BANKING News for January 2026
Government to divest up to 3% stake in Indian Overseas Bank via OFS
Shares of Indian Overseas Bank (IOB) came under selling pressure after the Government of India announced plans to divest up to 3% of its equity through an Offer for Sale (OFS). The Centre, which is the promoter of the public sector bank, proposes to offload up to 38.51 crore shares, representing 2% of the paid-up equity, under the base offer.
The OFS will open for non-retail investors on December 17, 2025, and for retail investors, employees, and eligible non-retail bidders on December 18. The government has also retained a green-shoe option to sell an additional 1%, or 19.25 crore shares, taking the total potential divestment to 3%.
The sale will be conducted through a separate window on both BSE and NSE platforms. The move is part of the government’s effort to meet SEBI’s minimum public shareholding requirement of 25%, which listed companies must comply with by August 2026.
Currently, the government holds 94.61% in IOB, well above the statutory threshold. Similar divestments are expected across other public sector banks with high promoter holdings, including Punjab & Sind Bank, UCO Bank, and Central Bank of India.
Former bank chairman among 50 booked in Rs. 112 crore cooperative bank fraud
Police have registered a case involving an alleged Rs. 112 crore financial fraud at Yashwant Co-operative Bank in Phaltan, Satara district, naming 50 individuals, including former bank chairman and BJP leader Shekhar Charegaonkar. The FIR also names Narendra Bhoite, son of late Phaltan MLA Krishnachandra Bhoite.
The complaint was filed by government auditor Mandar Deshpande of Pune, alleging collusion among former directors, employees, and associates to siphon off Rs. 112.10 crore through bogus loan accounts. According to investigators, the fraud took place between August 2014 and March 2025.
Police said that around 195 fake loan accounts were allegedly created, with loans sanctioned without adequate collateral. In several cases, old non-performing assets were shown as settled by opening new fictitious accounts. Investigators also allege forgery of documents, manipulation of records, and diversion of bank funds for personal use.
“Based on the auditor’s complaint, an FIR has been registered against 50 accused. Further investigation is underway,” a senior Karad city police officer said. Authorities are examining financial records to trace fund flows and identify additional beneficiaries of the alleged fraud.
Bank of Baroda underwrites $500 million foreign currency loan for ONGC Videsh arm
Bank of Baroda has underwritten a $500 million five-year foreign currency term loan facility for OVL Overseas IFSC Limited, a wholly owned subsidiary of ONGC Videsh Limited registered in GIFT City. The bank acted as the Sole Mandated Lead Arranger for the transaction, according to an official release.
The drawdown ceremony was held at Bank of Baroda’s IFSC Banking Unit in GIFT City, attended by senior officials from the bank and ONGC Videsh. Lalit Tyagi, Executive Director of Bank of Baroda, said the deal highlights the bank’s growing capability in structuring syndicated foreign currency loans and supporting global operations of Indian public sector enterprises.
ONGC Videsh Director (Finance) Anupam Agarwal said the company views GIFT City as a key enabler of its international growth strategy. He noted that OVL Overseas IFSC Limited has been established as a centralised treasury hub to consolidate overseas operations and access global capital efficiently.
Bank of Baroda said its IFSC Banking Unit is a critical pillar of its international operations and among its largest overseas branches, with a diversified portfolio spanning trade finance, syndicated credit, and retail banking.
Seven public sector banks get new executive directors after ACC approval
Seven public sector banks (PSBs), including Punjab National Bank, Canara Bank and Union Bank of India, have been allotted new Executive Directors (EDs) following approval by the Appointments Committee of the Cabinet (ACC). The appointments are based on proposals submitted by the Department of Financial Services for the elevation of senior Chief General Managers.
Amit Kumar Srivastava, Amresh Prasad and Sunil Kumar Chugh, currently Chief General Managers at Punjab National Bank, have been appointed as Executive Directors at Punjab National Bank, Union Bank of India and Canara Bank, respectively. E Ratan Kumar, CGM at Central Bank of India, and Pramod Kumar Dwibedi, CGM at Bank of India, have been elevated as EDs within their respective banks.
Mini T M, CGM at Bank of Baroda, has been appointed as Executive Director of Indian Bank, while Prabhat Kiran, CGM at Canara Bank, has been promoted as ED of Bank of Maharashtra.
