ₹5,00,000 in annual spends. Customers can also enjoy four complimentary domestic lounge visits per year (one per quarter), along with Complimentary Priority Pass membership for international lounge access. The PhonePe SBI Card PURPLE offers a ₹3,000 travel voucher on achieving ₹3,00,000 in annual spends. Both credit cards also include a 1% fuel surcharge waiver.

Eligible customers can easily apply for the PhonePe SBI Card through a simple and seamless digital process, which will be rolled out to customers in a phased manner on the PhonePe app.

Key Highlights

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