Citibank has appointed Kaustubh Kulkarni as co-head of investment banking. He will oversee operations in Japan, North Asia, Australia, and South Asia. Kulkarni will join from JPMorgan. He will be based in Singapore. Vikram Chavali and Deepak Dangayach have also been appointed to key roles. Citi's investment banking revenues increased by 15% in the second quarter.
JPMorgan's focus is on electric vehicles, data centers and solar energy sectors. These industries are increasing capital spending. JPMorgan sees India and Japan as its fastest-growing Asian markets. The bank expects continued growth despite tariff concerns. They aim to grow revenue by 30% annually. The expansion includes increasing domestic headcount.
The government is pushing banks to reduce failed transactions under the PM-Kisan scheme due to issues like unmapped Aadhaar numbers and pending KYC. Banks are directed to undertake state-level campaigns for corrective actions. Launched in 2019, PM-Kisan provides ₹6,000 annually to farmers, with over ₹3.90 lakh crore disbursed so far.
State Bank of India believes government initiatives will encourage corporate expansion. Many companies are operating near full capacity. Sustained consumer demand is key to unlocking private investment. Public sector refineries, data centers, and renewable energy are driving loan growth. Core sectors like steel and cement are lagging behind in investment. Companies are exploring acquisitions using their cash reserves and debt.
SBI Chairman C S Setty highlighted that sustained consumption would drive private capital expenditure, with corporates operating at high capacity. He noted strong public capex, particularly in refineries and renewable energy, while core sectors await demand revival. Setty advocated for allowing banks to fund mergers and acquisitions, citing corporate cash reserves and cross-border funding trends.
UPI achieved a milestone in August 2025, surpassing 20 billion monthly transactions, totaling ₹24.85 lakh crore. This represents a significant year-on-year growth of 21% in value and 34% in volume. PhonePe, Google Pay, and Paytm led the market, with financial payments and essential goods driving transaction volume. UPI now constitutes 85% of India's digital transactions and is expanding globally.
Public sector banks increased their home loan market share during April-June. This happened even with higher stress. Private banks' share decreased. Public sector banks have higher delinquencies in home loans. New credit card issuances declined. Private banks issued more new credit cards. Unsecured lending growth moderated. Lenders are balancing expansion with stability. The report highlights risk management and regulatory vigilance.
The Competition Commission of India on Tuesday approved Japanese company Sumitomo Mitsui Banking Corporation's stake purchase in Indian lender Yes Bank .
Yes Bank announced that the Reserve Bank of India (RBI) has approved the reappointment of R Gandhi, former RBI Deputy Governor, as the part-time non-executive chairman. His term will extend from September 20, 2025, to May 13, 2027. Gandhi, a seasoned central banker with 37 years of experience, previously served as RBI Deputy Governor from 2014 to 2017.