State Bank of India (SBI), the nation’s largest lender, wants to boost its asset size from the current 20% of the country’s GDP to 25% by 2047 as it advances its goal of becoming a developed nation, or Viksit Bharat. This would also help the bank rank among the top 10–20 global banks in terms of asset size, according to C S Setty, chairman of SBI.
On the National Payments Corporation of India’s (NPCI) YouTube site, Setty was speaking with Dilip Asbe, MD & CEO. He claimed that because SBI holds a 20% loan share and a 23% deposit share, it is viewed as a stand-in for the Indian economy. For over 15 to 20 years, SBI’s assets have consistently accounted for 20% of the nation’s GDP. SBI is in a position to help India prosper as it moves closer to the Viksit Bharat objective in various ways.
India needs to Focus on Emerging Sectors-Setty
Setty emphasised that India must prioritise the developing industries. Green hydrogen, semiconductors, or battery storage could be the cause. He said that SBI also thinks that because it knew the industries, it has been assisting them in developing their capabilities throughout the years in addition to providing funding. In order to finance projects in developing industries within SBI, an industry cooperative or coordinated body known as the “Centre of Excellence” is being established.
Many of these modern industries will boost the Indian economy, and SBI will be prepared to provide funding for them, Setty continued. Additionally, Setty emphasised that SBI is the only Indian multinational bank with a global reach. According to him, the bank’s foreign operations are concentrated on helping Indian corporations realise their goals of accessing international markets and obtaining funding there, particularly through external commercial borrowings.
He went on to say that SBI wants to increase this 20% GDP asset to 25%. In terms of assets, the national bank aspires to hold a quarter of the Indian GDP. In terms of assets, that also gives SBI the hope that it may one day rank among the top 10 or top 20 global banks.
SBI to Enhance its International Business Operations
SBI’s international activities currently make up 10% of the total balance sheet; they hope to increase this to 12% to 13% in the future. According to Setty, SBI today operates in 29 countries with over 240 contact points, and its overseas balance sheet makes up 10% of its total balance sheet, which is a pretty significant contribution.
He added that SBI has been constantly examining its international operations to help Indian corporations who want to access foreign markets and raise money there, whether through external commercial borrowings or other means. “At the moment, we are the biggest trade credit suppliers to Indian corporations. Thus, that will go on,” he continued.
Quick Shots
•SBI aims to increase its asset size from 20% to 25%
of India’s GDP by 2047.
•SBI aspire to be among the top 10–20 global banks
by asset size.
•SBI seen as a proxy for the Indian economy,
supporting the Viksit Bharat vision.
•SBI setting up an industry-coordinated body to
finance and support emerging sectors.
To reward consumers for their everyday spending, SBI Card and PhonePe have launched a co-branded credit card. There are two varieties of the PhonePe SBI Card: SELECT BLACK and PURPLE.
SELECT BLACK vs PURPLE: What’s the Difference?
When making purchases using the PhonePe app, customers who use the SELECT BLACK card can receive up to 10% back in reward points, while other online retailers offer up to 5% back. Both the VISA and RuPay networks are used by the recently introduced cards.
Payments at a variety of UPI merchants are possible by linking RuPay cards to UPI. Tokenisation is a feature that VISA cards provide for safe online transactions. Spending on groceries, bills, reservations for trips, electricity, insurance fees, and other expenses can earn points with these cards.
How the Card Benefits Users?
A membership fee of INR 1,500 for SELECT BLACK and INR 500 for PURPLE is returned as PhonePe e-gift certificates with both cards’ variations. They also provide milestone trip vouchers: PURPLE cardholders earn INR 3,000 for spending INR 3 lakh yearly, while SELECT BLACK users receive an INR 5,000 vacation voucher for spending INR 5 lakh annually.
For SELECT BLACK customers, additional benefits include Priority Pass membership and access to domestic lounges. Additionally, a 1% fuel cost waiver is offered. Through the PhonePe app, customers may apply for the card and handle bill payments directly.
Dual Network Advantage: RuPay + VISA
The RuPay version of the card enables smooth transactions across millions of retailers by integrating with UPI. Tokenising VISA cards, on the other hand, can guarantee safe online use. Users’ security and flexibility are improved by this dual-network functionality.
Salila Pande, MD and CEO of SBI Card, expressed hope that the collaboration would boost digital payments and credit card usage in India. “The tie-up will help boost credit card usage and digital payments in India,” Pande said.
Strategic Goals Behind the Partnership
The goal of this partnership, according to PhonePe CEO Sameer Nigam, is to increase consumer access to formal credit. According to Nigam, the collaboration will facilitate the availability of formal loans. These cards will be made available via the PhonePe app in stages. By providing customers with more lucrative options for their regular expenses, this program supports initiatives to improve digital payment solutions in India.
Recent Developments at PhonePe
At a time when payment organisations are attempting to persuade the government to implement the Merchant Discount Rate on UPI transactions, PhonePe announced on July 15 that Shivnath Thukral, the former head of Meta India’s public policy division, would be joining the company as vice president for public policy and government affairs.
Zarin Daruwala, a seasoned veteran with more than thirty years of banking expertise, was named to the board of the fintech company in June after previously serving as CEO of Standard Chartered India and South Asia. In December 2022, PhonePe moved from Singapore to India with the goal of going public there. In its most recent private funding round, the corporation was valued at about $12 billion.
Reliance Communications Ltd. (RCOM) announced in a regulatory filing on July 1 that the State Bank of India (SBI) had labelled the loan account of RCOM as “fraud” and was taking steps to submit the identity of the company’s former director, Anil Dhirubhai Ambani, to the Reserve Bank of India (RBI).
According to SBI’s letter dated June 23, 2025, which was attached to the application, the bank’s Fraud Identification Committee has determined that the loan account of Reliance Communication Limited is fraudulent.
Reliance Telecom Ltd. (RTL) and other group firms are among the associated entities mentioned in the letter, which was received on June 30. Other irregularities mentioned include possible fund diversion and loan term violations that resulted in the fraud classification.
