Bank Ignored Credit Card Closure Request, Ended Up Paying ₹3.21 Lakh – Know Reserve Bank of India Rules”

After a private bank neglected to promptly close a credit card, a credit card user was compensated with a substantial sum of Rs 3.21 lakh.

The user described how he attempted to close two credit cards in May of last year after the bank lowered the credit limit from Rs 1 lakh to Rs 10,000 in a widely shared Reddit post titled "Got Rs 3.21 lakh compensation from Kotak Mahindra Bank for not closing my credit card." The bank charged an annual fee rather than canceling the cards.

The user then filed a complaint with higher authorities. After bringing up the matter, the bank claimed that the cards had never been closed, which led to another round of unanswered emails. The user complained to the Banking Ombudsman because they were frustrated.

The bank’s officer called customer and said: “It’s your mistake. Closure requests are not accepted via email, you should have called”. But I had already submitted a written closure request. Sent follow-ups. Received no response from the bank.”

The user said the bank finally paid a compensation of Rs 3,21,000. But what are RBI guidelines regarding credit card closure? Let’s understand.

According to RBI guidelines, if a bank fails to close a credit card within 7 working days of a customer’s request (provided all dues are cleared), the issuer must pay a penalty of ₹500 per day of delay to the customer.

If a bank fails to follow the guidelines, customers can raise a complaint. The first step is to complain to the bank’s nodal officer. If no resolution is provided within 30 days, customers can approach the RBI Ombudsman.

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₹1.15 Crore Worth of Jewelry Missing from Indian Bank in Gujarat: Petition in High Court

In a case that has raised public concern regarding the safety of assets pledged in public sector banks, the Gujarat High Court has issued notices to the State Government and the Rajkot Police. The court is seeking a response following a petition filed regarding the mysterious disappearance of gold jewelry worth approximately ₹1.15 crore from a branch of Indian Bank. This dispute originally began in 2023.

 Incident: 

A couple from Rajkot had taken an MSME Jewel Loan from the Rajkot branch of Indian Bank.

 They had pledged over 1,000 grams of 22-carat gold jewelry, which included necklaces and pieces studded with precious stones.

 Despite the petitioners regularly fulfilling their interest obligations, they were informed on October 29, 2025, that their pledged jewelry had gone missing from the bank’s locker (secure storage).

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5 Days Bank Working: When will Indian banks start working for 5 days, how far has the demand for 2 days holiday reached?

 

Will banks soon begin operating for five days? This question is being asked by most bank employees, associations, and ordinary customers. When will banks begin operating Monday through Friday, with all Saturdays and Sundays closed? 

Demands for a five-day working day and two holidays are being consistently raised. Bank associations have placed their demands before both the RBI and the government, but no final decision has been made yet. Neither the government nor the RBI has issued any official announcements.

At present, banks remain closed on all Sundays along with second and fourth Saturdays as before.

Why is the decision stalled? 

This proposal was agreed upon during the salary agreement between the Indian Banks' Association (IBA) and bank unions. However, government approval is required for its implementation. Despite numerous protests and negotiations, no timeline has been established.

Bank employees want a better work-life balance. They believe that the RBI and many other financial institutions already have a five-day work system, so banks should also implement it. Unions have also suggested that slightly longer working hours could help maintain a balanced work schedule.

At present, nothing has changed for customers. Bank branches are open as usual, and all services are continuing as usual. However, if the 5-day system is implemented in the future, some changes to banking timings and services may be observed.

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Bank of Maharashtra Q4 Net profit jumps 34% YoY; NII up 20%

 In the fourth quarter of FY26, public sector lender Bank of Maharashtra reported a net profit of Rs 2,014 crore on Monday, up 35% from Rs 1,493 crore in the same quarter of the previous fiscal year.

In addition to showing an 8.19% sequential increase, net interest income (NII) increased 18.81% year over year (YoY) to Rs 3,702 crore in Q4FY26 from Rs 3,116 crore in Q4FY25.

