RBI Cuts SLR to 18%, ICICI Q1 Profit Jumps 14.6%: Banking News Today (29 July 2026)
The morning tea had barely cooled when the news hit the dealing room: the RBI had slashed the Statutory Liquidity Ratio to 18%, freeing up ₹1.5 lakh crore for banks to lend. By lunch, ICICI Bank had posted a 14.6% jump in net profit to ₹11,696 crore. Here's what every banker, JAIIB/CAIIB aspirant, and curious customer needs to know about today's banking landscape.
- RBI cut the Statutory Liquidity Ratio (SLR) to 18% on 29 July 2026, freeing up ₹1.5 lakh crore for bank lending.
- ICICI Bank reported a Q1 net profit of ₹11,696 crore, up 14.6% year-on-year from ₹10,204 crore.
- The RBI Master Direction on KYC applies to all scheduled commercial banks, NBFCs, payment system operators, and asset management companies, mandating video-based KYC for remote accounts.
- BBPS, operated by NPCI, covers over 20,000 biller categories for recurring payments.
- CRILC requires banks to report credit exposures of ₹5 crore and above; wilful defaulters are reported for defaults above ₹25 lakh.
- RBI SLR cut to 18% frees ₹1.5 lakh crore for lending — expect lower loan rates soon.
- ICICI Bank Q1 profit ₹11,696 crore, up 14.6% — a sign of strong banking sector health.
- KYC Master Direction applies to all banks, NBFCs, payment operators, and AMCs.
- BBPS is operated by NPCI and covers 20,000+ biller categories.
- CRILC reporting threshold: ₹5 crore; wilful defaulter threshold: ₹25 lakh.
- Account Aggregator gives you control over your financial data sharing.
- NACH is for bulk recurring payments; UPI e-mandate is for instant small payments.
What Exactly Is 'Banking News Today'?
When you search for banking news today, you're looking for the most recent developments that affect your bank account, your job, or your exam preparation. Today, 29 July 2026, the big stories are the RBI's SLR cut, ICICI Bank's quarterly results, and a fresh set of regulatory updates on KYC, BBPS, CRILC, Account Aggregator, and NACH e-mandate. This page gives you the facts, the context, and the angle nobody else is covering.
RBI SLR Cut to 18%: What It Means for You
On 29 July 2026, the Reserve Bank of India reduced the Statutory Liquidity Ratio (SLR) from 19% to 18%. SLR is the portion of deposits that banks must keep in safe government securities. By lowering it, the RBI has freed up ₹1.5 lakh crore that banks can now use to lend to businesses and individuals. For a home loan borrower, this could mean slightly lower interest rates in the coming months. For a banker, it means more room to grow the loan book. For an exam aspirant, remember: SLR is set by the RBI under Section 24 of the Banking Regulation Act, 1949. For the full timeline of RBI rate changes, see our RBI Repo Rate History.
ICICI Bank Q1 Results: ₹11,696 Crore Profit — How to Read the Numbers
ICICI Bank reported a net profit of ₹11,696 crore for the April-June quarter, up 14.6% from ₹10,204 crore in the same quarter last year. The bank's net interest income grew 12% to ₹20,848 crore. Its asset quality improved, with gross non-performing assets falling to 1.9% from 2.2% a year ago. For a deeper dive into how to read a bank's financial report card, check our guide on SBI Results: How to Read India's Largest Bank's Financial Report Card.
RBI Master Direction on KYC: Who Must Comply and What Has Changed
The RBI's Master Direction on Know Your Customer (KYC) applies to all scheduled commercial banks, NBFCs, payment system operators, asset management companies, and other regulated entities. The key requirement: every customer must provide proof of identity (Aadhaar, PAN, passport, etc.) and proof of address. For low-risk accounts, simplified KYC is allowed with a self-declaration. For high-risk accounts, enhanced due diligence is mandatory. The latest update (2026) mandates video-based KYC for all new accounts opened remotely. For a complete walkthrough, read our RBI Guidelines Explained: KYC, BBPS, CRILC, Account Aggregator & NACH e-Mandate.
Bharat Bill Payment System (BBPS): Who Operates It and How It Works
The Bharat Bill Payment System (BBPS) is operated by the National Payments Corporation of India (NPCI). It is a one-stop platform for paying all recurring bills — electricity, water, gas, telecom, insurance, credit card, and even school fees. As of July 2026, BBPS covers over 20,000 biller categories across India. You can use it through any bank's internet banking, mobile app, or at a nearby retail outlet. The system is regulated by the RBI under the Payment and Settlement Systems Act, 2007.
CRILC and Wilful Defaulter Reporting: The Thresholds You Must Know
The Central Repository of Information on Large Credits (CRILC) is a database maintained by the RBI. Banks must report all credit exposures of ₹5 crore and above to CRILC. This includes fund-based and non-fund-based facilities. Wilful defaulters — borrowers who have the capacity to pay but choose not to — are reported when the default amount exceeds ₹25 lakh. Once declared a wilful defaulter, the borrower is barred from accessing any new credit from the banking system. The reporting framework is governed by the RBI Master Circular on Wilful Defaulters.
RBI Account Aggregator Consent Framework: How Your Data Is Shared
The Account Aggregator (AA) system allows you to share your financial data (bank accounts, mutual funds, insurance, etc.) with a third party — like a lender or a wealth manager — with your explicit consent. The consent framework works on three principles: choice (you decide what data to share), control (you set the duration and purpose), and consent (you approve each request). The data is encrypted and can only be accessed by the entity you authorise. The AA system is regulated by the RBI under the Non-Banking Financial Company — Account Aggregator (NBFC-AA) framework.
NACH vs UPI e-Mandate: What's the Difference?
NACH (National Automated Clearing House) and UPI e-mandate are both systems for recurring payments, but they work differently. NACH is a batch-processing system used for bulk payments like salary, pension, dividend, and loan EMIs. It takes 1-2 days to settle. UPI e-mandate is real-time and is used for smaller recurring payments like mobile recharges, OTT subscriptions, and utility bills. The key difference: NACH requires a physical mandate (signed form or e-sign), while UPI e-mandate can be set up instantly through a UPI app. Both are regulated by the RBI and NPCI.
Questions people ask
The RBI Master Direction on KYC is a set of rules that all banks, NBFCs, payment system operators, and asset management companies must follow to verify the identity of their customers. It requires proof of identity and address, and for remote accounts, video-based KYC is mandatory.
BBPS is a unified bill payment platform operated by the National Payments Corporation of India (NPCI). It allows you to pay all recurring bills — electricity, water, gas, telecom, insurance, and more — through any bank's app, internet banking, or a retail outlet.
Banks must report all credit exposures of ₹5 crore and above to CRILC. Wilful defaulters are reported when the default amount exceeds ₹25 lakh. Once declared a wilful defaulter, the borrower cannot get any new credit from the banking system.
The Account Aggregator system lets you share your financial data (bank accounts, mutual funds, insurance) with a third party only after you give explicit consent. You decide what data to share, for how long, and for what purpose. The data is encrypted and secure.
NACH is a batch-processing system for bulk recurring payments like salary and loan EMIs, settling in 1-2 days. UPI e-mandate is real-time and used for small recurring payments like mobile recharges. NACH needs a signed mandate; UPI e-mandate can be set up instantly via a UPI app.
When the RBI cuts the SLR, banks have more money to lend. This can lead to lower interest rates on home loans and other loans. If you're planning to take a loan, this is a good time to compare rates from different banks.