According to SBI, the decision was made after forensic audits and a review of several show-cause notices.
Response from Reliance Communications
According to Reliance Communications, since 2019, the business has been subject to the corporate insolvency resolution process (CIRP). Creditors have adopted a resolution plan, which is pending National Company Law Tribunal (NCLT) final approval.
According to the SBI letter dated June 23, 2025, the credit facilities or loans mentioned therein relate to the time frame before the CIRP. According to the Insolvency and Bankruptcy Code (IBC), these must be settled either in liquidation or as part of a resolution plan.
As per Reliance Communications, the corporation is shielded from the institution and continuation of any lawsuits or other actions taken against it during the CIRP.
Following the NCLT’s acceptance of the resolution plan, the corporation will be immune from liability for any alleged crimes committed before the CIRP begins, according to the protection afforded by Section 32A of the IBC. The business also stated that in light of the latest development, legal counsel is being sought for the future.
Journey of RCOM
Dhirubhai Ambani formed the Reliance Group, which includes the Indian telecom business Reliance Communications Limited which was established in 2004.
Following the Reliance Group split, RCOM, under the leadership of Anil Ambani, provided enterprise services, internet, and mobile and underwater cable connectivity. It suffered from high debt, increased competition, particularly from Reliance Jio, and a declining market share in the late 2010s.
According to the Insolvency and Bankruptcy Code, the business went through the corporate insolvency resolution process in 2019. Anish Niranjan Nanavaty, a resolution specialist, has been running the company since the board was suspended.
Many of RCom’s licences have expired or been surrendered, and the company is still in the process of going bankrupt. Its assets are being evaluated for sale or restructuring in order to pay off its creditors.
Our fathers are the rock upon which we can put our faith. They are constant in their support and will always be there for us. They encourage us to keep going even when things are tough, and they are the wind beneath our wings. Dads love us even when we can’t see it, and they make sure we have all we need. The people who help us achieve our goals in life are often our dads. Our dads have been our biggest advocates from the time they taught us to ride bikes as children until now, when we’re adults, when we pursue our goals and ambitions. Fathers deserve recognition all year round for being there for their children through thick and thin, believing in them and their abilities, and helping them attain their full potential. We honour our fathers and everything they do for us each year on Father’s Day.
Several brands realising the importance of this day, have put their creative minds to work and crafted some of the most thoughtful commercials to make Father’s Day more special:
Zomato’s Father’s Day Ad Celebrates the Unsung Multi-Tasker – Dad
Zomato has released a heartwarming Father’s Day campaign that beautifully captures the silent strength and support fathers offer through every stage of life. The ad traces the journey from childhood to adulthood, showing how fathers are always present, whether it’s dropping you off, staying up at night, or simply being a comforting presence.
Adding a quirky twist, the film cleverly compares the roles fathers play to popular modern services. He’s our very own Uber, always ready to drive us; our Spotify, singing lullabies late at night; our personal event planner, just like Zomato District; our reliable news update, like Inshorts; and even our human Truecaller, always picking up the landline. And when the child casually mentions mangoes, he brings them home by evening, just like Blinkit.
Apollo Tyres
Apollo Tyres – Father’s Day Campaign
Apollo Tyres celebrated Father’s Day in 2024 with a heartfelt and warming ad highlighting how fathers navigate life with love and resilience. But the ad has a little twist. It is not talking about a bond between father and child, but between an owner and his pet dog. The narrative captured here showcases that parental bonds can be between animals and humans, just as the present generations see their pets as their children.
Hero Lectro
Hero Lectro showcased that the greatest Father’s Day gift is not an expensive watch or a car, but rather the moments we share. The ad showcases an emotional journey where fathers play a constant supportive role, from teaching us to walk to riding our first bicycle. They are not just teachers and mentors, but also companions and friends who provide wisdom and insights as we grow up.
Hisense India
Hisense India – Father’s Day Campaign
Hisense India created a Father’s Day campaign that not only highlighted the bond between fathers and children but also the multiple roles they play in our lives. The brand made its campaign interactive by asking users to send photos of their MVP, their dad with Hisense. This campaign was to show that dads are always there for us and support us no matter what we do.
IFFALCON
IFFALCON had one of the most quirky and relatable Father’s Day campaigns. It highlights how fathers take hours to make a decision, as they pay attention to every detail, whether it’s choosing a TV or picking the next family vacation. They always want what is best for their family, and will take the time and energy to choose one that not only suits everyone’s needs but also their budget. The brand demonstrates the extent to which fathers are invested in purchasing to keep their families happy.
Pizza Hut
Pizza Hut – Father’s Day Campaign
Fathers are not always able to openly express their love and affection. But we all know that it’s there. Pizza Hut’s Father’s Day campaign is a take on that where a son wishes his father on his special day and agrees to foot the bill for a pizza party together. All his father does is share a thumbs-up emoji, but lost is the sweet and loving smile that the father gives, beaming with pride.
Upstox
Upstox – Father’s Day Campaign
Upstox financial investment brand celebrated Father’s Day with its #FirstFinancialAdvisor campaign. It shows a video of conversations between fathers and their children from childhood drama to adulthood problem-solving. But it highlights simple money-saving lessons to supportive, dynamic guides. Fathers are our first personal growth and financial educators who influence our lives and teach us how to make the right decisions, especially when it comes to finances.
Kotak Mahindra Life Insurance
Kotak Mahindra Life Insurance – Father’s Day Campaign
In 2024, Kotak Mahindra launched a digital film featuring their brand ambassador, Rajkummar Rao. It pays tribute to the essence of a father’s love and inspiration in one’s life. While a father’s love is often perceived as tough, they stand by you in every phase of life. Rajkummar Rao talks about his moments with his father and celebrates him as his first hero.
Zepto
Zepto – Father’s Day Campaign
Zepto celebrated Father’s Day with its #JustSayIt campaign that openly encouraged people to express their love and appreciation for their fathers. The campaign was a touching video that played across multiple platforms and encouraged its audience with teasers and interactive content. The idea was simple: just make sure that your father knows just how much you love and cherish him on his special day.
