Press Releases for September 2026
SVC Co-operative Bank Concludes 120th Annual General Meeting, Reaffirms Growth, Governance and Digital Focus
SVC Co-operative Bank Ltd., formerly known as The Shamrao Vithal Co-operative Bank Ltd., a multi-state scheduled bank in India, concluded its 120th Annual General Meeting (AGM) on July 18th 2026, at NMIMS, Mukesh Patel Auditorium, Navyug Society, Navpada, JVPD Scheme, Opposite Mithibai College, Vile Parle (West), Mumbai. The meeting, attended by shareholders, board members, and senior management, commenced with an auspicious lamp-lighting ceremony, followed by feedback and thoughts extended by the Bank’s shareholders.
Chaired by Mr. Durgesh S. Chandavarkar, the Chairman of the Bank; all agenda items and meeting topics set out in the notice to members were transacted.
The Bank also presented its Audited Financials for the year ended March 31, 2026, reporting Total Business of Rs. 43,693 crore, a year-on-year growth of 11.03%. Deposits rose to Rs. 24,956 crore, a 11.51% year-on-year growth from Rs. 22,380 crore in the previous financial year, while Advances increased to Rs. 18,737 crore, a 10.40% year-on-year growth from Rs. 16,973 crore in the previous financial year. The Bank recorded a Net Profit of Rs. 205 crore for the financial year. Asset quality remained resilient with Gross NPA at 2.69% and Net NPA at 0.96%, and the Bank’s capital position strengthened with a Capital Adequacy Ratio (CRAR) of 15.48%.
During the AGM, Mr. Durgesh S. Chandavarkar, Chairman; and Mr. Arun D. Mavinkurve, Vice Chairman of the Bank; felicitated and honoured one of the Bank’s most valued customers, Mr. Dinkar Bhavanishankar Burde, in recognition of his remarkable association with the Bank since 1958. A centenarian, Mr. Dinkar Bhavanishankar Burde was celebrated for his unwavering trust and loyalty spanning nearly seven decades, symbolizing the enduring relationships the Bank has built with its customers. The special felicitation served as a tribute to his lifelong association with the Bank and reflected the institution’s commitment to recognizing and valuing the trust and support of its longstanding customers.
The financial year saw the Bank focus on digital transformation, reinforce risk management practices, and selectively expand its Branch network, while continuing to prioritise customer service and operational discipline.
“As SVC Bank holds its 120th AGM this year, our focus remains on building an institution that combines strong governance, financial resilience and customer trust with a clear vision for the future. The progress we have achieved reflects the collective commitment of our Board, Management and Employees, and we will continue to pursue sustainable growth while creating long-term value for our Members and Customers,” said Mr. Durgesh S. Chandavarkar, Chairman, SVC Co-operative Bank Ltd.
Looking ahead, SVC Bank plans to deepen its focus on retail and priority sector lending, including MSMEs, affordable housing, and institutional deposits, while further expanding its presence across the country.
HDFC Bank Expands Saving Accounts Offerings with ‘Max for Seniors’ and ‘Max for Her’
HDFC Bank, launched two new savings accounts variants – ‘Max for Seniors’ and ‘Max for Her’, offering a host of tailored benefits for Senior Citizens and Women, respectively. These segmented product variants are being offered under the Bank’s flagship Savings Max account, one of the most preferred entry-level savings accounts. The recent PIB reports# indicate that India’s senior citizen population is projected to reach approximately 230 million by 2036, accounting for nearly 15% of the total population. Additionally, women currently hold 39.2% of all bank accounts, contributing to 39.7% of total deposits.
Max for Seniors and Max for Her have been designed to cater to the evolving needs of these customer segments and include several industry-first features such as cyber fraud cover, hospitalization cover up to Rs. 1 Lakh and many more.
Speaking on the new offering, Mr. Ashish Parthasarthy, Group Head – Branch Banking, Payments, Treasury, Liability Products, Marketing, Virtual Channels and Infrastructure, HDFC Bank said, “As lifestyles evolve and customer expectations shift, the Bank remains focused on addressing the unique needs of diverse customer segments through tailored, value-rich banking experiences. These new products reinforce our commitment to offering solutions that enhance security, convenience, and long-term financial well-being.”