The Financial Services Institutions Bureau (FSIB) had recommended 11 candidates in August 2025 for appointment as Executive Directors, subject to vacancy availability during the 2025–26 panel year. The candidates were shortlisted after interviews conducted between July 19 and August 4, 2025, involving around 80 senior officials from nationalised banks.
RBI imposes Rs. 91 lakh penalty on HDFC Bank for regulatory lapses
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs. 91 lakh on HDFC Bank for deficiencies in statutory and regulatory compliance, including violations related to Know Your Customer (KYC) norms.
In a statement, the central bank said the penalty was levied under the provisions of the Banking Regulation Act after a statutory inspection for supervisory evaluation of the bank’s financial position as on March 31, 2024. Based on the findings of the inspection, the RBI issued a notice to the bank seeking its response. After considering the submissions, the regulator concluded that certain compliance failures warranted monetary action.
The RBI clarified that the penalty is based on shortcomings in regulatory compliance and does not question the validity of any customer transactions or agreements entered into by the bank. The action is intended to reinforce adherence to regulatory standards and strengthen internal control mechanisms.
The central bank also reiterated that penalties imposed under supervisory actions are aimed at improving compliance culture among regulated entities. HDFC Bank, India’s largest private sector lender by assets, has been working to enhance its compliance systems following the merger with its erstwhile parent housing finance company.
SBI plans lateral hiring of nearly 1,000 specialists in wealth management
State Bank of India (SBI) is preparing to recruit nearly 1,000 specialists in wealth management through lateral hiring, reflecting a shift in customer preference towards investment products over traditional savings instruments. The recruitment drive has been announced through advertisements for Specialist Cadre Officers on fixed-term contracts.
The hiring will focus on roles such as relationship managers and customer relationship executives, primarily across major commercial centres including Mumbai, Bengaluru, Chennai and Delhi. These professionals will cater to affluent and high-net-worth individuals, offering investment, insurance and portfolio-linked financial products.
According to the bank, the move is aimed at strengthening its wealth management franchise and boosting fee-based income. As customers increasingly diversify their financial assets into mutual funds, insurance and alternative investments, SBI is seeking specialised talent to manage client portfolios and enhance advisory capabilities.
The lateral hires will operate outside the traditional branch-centric model, focusing instead on personalised wealth solutions and deeper customer engagement. This strategy aligns with SBI’s broader effort to expand non-interest income and remain competitive with private banks and global wealth managers.
The initiative also signals a structural change in public sector banking, with greater emphasis on specialised skills and market-driven roles to meet evolving customer expectations.
IDFC First Bank upgrades FD-backed ‘FIRST WOW!’ credit card
IDFC First Bank has launched an upgraded version of its FD-backed “FIRST WOW!” credit card, offering enhanced features aimed at first-time and credit-constrained customers. The card is issued against a fixed deposit starting from Rs. 20,000 and is available to applicants aged 18 and above.
According to the bank, the upgraded card offers zero foreign exchange markup on international transactions, dual-card access through a physical Mastercard and a RuPay UPI virtual credit card, rewards on UPI spends, and travel-related benefits including trip protection. Both cards are linked to a single account, providing a unified credit limit and consolidated billing statement.
The bank said the product is designed to combine credit access with disciplined savings, making it suitable for customers building or rebuilding their credit profiles. The FD-backed structure ensures controlled risk while enabling customers to enjoy full credit card benefits.
As of September-end 2025, IDFC First Bank had around 40 lakh credit cards in force, with an outstanding credit card book of Rs. 8,638 crore, accounting for about 3% of its total loan book.
The bank noted that its credit card cost-to-income ratio has declined sharply from 240% in FY22 to 96% in H1 FY26, and is expected to improve further to around 75% by FY27 as scale efficiencies kick in.
Banks unlikely to cut deposit and MCLR rates despite RBI repo rate reduction
Despite the Reserve Bank of India delivering a 25 basis points cut in the repo rate last week, banks are unlikely to reduce term deposit rates or marginal cost of funds-based lending rates (MCLR) aggressively, according to senior bankers. Intense competition for deposits and the need to protect net interest margins (NIMs) are expected to keep rates largely unchanged.