Bharat Matrimony
Bharat Matrimony – Father’s Day Campaign
Last year, Bharat Matrimony aired an advertisement for Father’s Day that brilliantly depicted the love between a father and daughter while also apologizing to all fathers. The idea for the commercial came from the observation that dads miss their daughters when they grow up, even though they want them to get married.
It captures images of heartbroken dads during the ‘bidaai’ ceremony when the bride gets ready to move in with her new family after saying a sad goodbye to her parents.
Some dads put up a strong front to control their emotions, while others flash a proud, teary smile. At the conclusion of the film, BharatMatrimony issues an “apology” for matching daughters with suitable life partners and for causing this heartbreaking separation.
Dove Men+Care announced the debut of their #CongratsItsADad campaign in 2023, which honors fathers and the moment they become the first guardians of their children, on Father’s Day. The initiative’s execution showcased a remarkable level of agility, aligning with the brand’s continued dedication to acknowledging the life-changing impact of care. #CongratsItsADad is all about the dads who got the best Father’s Day present ever: a baby.
The campaign included photos of new parents and encouraged everyone to recognize the care that dads and father figures provide in their lives. Dove Men+Care wasted no time turning the birthing photographs sent in by families and photographers around the nation into outdoor digital billboards. On the same day, they went up in more than 1,600 spots around New York City, including Penn Plaza and Times Square.
Edelweiss Mutual Fund has released a digital film called “Chhoti chhoti kishton ne, Seench liya aaj rishton ko” in celebration of Father’s Day.
The digital film’s goal is to make a strong point about enabling dads to live independently and with purpose in retirement while capturing the unique link between a grandpa and his grandchild.
In the video, it was shown a middle-class family on a summer vacation to the village to stay with the boy’s grandpa. The boy is five years old. As they get ready to depart, the pair touches the old man’s feet in a traditional gesture to request his blessings. As the little boy clings to his grandpa, a touching scene unfolds.
In a touching turn of events, the old guy politely turns down the couple’s small financial gift and instead surprises them by giving their son a larger sum of money along with some sincere wishes. As they watch this act of kindness develop, the couple is profoundly affected by the range of feelings they are experiencing. A catchy melody enhances the scene’s emotional effect as it plays in the background of the film.
Godrej Group
Godrej Group – Father’s Day Campaign
A heartwarming recipe that pays tribute to fathers across the world is part of Godrej Group’s #PerfectForDadRecipe, an inspiring Father’s Day campaign. The campaign dives into deep contemplation and is sure to provoke thought. Highlighting a father’s important contributions in the kitchen, #PerfectForDadRecipe encourages diversity in new-age parenting while shattering biases and addressing stereotypes connected with parental roles. An exclusive Father’s Day dish called “The Misunderstood Dad Platter” is showcased in the advertising, which incorporates Godrej products.
Advocating for a shift in consumer mindset away from traditional gender stereotypes, the #PerfectforDadRecipe campaign highlights the equal abilities of fathers and mothers in the home and the role of parents. Godrej Group’s Corporate Brand & Communications team and Creativeland Asia came up with the idea for #PerfectforDadRecipe to highlight the importance of fathers in raising children and making the house a home. Featuring Godrej items and a father in the kitchen, the ad taps into the many feelings and societal expectations around fatherhood.
The Father’s Day advertisement by HDFC Mutual Fund stresses the value of starting early and how even modest investments now may pay off handsomely later. Many fathers instill in their children the values of saving for the future and working hard now will pay off in the end. The company takes a page out of Dad’s playbook when it comes to saving money and promotes a similar attitude among consumers.
Himalaya Babycare
Himalaya BabyCare – Father’s Day Campaign
Because of the sacrifices they make and the challenges they go through, fathers are the very first heroes in our lives. They love and protect us. However, not many parents are aware that their children look up to them as role models. An advertisement for Father’s Day that Himalaya Babycare created describes the spirit of fatherhood and encourages children of all ages to express to their fathers that they are their heroes.
Licious
Licious – Father’s Day Campaign
In every household, fathers are the unofficial “meat experts,” and they are frequently the ones who are responsible for purchasing chicken and mutton. The majority of people take their obligations extremely seriously, making certain that their family can enjoy the very best that life has to offer. The moment that they are taken away from this duty against their will, there will undoubtedly be some complaints received. In an homage to fathers on Father’s Day, the meat brand Licious apologizes to fathers for relieving them of their “meat duties,” in which the fathers express their displeasure with the situation.
Cyrus Broacha portrays the character of Boman Naoroji, who has a crush on his red automobile, which he refers to as “Boman Ki Pyaari,” and goes to great lengths to ensure that it is in perfect shape. On the other hand, “Boman Ki Pyaari” is of secondary importance to “Boman ki Dulhaari,” which is his daughter. To raise money for his daughter’s new venture, Boman decides to sell his much-loved automobile. Thankfully, Poonawalla Fincorp comes to the rescue, and “Boman ki Pyaari” continues to maintain its relationship with Boman. This campaign is being run by the company to draw attention to the collateral-free loan product that the company provides, with the end goal of encouraging clients to make it their preferred one-stop solution. It is the unwavering support that fathers provide for their children that this brand highlights. Fathers are there for their children even when they would rather remain in the background.
Narayana Group
Narayana Group – Father’s Day Campaign
The narrative of Narayana Group is about a father who is unshakable in his support of his son to assist him in achieving success. The movie praises the importance of fathers as motivators, role models, and mentors, demonstrating to children that they can inculcate values, discipline, and a desire for learning through their actions rather than just words.
The #PapaHainNaa digital film that SBI Life has created for Father’s Day depicts the journey of self-realization that a father goes through as he realizes that he has been inadvertently imparting values of perseverance and dedication in his child.
One notion that is narrated by all of these advertisements is that behind the scenes, fathers not only put in a lot of effort to make their children’s goals come true, but they also give their children the support that they require. When they are put in a position, fathers become more emotional than mothers, even though they convey the image of being emotionless. Fathers are frequently thought of as being the person with the most difficult hearts. To put it simply, they are the engine that propels the life of every child.