India Exim Bank forecasts India’s merchandise exports to amount to US$ 131.2 bn and Non-oil exports to US$ 113.8 bn for Q2 (July-September) of FY2027
Export-Import Bank of India (India Exim Bank) forecasts India’s total merchandise exports at US$ 131.2 bn, witnessing a healthy year-on-year (y-o-y) growth of 17.6%, while non-oil exports are forecasted at US$ 113.8 bn, growing by 20.3%, during Q2 (July-September) of FY2027. Non-oil and non-gems and jewellery exports are projected at US$ 105.8 bn, with an y-o-y growth of 20.5% during the same quarter.
Despite global uncertainties, the growth in exports could be as a result of increasing geographical diversification along with favourable prospects arising from recent trade agreements with major trading partners, supported by buoyant demand in partner countries. India’s positive export outlook is expected to be driven by sustained expansion in domestic manufacturing and exchange rate movements. However, there are downside risks emanating from geopolitical conflicts, and volatility in international commodity markets.
Forecast of growth in India’s total merchandise exports, non-oil exports and non-oil and non-gems & jewellery exports are released by Exim Bank on a quarterly basis, during the first fortnight of the months of May, August, November, and February for the corresponding quarters, based on its Export Leading Index (ELI) model. The next growth forecast for India’s exports for the third quarter of FY 2027 (i.e., October-December 2026) would be released during the first fortnight of November 2026.
The improvisations to the model and the forecast results have been reviewed by a standing technical committee of domain experts comprising Dr. Satyananda Sahoo, Adviser, Department of Economic and Policy Research, Reserve Bank of India, Mumbai; Professor Saikat Sinha Roy, Professor, Department of Economics, Jadavpur University, Kolkata; Professor N. R. Bhanumurthy, Director, Madras School of Economics, Chennai; and Professor C. Veeramani, Director, Centre for Development Studies, Thiruvananthapuram.
As part of its continued research initiatives, Exim Bank has developed an in-house model to generate an Export Leading Index (ELI) for India to track and forecast the movement in India’s exports on a quarterly basis. The ELI gauges the outlook for the country’s exports and is essentially developed as a leading indicator to forecast growth in total merchandise, non-oil exports, and non-oil and non-gems & jewellery exports of the country, on a quarterly basis, based on several external and domestic factors that could impact exports of the country.
Indian Bank & VIT Chennai Conclude PSBS Hackathon Series 2026 on Fraud Prevention
Indian Bank, in collaboration with VIT Chennai, hosted the grand felicitation ceremony for winners of the PSBS Hackathon Series 2026, a nationwide initiative by Public Sector Banks. The event carried the theme “IntelliTrace: Protect – Detect – Prevent Fraud” and the spotlight was on innovative solutions to strengthen fraud detection in the banking ecosystem.
The grand felicitation event was graced by several distinguished dignitaries, including: Smt. Mini T M, Executive Director, Indian Bank; Dr. Thyagarajan T, Pro Vice Chancellor, VIT Chennai, Shri. Rajeev Ranjan Prasad, Senior Advisor (Payment Systems & Banking Technology), IBA; Shri. Deepak Sarda, CGM (IT & Partnership) & CTO, CIO, Indian Bank; Shri. Navin Kumar Shrivastava, Chief General Manager, Chief Risk Officer, Indian Bank and Dr. Viswanathan V, Professor and Dean, SCOPE, VIT Chennai.
Launched after the signing of a Memorandum of Understanding (MoU) on February 4, 2026, the hackathon drew participation from students, researchers, scholars, and startups across VIT campuses and institutions under Anna University nationwide.
Speaking at the event, Smt. Mini T M, Executive Director of Indian Bank, emphasised: “At Indian Bank, we believe that creating awareness is one of the strongest defences against financial fraud. With the increasing threat of fraudulent practices, including the misuse of mule accounts, it is important that every citizen, especially the youth, remains vigilant and financially informed. I sincerely appreciate the enthusiastic participation and commitment shown by the students; their engagement reflects a growing sense of responsibility towards building a safer digital banking ecosystem.