State Bank of India Chairman C S Setty said the repo rate cut was shallow and would have minimal impact on margins, especially as credit growth remains strong and banks are actively chasing deposits. He added that the benefit of the earlier cash reserve ratio cut and ongoing repricing of fixed deposits would help banks maintain profitability.
Another senior public sector bank official noted that expectations of stronger credit growth in the second half of FY26, along with stiff competition from smaller lenders, would limit banks’ ability to pass on the rate cut to depositors.
ICRA Ratings’ Karthik Srinivasan said deposit rate reductions would depend on credit growth momentum and liquidity conditions. While some marginal cuts may occur for select tenures, broader reductions are unlikely.
According to RBI data, banking system liquidity has remained in surplus since October 2025. Although lending rates have moderated following earlier repo cuts, deposit repricing has lagged, ensuring margin stability for banks with large MCLR-linked loan books.
Banks to recover Rs. 5,500 crore from sale of Chenani–Nashri tunnel project
Lenders to IL&FS are set to recover about Rs. 5,500 crore following the transfer of the Chenani–Nashri Tunnelway (CNTL) project in Jammu and Kashmir to Cube Highways for Rs. 6,145 crore. The transaction marks a significant milestone in IL&FS’s ongoing debt resolution programme.
The deal results in the settlement of Rs. 5,454 crore of debt linked to the tunnel project and removes CNTL from the IL&FS group structure. Cube Highways has taken operational control, with its nominees assuming management responsibilities.
The recovery is expected to translate into a 98–124 per cent return for lenders, including State Bank of India, Canara Bank and other financial institutions. The transaction is scheduled to close within days, according to sources familiar with the matter.
The sale significantly advances IL&FS’s broader effort to resolve debt obligations totalling around Rs. 61,000 crore. With this transaction, the group has crossed Rs. 48,000 crore in resolved dues, bringing it closer to its overall resolution target.
The Chenani–Nashri tunnel is a strategically important infrastructure asset, providing all-weather connectivity between Jammu and Srinagar. Its successful monetisation underscores improving investor confidence in completed infrastructure projects and reflects the effectiveness of the court-supervised IL&FS resolution framework.
Alert bank manager helps foil ‘digital arrest’ scam, saves senior citizen
An alert bank relationship manager helped foil a ‘digital arrest’ scam, preventing a senior citizen from losing more than Rs. 6 crore to cyber fraudsters impersonating law enforcement officials. The swift action also led to the recovery of Rs. 64 lakh that had already been transferred.
Meet Sabharwal, a relationship manager at Axis Bank’s Galleria Market branch, noticed a series of unusually large fund transfers from a customer’s account. Suspecting fraud, she immediately contacted recipient banks and requested them to place the transactions on hold.
Police said the victim was targeted by a cyber gang posing as Mumbai Police and Central Bureau of Investigation officers. The fraudsters claimed the senior citizen was linked to criminal activity and placed him under so-called “digital arrest” via video calls. Under pressure, the victim was coerced into redeeming mutual fund investments worth Rs. 5.9 crore, with proceeds scheduled to be credited to his bank account.
The Rs. 64 lakh transferred before intervention was successfully recovered. The senior citizen later filed a complaint with the Cyber East police station on November 18.
In recognition of her presence of mind and decisive action, Police Commissioner Vikas Arora awarded Sabharwal a cash reward of Rs. 20,000. Officials said the case highlights the growing sophistication of cyber scams and the critical role banks play in early detection and prevention.
India’s UPI to be accepted in Cambodia through NPCI–ACLEDA partnership
India’s Unified Payments Interface (UPI) is set to be accepted in Cambodia following a partnership between NPCI International Payments and Cambodia-based ACLEDA Bank. The collaboration will also enable acceptance of Cambodia’s national QR payment system, Bakong (KHQR), in India.
The agreement will allow Indian and Cambodian travellers to make digital payments through QR codes at tourist destinations, restaurants and retail outlets across both countries. Indian users will be able to use their existing UPI apps at more than 4.5 million KHQR-enabled merchant locations in Cambodia.
According to a joint statement, the initiative aims to provide a secure, interoperable and seamless cross-border payment experience. The integration is expected to reduce dependence on cash and card-based payments, while improving convenience for travellers and businesses alike.
For merchants, the partnership offers faster settlements and access to a broader customer base without additional infrastructure investment. The move is also expected to strengthen economic and tourism ties between India and Cambodia, especially as travel between the two countries increases.