Father’s Day is celebrated annually on the third Sunday in June. This year, it is on 15th June.
What is the Dove Men+Care campaign about?
Dove Men+Care announced the debut of their #CongratsItsADad campaign in 2023, which honors fathers and the moment they become the first guardians of their children, on Father’s Day.
What was Godrej’s Father’s Day campaign?
#PerfectforDadRecipe was Godrej’s Father’s Day campaign.
According to a media source, Sumitomo Mitsui Banking Corporation (SMBC) plans to apply for a licence from the Reserve Bank of India (RBI) to run a fully owned subsidiary in India. The action is a component of the Japanese conglomerate’s strategy to take over Yes Bank.
Before State Bank of India (SBI) and other lenders sell their remaining approximately 14% interest to the Japanese conglomerate, SMBC requires the banking regulator’s approval to establish a wholly owned subsidiary in India, according to sources mentioned in the paper.
As per the report, SMBC, which has four branches in India, intends to switch from the branch format to a full-fledged subsidiary model in order to make it easier to acquire the majority of Yes Bank.
According to the article, the conglomerate has already received “verbal assurance” from the RBI that it will be permitted to keep a controlling interest in the private lender with its headquarters in Mumbai.
RBI Granting Approvals to Foreign Players
The RBI recently gave Emirates NBD Bank PJSC, the most probable leading candidate to purchase a share in IDBI Bank, in-principle approval to establish a wholly owned subsidiary in India.
The RBI granted the Indian division of the Singapore-based DBS Group a permission to operate as a wholly owned subsidiary in 2019.
On May 9, Yes Bank declared that, for around INR 13,480 crore, SMBC would purchase a 20% interest from its stakeholders, which included SBI and a number of other Indian banks that had taken part in its 2020 rehabilitation plan.
It is also anticipated that the Japanese banking behemoth will contribute new funds to the private lender, amounting to an extra 6-7% of the company.
SMBC and Yes Bank Deal
A significant change in the ownership and control of the bank would occur if the money injection were to occur since SMBC could have to make an open offer to Yes Bank shareholders, increasing its overall interest to as much as 51%.
Furthermore, on May 28, Yes Bank declared that its Board of Directors would convene on June 3, 2025, to examine a proposal for capital raising by the sale of debt securities, equity shares, or other suitable financial instruments.
SMBC, which in 2021 purchased the non-bank finance company Fullerton India Credit and rebranded it as SMFG India Credit, may wish to combine Yes Bank with itself, pending RBI approval.
As per the reports, having a wholly owned subsidiary, a majority position in a publicly traded private bank, and a 100% stake in a non-banking financing company (NBFC) would require overlapping a number of business operations.
Vijay Vittal Mallya, popularly known as Vijay Mallya, is an Indian businessman and an ex-Member of Parliament (Rajya Sabha). He was born in Kolkata, on 18 December 1955. He can be commonly recalled as the former owner of the IPL cricket team of Royal Challengers Bangalore and the former owner of Kingfisher Airlines.
Furthermore, he is also the ex-chairman of the biggest spirits manufacturing company in India, United Spirits. Mallya still retains his post as the chairman of United Breweries Group.
He is also the face of one of the biggest financial scandals in India and is a subject of extradition efforts by the Indian Government. Let’s understand the complete story of Vijay Mallya.
Vijay Mallya lost an appeal against bankruptcy in April 2025 in London’s High Court. The court had earlier declared him bankrupt because he owes more than 1 billion pounds (about $1.28 billion) to banks, including the State Bank of India.
Mallya, who now lives in the UK, has been fighting a long legal battle with the banks and the Indian government since his airline, Kingfisher Airlines, shut down in 2012.
Vijay Mallya – Family
Vijay Mallya was born to an affluent business family as a son of the former chairman of the United Breweries Group, Vittal Mallya and Lalitha Ramaiah. Soon after his father’s death, Mallya succeeded his father to become the chairman of the United Breweries Group at the early age of 28.
Vijay Mallya, now 69, married Sameera Sharma, an air hostess of Air India, in 1986, and their first son, Siddharth Mallya was born on May 7, 1987. However, his first marriage didn’t last long, and soon after they were divorced, Mallya married Rekha Mallya, who is his present wife, in June 1993. He adopted Rekha’s daughter, Leila during the time of his marriage and also has two daughters from his present wife, Leanne, and Tanya.
Vijay Mallya – Education
Mallya spent his school and college days in Kolkata. He was a student of La Martinière Calcutta, where he was appointed House Captain of Hastings house in the final year, following which, he went on to be admitted to St. Xavier’s College, Kolkata, where he graduated with an Honours in the Bachelor of Commerce degree in 1976.
He interned in his family’s businesses during his college days. Post-graduation, Mallya flew to the United States and joined as an intern at the American part of Hoechst AG.
Though Vijay Mallya was born to humble parents, he never decided to settle for a quiet life like his father. He had soaring ambitions and a desire to exceed them. His journey started with United Breweries, which was already an MNC business conglomerate, comprising over 60 companies.
As soon as he joined the business, he worked hard to grow the business and managed to increase the overall turnover by around 64%, reaching US $ 11 billion in 1998-1999. He was already living a lifestyle of that of kings, being dubbed as the “King of Good Times” that eventually became the tagline of Kingfisher.
In the year 2005, Mallya launched his new airline company, Kingfisher Airlines to further diversify his business, which later on became the cause of his downfall.
Kingfisher Airlines
Vijay Mallya – When and How Did the Bubble Burst?
Within a relatively short span of time, Vijay Mallya got what he aimed for but continued to dream bigger. Kingfisher Airlines was launched at the peak of his career when he was already living a lifestyle that most people cannot even dream of but after a brief spell of success and with skying debts, it was finally shut down in 2012.
Vijay Mallya’s success didn’t seem to last long not because of his ambitious dreams but due to his dishonest ways to achieve the same.