Operating profit increased 7.69% quarter-over-quarter (QoQ) and 16.92% YoY to Rs 2,946 crore in Q4FY26 from Rs 2,520 crore in the same period last year.

Net revenues, which include net interest income and other income, rose 13.26% year over year from Rs 4,097 crore in Q4FY25 to Rs 4,640 crore in Q4FY26. Revenues increased by 6.55% sequentially.

Gross non-performing assets (NPA) decreased to 1.45% as of March 31, 2026, from 1.74% a year earlier and 1.60% in the preceding quarter, indicating an improvement in asset quality during the quarter. Additionally, net non-performing assets (NPA) decreased to 0.13% from 0.15% in the previous quarter and 0.18% in the same period last year.

The provision coverage ratio stood at 98.59% as of March 31, 2026, improving from 98.26% a year earlier and 98.41% as of December 31, 2025.

As of March 31, 2026, total business grew 17.47% YoY to Rs 6.43 lakh crore. Total deposits rose 14.14% to Rs 3.50 lakh crore, while gross advances increased 21.74% to Rs 2.91 lakh crore. Net advances also rose 22.03% to Rs 2.88 lakh crore.

The RAM segment, comprising retail, agriculture, and MSME, expanded 20.74% YoY. Within this, retail advances surged 32.39% to Rs 85,857 crore, while MSME advances grew 10.71% to Rs 53,547 crore.

For FY26, net profit rose 27.17% to Rs 7,019 crore, while net interest income increased 17.13% to Rs 13,664 crore. The domestic net interest margin stood at 3.91%.

The bank has proposed a final dividend of 12%, or Rs 1.20 per equity share, for FY26. This is in addition to the interim dividend of 10%, or Rs 1.00 per share, already declared and paid.

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The government orders PSU Banks finish the 13th BPS Wage Revision on schedule

The Indian government's Ministry of Finance has issued a formal letter instructing public sector banks to finish the 13th BPS on schedule. The 10th Joint Note and 13th Bi-partite Settlement for Public Sector Bank employees' wage revision is set to go into effect on November 1st, 2027.

The wage revision settlements were previously signed every two to three years. However, the 12th Bi-partite Settlement (also known as the 9th Joint Note) was completed in just 14 months. The government hopes to finish the settlement on schedule this year.

This year, public sector banks have been advised to finish the negotiations within a maximum of 12 months.

According to the government, it has been noted that in the past, significant changes to the relevant regulations have been made after a significant amount of time had passed since the settlements.

It is emphasized that the consequential changes to the pertinent regulations should also be finished before the next wage settlement's due date, since talks for the settlement are now being started in a timely manner.

It usually takes three to four months to implement consequential changes to the regulations. As a result, it is recommended that the banks start the process of amending the pertinent regulations as soon as the negotiations are concluded. This will ensure that the amendment procedures are finished well in advance of the next wage settlement's scheduled start date, which is November 1, 2027.

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Five Officers sent to 3 Years Jail for lapses in Loan Sanctioning

In a significant bank fraud case, the CBI Court found two private individuals and five State Bank of India (SBI) employees guilty. According to the conviction, A1 to A7 were fined Rs1,15,000, A1 to A4 were sentenced to three years of simple jail, and A5 was sentenced to two years of simple imprisonment. 

According to CBI investigators, they plotted to defraud SBI-Anaparthy Branch between 2008 and 2011 by obtaining credit facilities for VNR Refineries through deception. Bank clients conspired with bank employees to get loans by hiding previous mortgages and providing falsified paperwork as collateral.

• Kalluri Satyanarayana (A1) – Then Relationship Manager (Medium Enterprises), SBI Sales Hub, Regional Business Office, Kakinada, East Godavari district.
• Chaganti Chalapathi (A2) – Then Branch Manager.
• Nidadavolu Venkata Ramana Rao (A3) – Then Branch Manager.
• Manapragada Ramana (A4) – Then Assistant Manager (Advances), SBI Anaparthy Branch, East Godavari district.
• Mallidi Venkata Narayana Reddy (A5) – Managing Director of VNR Refineries Private Ltd, Vemulapalli-Dwarapudi, Mandapeta Mandal, East Godavari district.
• M Venkata Narayana Reddy (A6) – Private person.
• P Subba Rao (A7) – Then Assistant Manager (Agriculture Advances), SBI Anaparthy Branch.

