Strategic Partnership for Infrastructure Development

In a remarkable initiative that will shake up the Indian banking sector, Canara Bank has entered into a strategic collaboration through the signature of a Memorandum of Understanding (MoU) with the State Bank of India (SBI) via the Project Finance Centre of Excellence. The ultimate goal of this partnership is to share knowledge and practices in risk management for large-scale projects. The collaboration is particularly aimed at new critical sectors like e-mobility, semiconductor manufacturing, and smart infrastructure. The two banks, with their combined knowledge in project finance, strive to fast-track the capital flow to the sectors of sustainable economic growth and high-impact tech innovations.

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Digital Security and Retail Loan Expansion

At the same time, Axis Finance, the financial service division of Axis Bank, disclosed that the ‘Vyapar Business Loan’ will be launched with the sole purpose of micro and small enterprises (MSEs). The new product will be able to offer unsecured loans of up to ₹10 lakh, which will be especially for the retail and service sectors that have been facing credit difficulties because of the traditional methods used. In addition to this, Axis Bank has also launched a new feature called ‘Safety Centre’ on its mobile banking platform to offer its users the latest digital security tools. This project is a reaction to the increasing number of digital transactions and the need for the strongest fraud prevention systems to secure retail customers, along with others.

RBI Action on Regulatory Compliance

The Reserve Bank of India (RBI) has increased its surveillance by withdrawing the Certificate of Registration (CoR) from 35 Non-Banking Financial Companies (NBFCs). The regulator named constant non-conformity to fundamental regulatory rules as the main cause for the closure. The majority of the entities affected were located in the Delhi-NCR area. Such a heavy-handed move by the monetary authority confirms its determination to preserve the financial system and to let only the institutions that meet the regulatory requirements operate within the shadow banking sector.