Kingfisher Airlines was a business built on a platform of losses, and as a result of which it has echoed losses ever since it was launched. Intending to overcome the financial burdens, which started to weigh heavy by then, Mallya decided to fly overseas. However, according to the rules, an airline company needs to run its local operations successfully before it can look forward to flying internationally.
Here, Mallya planned to rush things by acquiring another low-cost airline company, Air Deccan by paying over the odds but this viciously backfired Mallya, catalyzed by the rising loans and catapulted by the economic downturn of 2008 and 2009.
Revenue of Kingfisher Airlines
At the end of 2009, Kingfisher Airlines was already due for a massive sum of Rs 7,000 crores, a major part of which was siphoned by Mallya as loans from 17 Indian banks allegedly to shell companies in Britain, Switzerland, and Ireland. Furthermore, he also left staff underpaid and even unpaid when he couldn’t meet the due amount. Kingfisher Airlines finally crashed in 2012 with the aircraft seized.
Vijay Mallya Timeline
How Banks Gave the Loan to Kingfisher?
Banks give loans based on the collateral of the same amount given in the loan. But these banks gave loans to Vijay Mallya on items like office stationery, boarding pass printers, folding chairs, computer screens, and wood tables as collateral. The bank’s willingness to provide loans based on current assets as capital created suspicions on the bank officials who passed their loans.
Also, the loans given by SBI were on the trademarks and Goodwill of Kingfisher airlines kept as collateral. SBI chairman OP Bhatt was involved in providing such fraud loans to him.
Banks lost their money because of the officials who granted and processed the loans, without checking all the collaterals and taking securities that were to be followed as per rules and regulations. They came under the pressure of their seniors who were bribed by Vijay Mallya. Also, he took the help of his political connections to process such big loans.
The loans taken on the name of Kingfisher Airlines and UB group weren’t used for its actual cause. Banks never knew that the loans taken by Vijay Mallya were laundered overseas to various tax havens. All this was done with the help of shell companies.
Mallya would have the bank loans moved to these shell firms, which were set up with sham directors for this reason. These companies did not have any source of income and weren’t active at all. The loans taken were only to further his agenda. The directors placed in the shell companies would act according to the command of Mallya. The money was transferred to seven different countries including the United Kingdom, the United States, Ireland, Switzerland, France, and South Africa.
Furthermore, Vijay Mallya diverted the money he got from the loans to fund his IPL team Royal Challengers Bangalore. He bought the most expensive IPL team RCB at INR 476 Crore with the money of public sector banks. Around 77 payments were done by the SBI bank account of Kingfisher Airlines to the IPL Vendors. He had spent massive amounts lavishly over cricketers from the borrowed money of the banks.
At first, this case seemed similar to those in businessmen getting unlucky. But a closer look reveals this is was a case of smart money laundering. As our Indian banking sector is still developing, there are many loopholes in the system. People like Vijay Mallya took the advantage of such loopholes and made their unhealthy marks on the economic system.
Here is a list of how much loan was taken from each bank:
Rs 1,600 crore
State Bank of India
Rs 800 crore
PNB
Rs 800 crore
IDBI Bank
Rs 650 crore
Bank of India
Rs 550 crore
Bank of Baroda
Rs 430 crore
United Bank of India
Rs 410 crore
Central Bank of India
Rs 320 crore
UCO Bank
Rs 310 crore
Corporation Bank
Rs 140 crore
Indian Overseas Bank
Rs 90 crore
Federal Bank
Rs 60 crore
Punjab & Sind Bank
Rs 50 crore
Axis Bank
Rs 600 crore
3 other Banks
Rs 150 crore
State Bank of Mysore
The government of India despite its repeated attempts for extradition, is yet to arrest him from the UK, where he has fled post the issuance of the warrants against him.
“The evil that men do lives after them; the good is often interred with their bones.”
The Fugitive Economic Offenders Act was rolled out by the Indian government in 2018 and by this act, Vijay Mallya was labelled as the first fugitive economic offender of the nation. He is now remembered by the same.
Vijay Mallya studied at La Martiniere School in Kolkata and later graduated with a degree in commerce from St. Xavier’s College, Kolkata. He was known for being a bright student and also actively participated in extracurricular activities during his college years.
Is Vijay Mallya still the owner of Kingfisher?
No, Vijay Mallya is no longer the owner of Kingfisher Airlines. The airline, which he founded in 2005, ceased operations in 2012 due to severe financial difficulties and accumulated debts. By 2013, Kingfisher Airlines had lost its license to operate, and Mallya had exited the airline business.
What is Kingfisher owner name?
Vijay Mallya was the founder and former owner of both Kingfisher Airlines and Kingfisher beer, he no longer holds ownership or control over either entity.
What is Vijay Mallya net worth?
In 2013, Forbes estimated Vijay Mallya’s net worth at approximately $750 million. By 2022, some reports suggested his net worth had rebounded to around $1.2 billion. As of March 2025, corporate filings indicate that Mallya holds public shares in three companies, with a combined value exceeding INR 4,683 crore (approximately $560 million).
The Tata Neu SBI Card has been introduced by SBI Card, the biggest pure-play credit card issuer in India, in collaboration with Tata Digital. Through this partnership, a co-branded credit card—the Tata Neu Infinity SBI Card and the Tata Neu Plus SBI Card—is now offered. By offering NeuCoins as rewards, both cards seek to provide a high-end buying experience. With the Tata Neu Plus SBI Card, cardholders can earn up to 7% in rewards, while with the Tata Neu Infinity SBI Card, they can earn up to 10%. These incentives, which include a range of living requirements like food, travel, and fashion, can be redeemed via the Tata Neu app. The new co-branded card offers alluring perks for regular purchases. With the RuPay version, cardholders may get up to 1.5% back on UPI transactions, and with Tata Neu, they can get up to 5% back on bill payments.
How to Apply for it?
