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The day's money story in India, before the market opens: banking, lending, policy and fintech, with the Finsamudra take on what it means.
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₹504 Cr IDFC FIRST Bank Fraud: CBI Arrests Mohit Goyal, Details ₹2 Cr ₹10-Note Hawala Delivery to IAS Officer’s Son
The Central Bureau of Investigation (CBI) has arrested Chandigarh-based businessman Mohit Goyal, proprietor of M/s Chandigarh Mega Store and M/s Bhagwati Agencies, unearthing detailed forensic evidence of how public funds were laundered into physical cash in the ₹504 crore (aggregate ₹657 crore) IDFC FIRST Bank and AU Small Finance Bank fraud.
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Former Financial Services Secretary Nagaraju Maddirala Appointed CMD of IL&FS for Two Years
The Ministry of Corporate Affairs (MCA) has appointed former Department of Financial Services (DFS) Secretary Nagaraju Maddirala as Chairman and Managing Director (CMD) of Infrastructure Leasing & Financial Services Limited (IL&FS) for a two-year tenure.
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DBS Bank CEO Tan Su Shan Cites $133B FCNR(B) Inflows as Proof of Global Faith in Indian Credit, Calls for Higher FDI to Anchor the Rupee
Pushing back against market anxieties over recent foreign portfolio outflows, DBS Bank Chief Executive Officer Tan Su Shan has pointed to the massive $133 billion mobilisation under India’s Foreign Currency Non-Resident (Bank) [FCNR(B)] deposit scheme as definitive proof of overseas investor confidence in Indian credit.
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Muthoot FinCorp Appoints Arun Kumar B as Chief Operating Officer and Harjit Singh Takkar as Chief Distribution Officer
*Muthoot FinCorp Limited, the flagship non-banking financial company of the Muthoot Pappachan Group (Muthoot Blue), has fortified its senior leadership bench with the dual appointment of Arun Kumar B as Chief Operating Officer (COO) and Harjit Singh Takkar in the newly created role of Chief Distribution Officer (CDO)**.
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Insurance Brokers Oppose IRDAI Commission Caps, Warn of 60–70% Revenue Hit and 1 Million Jobs at Risk
MUMBAI — India’s insurance distribution ecosystem is locked in a high-stakes standoff with the Insurance Regulatory and Development Authority of India (IRDAI). Opposing the regulator’s proposed overhaul of distribution norms, the Insurance Brokers Association of India (IBAI) has warned that reintroducing hard caps on commissions paid to brokers, banks, and agents could slash intermediary revenues by 60–70% and put nearly 1 million (10 lakh) jobs at risk.
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Seeds Fincap Raises Over ₹100 Cr Led by Michael & Susan Dell Foundation to Scale MSME Lending
Delhi NCR-based MSME lender Seeds Fincap has raised over ₹100 crore ($10.4 million) in its Series B funding round led by the Michael & Susan Dell Foundation. The round also saw participation from existing institutional backers Z47 (formerly Matrix Partners India) and Lok Capital, alongside new investors Norinchukin Capital and Alteria Capital.
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Strengthening the Regulatory High Table: Government Appoints Dinesh Pant and Girija Subramanian as Whole-Time Members of IRDAI
With the former MD of LIC steering Actuarial Solvency and the former CMD of New India Assurance heading Distribution, IRDAI deepens practitioner-led governance ahead of Bima Sugam and Risk-Based Capital rollouts.
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How HSBC India Built a $14.5 Billion FCNR War Chest to Supercharge Its Wealth & Retail Ambitions
Backed by 19x leverage, GIFT City IFSC structuring, and the RBI's 52-day swap window, the British banking giant is deploying multi-billion-dollar dollar liquidity into branch expansions, retail broking, and fixed-rate mortgages.
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HDFC Bank Restores ₹4.5 Crore to 13 Depositors Following EOW Kashmir Probe into Shopian Branch Fraud
After former branch managers were arrested and 11 accused were chargesheeted under the Bharatiya Nyaya Sanhita, the private lender completed full financial restitution for affected victims.
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Fact Check: Will UPI Payments Above ₹2,000 Attract Charges? Here Is What Happens When You Pay ₹2,500, ₹5,000, or ₹20,000
The Ministry of Finance’s Section 10A notification does not tax consumers. Here is a clear breakdown of the statutory shield, P2P exemptions, and what a future merchant MDR actually means.
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7 Years After Bonded Warehouse Fire, Consumer Forum Orders New India Assurance to Pay ₹8.06 Cr Plus 9% Interest to Victorinox India
The South Mumbai District Consumer Forum termed the state-run insurer's mechanical repudiation on technical grounds an "unfair trade practice" and "gross deficiency in service."
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