By breaking bank regulations, disregarding proper processes, and falsely certifying documents to enable the loans, the bank executives abused their positions. With an outstanding balance of Rs 9.19 crore, they thus caused unjust loss to the bank and wrongful gain to themselves.

Because it involves public funds, financial confidence, and stringent regulatory compliance, loan processing is one of the most delicate tasks in the banking industry. When it comes to lending sanctioning, verification, and monitoring, bank employees are expected to act with the highest level of diligence, integrity, and openness.

Serious financial losses and financial mismanagement can result from even a minor oversight. As a result, when processing loans, bankers must thoroughly review each application, accurately check papers, and make sure that all regulations and guidelines are followed.

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HDFC Bank Q4 Net profit rises 9%; announces Rs 13 dividend for FY26

Mumbai-headquartered HDFC Bank the country's largest lender by market value on Saturday reported a net profit of Rs 19,221 crore for the quarter ended March 31, in line with analyst expectations. The private sector bank declared a dividend of 1,300 per cent for eligible shareholders.

The Q4 FY26 results marked the bank's first earnings report since the exit of its part-time chairman and independent director Atanu Chakraborty.

The lender's net profit grew 9.1 per cent to Rs 19,221 crore, from Rs 17,616 crore a year ago, according to a regulatory filing.

Its net interest income -- or the difference between interest earned and interest paid -- increased 3.2 per cent to Rs 33,082 crore for the final three months of FY26, slightly below expectations.

HDFC Bank was expected to register a net profit of Rs 19,200 crore and net interest income of Rs 33,660 crore.

The bank staged an improvement in its asset quality, beating Street expectations.Asset quality is gauged by sequential changes in the proportion of bad loans in total loans.

HDFC Bank's gross non-performing assets (NPAs) or bad loans stood at 1.15 per cent for the March quarter, versus 1.24 per cent for the previous three months.

Its net NPAs were recorded at 0.38 per cent of total loans, decreasing from 0.42 per cent three months ago.

HDFC Bank's fourth-quarter gross and net NPAs were pegged at 1.2 per cent and 0.4 per cent of its total loans, respectively, unchanged from the previous three months.

The private lender reported Rs 2,610 crore in provisions for the quarter ended March 31, 2026, as against Rs 2,838 crore for the quarter ended December 31, 2025, and Rs 3,193 crore for the quarter ended March 31, 2025.

The bank's capital adequacy ratio a key metric that compares a lender's capital to its risk-weighted assets -- stood at 19.71 per cent as of March 31.

Earlier this month, the private lender reported growth of 12.80 per cent and 12 per cent in deposits and gross loans for the March quarterly.The bank declared a dividend of Rs 13 per equity share a 1,300 payout given the face value of Re 1 per equity share.

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ICICI Bank Q4 Results: Net profit up 8.5%, announces Rs 12 dividend

ICICI Bank, one of India’s leading private lenders, on Saturday reported a net profit of Rs 13,702 crore in the fourth quarter of FY26, marking an increase of 8.5% year-on-year from Rs 12,630 crore reported in the same quarter last year.

The company’s net interest income stood at Rs 22,979 crore, higher by 8.4% from the Rs 21,193 crore posted in the corresponding quarter of the previous financial year, ICICI Bank said in a regulatory filing.

The company’s provisions witnessed a notable decline of 89% to Rs 96 crore, sharply lower from Rs 891 crore in the same quarter last year. Provisions in the previous quarter came in at Rs 2,556 crore.