Customers can apply online using SBI Card SPRINT or in person at specific Croma locations, making the application procedure easier. The Tata Neu Plus SBI Card costs INR 499, plus applicable taxes, while the Tata Neu Infinity SBI Card costs INR 1,499, plus a joining and yearly renewal charge. The Tata Neu SBI Card enhances the total premium experience by providing free access to both domestic and international airport lounges in addition to rewards. By meeting certain spend levels, cardholders can avoid paying the yearly charge thanks to the cards’ spend-based fee reversal feature. To reverse the annual cost, for example, Tata Neu Plus SBI Cardholders must spend INR 100,000 annually, but Tata Neu Infinity SBI Cardholders must spend INR 300,000. SBI Card and Tata Digital’s partnership demonstrates their dedication to offering Indian customers value-driven goods.
Enhancing Consumers’ Lifestyle
Salila Pande, MD & CEO of SBI Card, elaborated on the new partnership by saying that consumers’ lifestyle needs have expanded in the modern day due to changing tastes. SBI is thrilled to collaborate with Tata Digital to improve its clients’ lifestyles. SBI’s dedication to providing customer-focused products that give the best-in-class value is demonstrated by this cooperation. With a combination of unmatched advantages and smooth simplicity, the Tata Neu SBI Card is made to provide a comprehensive experience that enhances every transaction and elevates the shopping experience. The card is a noteworthy addition to SBI’s extensive line of co-branded credit cards.
Tata Digital’s MD and CEO, Naveen Tahilyani, echoed these remarks when he said that the Tata Neu Card, in collaboration with SBI Card, embodies the company’s mission and reinforces its dedication to providing seamless, fulfilling experiences to the contemporary Indian customer. It combines the strength of reputable brands to provide genuine value and reinvent credit and loyalty in India. These declarations highlight both businesses’ strategic attitude to collaborating and innovating to satisfy changing customer demands.
Due to the bank’s Annual Closing activities, the State Bank of India (SBI) has notified its clients that some financial services will be momentarily unavailable on April 1, 2025. The bank made the announcement through a post on X. For banks to complete financial records, reconcile accounts, and guarantee a smooth transition into the new fiscal year, this planned downtime is crucial. In its message, SBI recommended customers arrange their transactions appropriately to prevent any disruption.
Reports of SBI mobile banking failures increased, with a peak occurring between 11:00 AM and 11:30 AM IST, according to data from Downdetector. Mobile banking accounted for 64% of the reported problems, with fund transfers coming in second at 33% and ATM troubles at 3%. Consumers vented on social media about unsuccessful transactions and trouble logging into their accounts.
Official Statements of SBI and NPCI
The services of Internet Banking, Retail, Merchant, Yono Lite, CINB, Yono Business Web & Mobile App, YONO, and UPI would not be available tentatively between 13:00 and 16:00 IST on April 1, 2025, owing to Annual Closing activity, according to SBI’s official website. ATM and UPI Lite services will be accessible during this time. Through its official X handle, ‘@TheOfficialSBI’, the bank has posted the same on its social media platform.
The National Payments Corporation of India (NPCI) announced that several banks are experiencing sporadic decreases in transactions as a result of the end of the fiscal year. The UPI system is operating smoothly, and we are collaborating with the relevant banks to address any issues that may arise. Via its official X handle, @npci_npci, NPCI also posted this information on its social media platform.
Services Available Vs Non Available Services
•UPI Lite
•ATM services
•Internet Banking (Retail
& Merchant Services)
•Corporate Internet Banking
(CINB)
•YONO Lite (Mobile Banking
App)
•YONO Business (Web &
Mobile App)
•YONO (SBI’s Digital Banking
Platform)
•Unified Payments Interface
(UPI) Transactions
For more seamless transactions, SBI users might try using other bank accounts to make payments. Small transactions can be made using UPI light without a UPI PIN if it is available. Payments can also be made with ATM-cum-debit cards.
Why Banks are Closed on 1 April 2025?
On April 1, 2025, India’s next fiscal year officially begins. On this day, banks prepare financial reports and audit records, close and reconcile their books for the previous fiscal year, and update loan balances and interest rates for the upcoming one. This closure is observed by banks in both the public and private sectors. Bank workers perform account reconciliation and audits in the background, while consumers are unable to transact at physical branches. Various states have planned a number of bank holidays for April 2025, including celebrations of Akshaya Tritiya, Mahavir Jayanti, Ambedkar Jayanti, Good Friday, Bohag Bihu, and Basava Jayanti.
A limitation on Paytm’s ability to engage in banking operations beyond February 29 by India’s Reserve Bank has put the country’s fintech behemoth in a bind.
Paytm, which was started in 2010 by Vijay Shekhar Sharma—who became famous as the face of digital payments following demonetization—is currently unable to process deposits, FASTag transactions, or credit transactions through any of the main financial institutions.
As they say “Someone’s loss is another person’s gain”! Exactly on the same lines the rival fintech companies are scripting their new expansion stories. Businesses that accept Paytm as payment have been approached by field agents from companies including Google Pay, Yes Bank, HDFC Bank, and PhonePe. To get a piece of this burgeoning industry, SBI is also actively engaging with domestic and international tech companies to extend its sound box network.
The development has shocked users. The Paytm website claims that the company’s customer base in India exceeds 300 million people. Following its first public offering in 2021, the company’s finances began to deteriorate. Building a sizable loan book, it has been attempting to become profitable and expand into additional segments ever since. Laid off 1,000 workers over a few months is another cost-cutting measure.
According to specialists in the field who spoke with various media outlets, Paytm’s credit operations have nearly stopped and earnings streams have come to a standstill as a result of the regulatory crackdown. This is happening even though probes into the firm are still ongoing.
After facing serious allegations, industry analysts predict the company may face the loss of its licence. Paytm is a shining light in India’s startup scene, and if that happens, it would be a black day for them. Until 2022, the business served as the official title sponsor of all cricket matches played by the BCCI, both at the international and domestic levels. In 2023, it partnered with Ticketmaster for the Indian Premier League playoffs and final.
This disaster has occurred just as investment in the financial technology sector has begun to decline. According to a Tracxn FinTech Report, the third-highest funded ecosystem in the world—India’s fintech sector—saw a 63% drop in funding to $2 billion in 2023 from $5.40 billion the year before.
