Banking

SBI Life Insurance reported a strong financial performance for the first quarter of FY2026-27, with net profit rising 22% year-on-year to ₹720 crore, supported by healthy growth in premium income and new business. Net premium income increased 16.88% to ₹20,078.2 crore, while the insurer’s annualised premium equivalent (APE) surged 36% to ₹5,380 crore, reflecting strong demand for its insurance products. Investment income also recorded solid growth, rising 20.7% year-on-year to ₹25,977 crore. The company’s value of new business (VNB), a key profitability indicator for life insurers, increased 29% year-on-year to ₹1,410 crore. However, the VNB margin moderated slightly to 26.2%…

Axis Bank, one of India’s leading private-sector lenders, is witnessing a major leadership reshuffle after three senior executives resigned from key positions. The departures include Anil Agarwal, President and Group Head of Institutional Clients Coverage; Vikas Shinde, former head of the debt capital markets team; and Jimmy Tavadia, Group Head of Trading. According to people familiar with the matter, the resignations come as the bank reorganizes important functions across corporate banking and other business divisions. The individuals, who spoke on condition of anonymity, said the changes are part of a broader restructuring process within the lender. Anil Agarwal had spent…

Private sector lender Axis Bank has announced that its Chief Financial Officer (CFO), Puneet Sharma, has resigned after completing six years in the role. According to a regulatory filing, Sharma submitted his resignation on June 28, stating his intent to pursue the next phase of his professional career. He will continue in his position until the close of business on August 31, 2026, after which he will cease to be part of the bank’s key managerial personnel and senior management. The bank has not yet announced a successor to the CFO position, leaving a key leadership gap that investors and…

UCO Bank has announced the assignment of additional charge of Managing Director and Chief Executive Officer (MD & CEO) to its Executive Director, Rajendra Kumar Saboo, according to an exchange filing. The decision comes after the completion of the tenure of former MD & CEO Ashwani Kumar on May 31, which left the top leadership position vacant. As per the regulatory filing, Saboo will assume the additional responsibilities with effect from June 19, 2026. He will continue in the role until August 31, or until a permanent appointment is made, or until further orders, whichever is earlier. The appointment has…

State-owned banks in India recorded a sharp rise in green deposit mobilisation in FY26, reflecting growing depositor awareness and the increasing maturity of the Reserve Bank of India’s (RBI) Green Deposit Framework introduced in 2023. According to an analysis of annual reports, eight public sector banks collectively raised ₹3,733.11 crore in FY26 through green deposits, nearly double the ₹1,831.79 crore mobilised in the previous financial year. The increase highlights a broader shift towards sustainable finance, with banks aligning their fundraising and lending activities with environmentally responsible projects. State Bank of India (SBI), the country’s largest lender, mobilised ₹317.39 crore in…

The All India Bank of Maharashtra Employees Federation (AIBOMEF) has urged the management of Bank of Maharashtra to initiate a large-scale recruitment drive across cadres, citing severe staff shortages and increasing workloads across branches and administrative offices. In a representation submitted to the bank’s Managing Director and Chief Executive Officer, the union stated that the lender’s rapid growth in business, profitability, asset quality, and branch network has not been matched by a corresponding increase in manpower. It warned that the gap between business expansion and staff strength has reached “alarming proportions.” According to the union, 147 branches and offices are…

State-owned Bank of Baroda has set its sights on a significant expansion of its corporate lending portfolio for the 2027 fiscal year. Despite broader concerns regarding a slowdown in private capital expenditure, the bank is targeting a 10 percent growth rate for its corporate book. With a robust pipeline of new loan proposals, the lender is positioning itself to capitalize on growing demand within India’s core industrial sectors. Bank of Baroda’s Managing Director and CEO, Debadatta Chand, revealed that the bank currently manages a corporate book valued at ₹4.56 lakh crore. The institution has identified a fresh pipeline of big-ticket…