The expansion of UPI acceptance overseas forms part of India’s broader strategy to internationalise its digital public infrastructure. NPCI International Payments has already enabled UPI usage in several countries, positioning the platform as a global real-time payments solution and reinforcing India’s leadership in fintech innovation.
Ravi Ranjan appointed SBI managing director, to oversee risk and stressed assets
State Bank of India (SBI) has appointed Ravi Ranjan as its Managing Director with effect from December 15, 2025, according to a regulatory filing by the country’s largest public sector lender. The appointment was notified by the Department of Financial Services under the Ministry of Finance through a government notification issued on the same day.
Ranjan, who was serving as a Deputy Managing Director at SBI, assumed charge immediately. As per the notification issued under the State Bank of India Act, 1955, he will remain in office until his superannuation on September 30, 2028, or until further orders.
Following his elevation, Ranjan will oversee critical portfolios including risk management, compliance, and the Stressed Assets Resolution Group (SARG). These functions are central to the bank’s credit oversight, regulatory adherence, and resolution of non-performing assets.
Prior to becoming MD, Ranjan headed SBI’s Global Markets vertical and earlier led the Corporate Accounts Group. His career spans key leadership roles, including Chief General Manager of the Chennai Circle and overseas assignments in Hong Kong and Los Angeles. A career banker, he joined SBI as a probationary officer in 1991 and brings over three decades of experience across banking verticals.
Public sector banks write off Rs. 6.15 lakh crore loans over five-and-a-half years
Public sector banks (PSBs) have written off loans worth Rs. 6.15 lakh crore over the last five-and-a-half years, Parliament was informed, with the government clarifying that the move does not amount to a waiver of borrower liabilities.
“As per RBI data, PSBs have written off an aggregate loan amount of Rs. 6,15,647 crore during the last five financial years and the current financial year up to September 30, 2025,” Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
The minister emphasised that loan write-offs are part of balance-sheet clean-up exercises and are carried out in line with RBI guidelines and board-approved policies, typically after full provisioning. Borrowers’ repayment obligations continue even after write-offs, he said.
Chaudhary also noted that the government has not infused capital into PSBs since FY23, as lenders have strengthened their financial position, returned to profitability, and raised funds independently. Between April 2022 and September 2025, PSBs raised Rs. 1.79 lakh crore from the market through equity and bond issuances.
Recovery efforts on written-off loans continue through legal channels including Debts Recovery Tribunals, SARFAESI proceedings and insolvency cases under the Insolvency and Bankruptcy Code before the NCLT.
Unclaimed bank deposits in India more than double in five years
India’s unclaimed bank deposits have more than doubled over the past five years, rising to Rs. 67,004 crore as on June 30, 2025, from Rs. 27,824 crore at the end of FY21, highlighting a growing challenge for the banking system.
On December 10, Prime Minister Narendra Modi said that nearly Rs. 2,000 crore had been returned to rightful owners under the Centre’s “Your Money, Your Right” initiative. The amount returned represents about 3 per cent of total unclaimed deposits.
The recovery drive follows a three-month campaign launched in October by Finance Minister Nirmala Sitharaman to help depositors or their legal heirs trace and reclaim dormant balances. The initiative involves simplified processes, greater use of digital platforms, and coordination among banks to identify eligible claimants.
Unclaimed deposits typically arise when accounts remain inoperative for extended periods due to reasons such as migration, lack of nominee details, or death of the account holder without heirs being aware of the funds.
Regulators and the government have stressed the importance of nominations and periodic account activity to reduce the accumulation of unclaimed funds. Banks have also been directed to proactively reach out to customers and publish details of unclaimed deposits to improve transparency and recovery.
Credit card lending slows as banks tighten norms amid rising stress
Credit card lending continues to slow as banks adopt a more cautious stance amid signs of stress in unsecured retail segments, according to credit data released by TransUnion Cibil for the September quarter.
“In recent quarters, credit card originations declined while delinquencies rose due to portfolio quality pressures and base effects,” said Bhavesh Jain, Managing Director and CEO of TransUnion Cibil. He added that while new card issuance remains muted, portfolio quality has shown improvement following corrective actions by lenders.
New credit card originations declined nearly 15 per cent year-on-year during the September quarter, making credit cards the only major retail loan segment to remain in contraction. This contrasts with improving demand and supply conditions across most other retail credit categories.