Latching to the Opportunity
According to industry watchers, if Paytm goes under, customers may go to other financial apps, which would be good for their competitors.
Amid the continuing crises, news surfaced recently that Mukesh Ambani’s Jio Financial Services Ltd was among the leading bidders for Paytm’s wallet business, sending shares of Jio soaring by more than 15%.
“It would appear that businesses and customers are increasingly turning to alternative QR code platforms, UPI, and wallet transactions as a result of the aforementioned RBI injunction against Paytm.” According to Aviral Jain, Managing Director, Valuation Advisory Services at Kroll, “This disruption period could be short-lived if Paytm can resolve quickly,” meaning that competitors of Paytm have a good chance to gain a larger portion of the market.
From a business-to-business standpoint, the effect is more on the company’s bottom line than on Paytm’s reputation, albeit the latter will feel the effects in the medium run. Paytm must instill extra trust in its customers to avoid irreparable harm to its brand during this period of interruption, as Jain pointed out that gaining customers’ trust takes time.
For Paytm’s senior executives, the most pressing issue is calming nervous investors and forming alliances with financial institutions to support its Unified Payments Interface (UPI), wallet, and other merchant services. The firm also has the difficult challenge of transferring loan repayment customers from Paytm Payments Bank to other banks.
The top bank is already pressuring financial institutions to increase their net interest margins and reduce their high loan-to-deposit ratio; Paytm may encounter resistance from hesitant banks even if it simplifies these difficulties.
Additionally, there is the issue of a significant lack of end-user communication, which may eventually cause a retention problem. Nevertheless, the senior executives of Paytm assert that they are fully aware of the situation and want to implement a comprehensive marketing and communication campaign to alleviate these concerns and redirect users to partner institutions.
In the meantime, 42% of Indian Kirana stores have begun accepting payments through other applications, according to a Kirana Club poll. According to the research, Paytm used to have over 69% of the Kirana shop market. The poll also uncovered another shocking fact regarding the level of trust that local retailers have in Paytm. Some 42% of Kiranas have shifted to utilizing different payment apps, and 20% more have said they plan to do so soon. Among merchants that have implemented or are considering implementing alternative payment apps, 50% have opted for PhonePe, 30% are leaning towards Google Pay, and 10% are leaning towards BharatPe.
The First SBI Lady Chairman, Arundhati Bhattacharya, is a retired banker. She was the first woman to be the chairperson of the nation’s largest bank, SBI. Under her leadership, SBI grew its network to around 17,000 branches and services over 330 million customers with a presence in 36 countries. She executed the smooth transition that SBI underwent, which was evident in every way. The women who have inspired many women entrepreneurs to step up.
Being the First Woman Chairman of SBI, Let’s know more about Arundhati Bhattacharya’s Education, Story, How Arundhati became the First female chairperson of SBI, and more…
Arundhati Bhattacharya – Biography
Name
Arundhati Bhattacharya
Born
18 March 1956, Kolkata
Citizenship
Indian
Education
St.Xavier’s School, Jadavpur University, Lady Brabourne College
Title
First Woman Chairperson of the State Bank of India
Net Worth
Approx $5 Million (2023)
Awards
Global Economy Prize
Current Position
Chairperson and CEO (India operations), Salesforce, USA
Arundhati Bhattacharya – Childhood and Personal Life
Arundhati was born into a well-educated family. She was raised in Bhilai by her father, Prodyut Kumar Mukherjee, who was working with Bhilai Steel Plant as an engineer, and her mother, Kalyani Mukherjee, who was a Homeopathic doctor. From a very young age, she was driven towards journalism. She completed her schooling at Bokaro Steel City’s St Xavier’s School. She enlisted herself in English literature and completed her graduation from Kolkata’s Lady Brabourne College.
Arundhati Bhattacharya – Education
Arundhati Bhattacharya’s education was at St. Xavier’s School, Bokaro. She studied English Literature at Calcutta’s Lady Brabourne College and then at Jadavpur University.
Arundhati Bhattacharya was propelled towards journalism, but in 1977, she decided to sit for the SBI probationary officer exam and nailed it at the age of 22. She had her dreams of journalism but entered the banking sector and never looked back.
During her 36-year career with the bank, she held several positions, including working in foreign exchange, treasury, retail operations, human resources, and investment banking. This included positions like the chief executive of the bank’s merchant banking arm, State Bank of India Capital Markets, and chief general manager in charge of new projects.
Arundhati Bhattacharya has served at the bank’s New York office. She has also been involved with the launch of several new businesses, such as SBI General Insurance, SBI Custodial Services, SBI Pension Funds Pvt. Ltd., and the SBI Macquarie Infrastructure Fund.
Arundhati Bhattacharya – As The First Woman Chairperson of SBI
Arundhati Bhattacharya became the first female chairperson of SBI, succeeding Pratip Chaudhuri as Chairman, who retired on 30 Sep 2013. Arundhati Bhattacharya was the first woman ever to lead a Fortune 500 company in India and the only woman banker on that list of giants anywhere in the world.
When she became the chairman, many doubted her capabilities to work in a corporation as she spent most of her time outside the headquarters. She had her tenure for four years after retiring in 2017.
Arundhati Bhattacharya – 4 Year Term as the Chairman of SBI
During her tenure, she identified the problems and transformed SBI from a stable state-run lender into a customer-friendly and competitive bank. SBI also introduced the work-from-home scheme for women. During her term, SBI rose 57%.
She navigated the bank to its toughest of times and completed the merger of 5 Associate banks and Bhartiya Mahila Bank. This merger resulted in the creation of a banking behemoth with more than ₹37 lakh crore in assets.
Focused on the spread of digital platforms
SBI Buddy Digital platform
Arundhati focused on the technology and the spread of digital platforms with products like SBI Buddy. The results were healthy. The SBI group saw ₹5.83 lakh crore worth of mobile transactions (with a market share of 44.5 percent) during FY17. Its consolidated net profits stood at ₹2,006 crore in the quarter ended June 2017.