The bank’s asset quality improved sequentially, with gross NPA easing to 1.4% from 1.53% in the previous quarter. In absolute terms, gross NPAs declined to Rs 23,051.9 crore from Rs 23,758 crore earlier.

ICICI Bank’s total advances rose 15.8% year-on-year and 6% sequentially to Rs 15.53 lakh crore, reflecting steady credit growth.

ICICI Bank’s net NPA (NNPA) eased to 0.33% from 0.37% in the previous quarter.

On a consolidated basis, profit after tax rose to Rs 14,755 crore during the quarter under review, higher from Rs 13,502 crore in Q4FY25.

Consolidated assets increased 10.3% year-on-year to Rs 29.14 lakh crore as of March 31, 2026, compared to Rs 26.42 lakh crore as of March 31, 2025.

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YES Bank Q4 Profit jumps 45%; NII up 16%

YES Bank Ltd on Saturday reported a 44.7 per cent year-on-year jump in its standalone net profit for the quarter ended March 31, 2026. The private sector lender's bottom line climbed to Rs 1,068.42 crore, up from Rs 738.12 crore in the corresponding quarter of the previous financial year.

The bank's Net Interest Income (NII) witnessed a 16 per cent growth, coming in at Rs 2,637.7 crore for the fourth quarter, compared to Rs 2,276.36 crore in the same period last year. Total income for the quarter also edged higher to Rs 9,381.07 crore, up from Rs 9,355.39 crore a year ago, with other income contributing Rs 1,730.17 crore to the top line. 

On the asset quality front, the gross non-performing assets (NPA) ratio shrank to 1.3 per cent, or Rs 3,604.93 crore at the end of Q4 FY26, dropping from 1.6 per cent, or Rs 3,935.61 crore, in the year-ago period. The Net NPA ratio also steadily improved, narrowing to a mere 0.2 per cent from 0.3 per cent last year. 

"During Q4 FY26, in alignment with some of the evolving conservative provisioning practices, the bank has proactively strengthened standard asset provisioning coverage by making a one-time provision of Rs 341 crores," the bank said in its exchange filing. "This does not reflect any deterioration in asset quality, impairment, or adverse credit development within the portfolio," YES Bank added. 

Vinay M. Tonse, Managing Director & CEO of YES Bank, said, "YES BANK concluded FY26 on a strong footing, delivering a Q4 RoA of 1.0% in line with our guidance, supported by a 20 bps improvement in NIMs, an improvement in cost to income ratio and the lowest GNPA and NNPA levels since FY20."

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Armed Robbers Loot Nationalized Bank In MP City, Decamp With Gold, Silver, Cash

In Singrauli, Madhya Pradesh, there has been a report of a daylight bank heist. Lacs of rupees' worth of cash have been stolen from the bank. 

On Friday afternoon, five armed thieves broke into the Bank of Maharashtra branch in Baidhan and took silver, gold, and cash. The thieves took off with about 9–10 kilogram of gold and Rs 20 lakh in cash. The estimated value of the gold is approximately Rs 15 crore. The incident happened on Friday afternoon at around 1:00 PM. 

They swiftly kidnapped employees. The thieves stole money while brandishing firearms at patrons and staff. Superintendent of Police Manish Khatri claims that the criminals requested the cash details and the bank manager's keys.

When the manager refused, they assaulted him. They hit him on the head with the butt of a gun, created a ruckus inside the bank for about 20 minutes, and finally escaped with a box full of cash.

Manish Khatri, the Singrauli Superintendent of Police (SP), personally came at the location with his squad after learning of the occurrence. Every way out of the city has been blocked off. To identify the criminals' escape path, CCTV video from the bank and nearby roadways is being analyzed.

The Superintendent of Police claims that no guard was there when the incident occurred. Additionally, the attackers fired a shot.

Three suspects are seen exiting the bank in CCTV footage from a store across from it. One robber can be seen waiting on a parked bike outside the bank when they first appear in the video.

Then two men with a bag come out from within. The three suspects rode off in the direction of Baidhan town on the same bike.

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