Banks’ cautious approach reflects lessons from rapid unsecured lending growth in previous years, which was followed by rising defaults, particularly in small-ticket loans. Stress has also been observed in segments such as two-wheelers, commercial vehicles and micro loans against property.
As a result, lenders are increasingly shifting towards “premiumisation”, focusing on prime borrowers with stronger credit profiles and higher ticket sizes. Despite the slowdown, overall retail asset quality remains stable, indicating that risk recalibration is yielding results.
SBI targets doubling mobile banking users to 20 crore with Yono 2.0
State Bank of India plans to double its mobile banking customer base to 20 crore over the next two years, up from 9.4 crore currently, with the launch of its revamped digital platform, Yono 2.0, Chairman C S Setty said.
Speaking at a press conference, Setty said the bank has completely rewritten its internet banking code, now branded as Yono Net Banking, alongside a fully reimagined mobile application. “This is not simply a mobile app; it is a comprehensive digital banking ecosystem,” he said.
To support customers transitioning to the new platform, SBI plans to expand its in-branch digital support infrastructure. The bank will deploy 10,000 floor managers across branches nationwide by March to assist customers with onboarding and usage.
Setty highlighted that digital onboarding significantly reduces customer acquisition costs while improving convenience and scalability. The bank expects increased adoption of digital services to enhance cross-selling opportunities and deepen customer engagement.
Yono 2.0 is designed to offer a seamless experience across banking, investments, loans and lifestyle services, reinforcing SBI’s push towards a digital-first operating model. With India’s growing preference for mobile-led financial services, SBI believes the upgraded platform will help it maintain leadership in retail banking while driving efficiency and long-term growth.
Banks’ credit-deposit ratio remains above 80%, deposit mobilisation stays a challenge
Banks’ credit-deposit (CD) ratio eased marginally to 80.2 per cent in the fortnight ended October 31 from 80.4 per cent in the previous fortnight, but continued to remain above the 80 per cent threshold, according to data released by Reserve Bank of India.
The CD ratio had breached the 80 per cent mark in March 2024 and again in March 2025, and has consistently remained above this level since September 2025, CAREEdge Ratings data showed. Private sector banks continue to report higher CD ratios compared to public sector banks.
Analysts said banks are facing persistent challenges in mobilising deposits as customers increasingly shift towards higher-yielding investment products such as mutual funds and market-linked instruments. This has constrained banks’ ability to reduce deposit rates further, even as lending rates have softened following repo rate cuts, putting pressure on net interest margins.
As of October 31, total bank credit rose 11 per cent year-on-year to Rs. 193.9 lakh crore, driven by festive-season demand, GST rate cuts, sustained retail and MSME activity, and selective corporate borrowing amid rising bond yields. Deposits grew 10 per cent year-on-year to Rs. 241.7 lakh crore, slower than the 11 per cent growth recorded a year earlier.
Nabard plans Rs. 1,000 crore second fund to boost rural start-ups and digitisation
The National Bank for Agriculture and Rural Development (Nabard) is planning to launch a Rs. 1,000 crore second fund for start-ups through its investment arm, Nabventures, while accelerating digital initiatives aimed at farmers, self-help groups (SHGs) and cooperatives.
Nabard Chairman Shaji KV said Nabventures’ first fund, which invested in 19 companies, is now fully deployed. Building on this success, Fund II is expected to be launched during the current financial year, with Nabard contributing around 40 per cent of the total corpus. The new fund will maintain a strong rural and agri-focused investment strategy.
Alongside funding, Nabard is digitalising its operations to better leverage data across the rural ecosystem. The institution is setting up a data warehouse and data lake to support climate-resilient agriculture and provide farmers with low-cost advisories on weather, fertiliser use and pest control.
Under a central government programme, Nabard has digitised nearly 70,000 primary credit societies, covering data of about 12 crore members. It is also working with 95 lakh SHGs, particularly women-led groups, to promote micro-enterprises and job-led rural growth in collaboration with the Rural Development Ministry.
SBI chief pitches national financial data grid to support next growth phase
State Bank of India (State Bank of India) Chairman C S Setty has called for the creation of a national financial grid that integrates credit bureaus, registries, eKYC systems, UPI and the account-aggregator framework to support India’s next phase of financial expansion.