SBI Launched its First Dedicated Branch For Startups InCube
SBI Chairman Arundhati Bhattacharya, at the launch event of InCube
The main purpose of the ‘SBI InCube’ was that the bank would help, guide, and counsel entrepreneurs in starting a new company or business enterprise. At the launch event, SBI Chairman Arundhati Bhattacharya said,
“SBI is striving to make its structure more amenable to the requirements of startups. We want to be a part of the growth of startups and India itself. We will support entrepreneurs in their ventures and let them do their job of innovating. ”
This was a great initiative by SBI to help startups under the leadership of Chairman Arundhati Bhattacharya.
SBI was India’s first and largest commercial bank to launch a performance appraisal system named Saksham. It was launched so that the employees could analyze their monthly performance against assigned targets.
Work-from-home facilities for Women Employees
On International Women’s Day SBI provided provided its employees the facility to work from home, a move that will especially benefit its women workers. Arundhati Bhattacharya played an important role here.
SBI introduced Lateral hiring from institutes like IIT & IIM
SBI planned to hire specialist job roles from institutes like IIT & IIM.
Arundhati Bhattacharya – Achievements
In 2014, Fortune magazine named her as the 24th most powerful woman in the Asia-Pacific region.
From 2014 to 2017, she was consistently ranked as the most powerful woman in business on Fortune India’s list.
In 2015, Forbes ranked her as the 30th most powerful woman in the world.
At the 10th India Business Leader Awards in 2015, she was recognized as the Outstanding Woman Business Leader of the Year.
In 2016, Forbes listed her as the 25th most powerful woman in the world.
In 2016, Foreign Policy magazine recognized and ranked me as one of the “FP Top 100 Global Thinkers”.
Felicitated with the “Woman of the Year Award” for Banking and Financial Service by the then-governor of Maharashtra in 2016.
In 2017, India Today magazine listed this person as the 19th most powerful individual in India out of the 50 on their list.
In 2018, she was awarded the title of “Business Leader of the Year” at The Asian Awards.
In 2018, she was honored with the ninth V.C. Padmanabhan Memorial Award for Excellence.
Harvard Business Review Ascend published an interview titled “The Making of SBI’s First Woman Chairperson, Arundhati Bhattacharya” in 2018.
India nominated her for the World Bank’s managing director and COO position.
State Bank of India’s first female chairman, Arundhati Bhattacharya, retired in 2017 after 40 years, one month and two days after joining the country’s largest lender as a probationary officer. After leaving SBI, her journey has been incredibly fascinating:
Piramal Group
She served as a Non-Executive/aIndependent Director on the board ofPiramal Group. She resigned from her position in April 2020, after serving since December 2018, to become the Chairperson and CEO of another company. At Piramal, Bhattacharya’s experience and insights went beyond her role, guiding the company’s strategic direction and decision-making.
Wipro Limited
She served as an Independent Director on the board of Wipro Limited from December 2018 to April 2022. Her appointment brought a wealth of experience and leadership to the company, particularly in the areas of finance, risk management, and corporate governance.
Reliance Industries Limited
Arundhati joined the board of Reliance Industries (RIL) as an independent additional director and has been appointed to the RIL board for a period of five years starting from October 17, 2018. The appointment comes days after India-focused private equity firm ChrysCapital Advisors LLP announced Bhattacharya as an advisor.
SWIFT India
In 2018, SBI chief Arundhati Bhattacharya was appointed as the new Chairman of the SWIFT India board. Arundhati Bhattacharya’s contributions to SWIFT India were instrumental in the organization’s growth, success, and contribution to the Indian financial sector.
CRISIL Limited
CRISIL Ltdappointed Ms. Arundhati Bhattacharya as Additional Director (Independent) of the company on 16 October 2018. As of 2020, she has resigned from the role and will be joining as a Chairperson and CEO for the India operations of Salesforce, USA.
Salesforce
Arundhati Bhattacharya currently holds the position of Chairperson and CEO at Salesforce India. Her responsibilities include developing the company’s growth strategy and defining Salesforce’s relationship with the ecosystem of customers, partners, and communities across India.
Arundhati Bhattacharya’s journey from studying journalism to being the First Female Chairperson of SBI and her life beyond SBI is an inspiration to all the women out there. Her thoughts are worth remembering…
“India does not have a problem of people grabbing share from a fixed pie. India is one of the few nations where the pie is getting bigger”
“Private sector has no issue in coming into infrastructure sector. They know very well that infrastructure is one area that can give you very steady long-term returns”
“In order to ensure long-term investment, it is important to make infrastructure as transparent and as bankable as possible – should be a win-win for all”
“Theoretically, every probationary officer has a chance to become chairman”
Conclusion
Arundhati Bhattacharya is one of the most powerful and influential leaders a country has ever had. Under her leadership, SBI grew its network to around 17,000 branches and services over 330 million customers with a presence in 36 countries. She executed the smooth transition that SBI underwent, which was evident in the way fearlessness and risk-taking ability were planted in the banking sector’s DNA over the period. She has inspired many women entrepreneurs to step up and join the Startup ecosystem.
FAQs
Who is the First Women Chairperson of SBI?
Arundhati Bhattacharya was the first female chairperson of the nation’s largest bank, SBI. Under her leadership, SBI grew its network to around 17,000 branches and services over 330 million customers.
Who is the Current Chairman of SBI?
Dinesh Kumar Khara was appointed as the chairman of SBI on October 7, 2020.
What is Arundhati Bhattacharya’s Education?
Arundhati Bhattacharya’s education was at St. Xavier’s School, Bokaro. She studied English Literature at Calcutta’s Lady Brabourne College and then at Jadavpur University.
When did Arundhati Bhattacharya retire as the Chairman of SBI?
State Bank of India’s first female chairman, Arundhati Bhattacharya, retired in 2017 after completing her 4-year tenure.
What is Arundhati Bhattacharya’s current position?
Arundhati Bhattacharya, former chairperson of the State Bank of India, has been hired by Salesforce USA to lead its operations in India starting in 2020.