Speaking at a CII summit, Setty said India’s credit-to-GDP ratio, currently at around 55 per cent, could rise to 64 per cent by 2047, but this would require a fundamental shift towards a technology-first financial architecture. He said a unified data backbone would enable seamless credit delivery, innovation and inclusion.
Setty proposed that the Unified Lending Interface (ULI) could evolve into such a national grid, connecting critical financial infrastructure while embedding a shared framework for fraud prevention and risk management. He highlighted the Indian Digital Payments Intelligence Corporation as a transformative initiative capable of enabling real-time intelligence sharing among banks.
He added that millions of MSMEs still struggle to access formal credit despite annual growth of 17–18 per cent in MSME lending. To address this, Setty suggested creating a digital twin for every small enterprise to enable faster, data-driven underwriting and reduce information asymmetry across the financial system.
Banks consider criminal record checks as part of tighter loan scrutiny
Banks are considering adding criminal record checks as an additional filter in the loan approval process, going beyond traditional parameters such as credit scores, cash flows and collateral, amid rising concerns over credit risk and fraud.
Senior bankers said the proposal, currently under discussion, aims to screen borrowers with serious criminal antecedents at the application stage, particularly in digitally originated retail loans and promoter-driven MSME and corporate lending. With instant mobile-based loan approvals becoming common, traditional in-person due diligence has diminished, prompting lenders to explore additional safeguards.
A senior public sector bank executive said that criminal cases involving promoters can disrupt business continuity and repayment capacity. Attachment of collateral by enforcement agencies such as the Enforcement Directorate or Economic Offences Wing during a loan’s tenure could also dilute banks’ security.
Experts cautioned against blanket exclusions. Akshat Khetan, Founder of AU Corporate Advisory and Legal Services, said criminal records should inform risk assessment rather than define borrowers. Minor, outdated or unrelated offences should not automatically disqualify applicants, as this could undermine financial inclusion.
Legally, banks may access criminal record information provided it is done with borrower consent, relevance and strict adherence to data protection norms, ensuring contextual and balanced credit decisions.
SBI to hire 16,000 staff annually, add 200–300 branches in FY26: CS Setty
State Bank of India will recruit around 16,000 employees during the current financial year and plans to maintain a similar level of hiring annually as part of its long-term expansion strategy, Chairman C S Setty said in an interaction with businessline. The bank also intends to open 200–300 new branches in FY26 to strengthen its physical presence and fill identified “white spaces” in emerging residential and commercial clusters.
The hiring and branch expansion programme aligns with SBI’s ambition to double its business size to Rs. 200 lakh crore over the next six to seven years, from Rs. 100 lakh crore as of Q2 FY26. Setty said the bank uses granular analytics to identify areas witnessing rising footfalls for branch and ATM placement, ensuring timely network expansion.
As of March 2025, SBI employed 2.36 lakh staff across officers, associates and subordinate roles, with women accounting for 28 per cent of the workforce. Employee costs rose 11 per cent year-on-year to Rs. 36,837 crore in H1 FY26.
SBI is also leveraging its wholly owned subsidiary, State Bank Operations Support Services, to support rural and semi-urban operations, including monitoring over 60,000 ATMs and deploying 6,000 floor coordinators across branches.
Banks asked to provide basic services at all branches, cut charge disparities
Commercial banks have been advised to ensure that basic banking services are available at all branches, irrespective of whether a customer’s account is domiciled there, according to a senior banker familiar with the discussions. The move follows concerns raised by the Reserve Bank of India over inconsistent service availability and wide variations in charges levied by banks for similar services.
Currently, customers are often required to visit their home branch for certain services, a practice the regulator views as outdated given advances in core banking technology. RBI has asked banks to identify services that should be mandatorily offered across all branches and disclose this information clearly on their websites.
The regulator has also flagged disparities in service charges across banks and within bank networks. While RBI does not intend to prescribe fees directly, lenders have been asked to propose mechanisms to bring parity, including fixing a price range or setting a cap on charges for commonly used services.
Improving customer service and grievance redress has been a priority for RBI Governor Sanjay Malhotra. During a recent meeting with CEOs of public and private sector banks, he stressed the need to reduce customer grievances, enhance transparency, and strengthen internal systems to improve overall service delivery standards.