HDFC Bank sends two names to RBI for its next CEO: decision in 7-10 days
Every fact links to its official source.
60-second morning update
Change: HDFC Bank sent RBI two CEO names: Anup Bagchi (MD-CEO, ICICI Prudential Life) and Kaizad Bharucha (HDFC Bank's own Deputy MD). RBI should decide in 7-10 days.
Impact: Ends months of doubt over who leads India's largest private bank after CEO Jagdishan's term ends 26 October.
Action: Branch staff: if customers ask, say a decision is due soon and day-to-day banking will not change.
Change: NPCI's new UPI fee: 0.4% (max Rs 300) on shop payments above Rs 2,000, split between banks and apps. FM Sitharaman says customers do not pay it.
Impact: 96% of shop UPI payments (under Rs 2,000) stay completely free.
Action: Payments teams: confirm customer help scripts say this clearly, to avoid confusion.
Change: Finance Ministry met PSB, RRB and IBA chiefs on the 28-30 September strike, and asked unions to call it off. A conciliation meeting is today. The disputed performance-pay plan is on hold; the 5-day week demand stays open.
Impact: A strike would add to a Saturday off (26 September) and half-year closing (30 September) — up to 5 days of thin branch work.
Action: Branch and ops staff: banks are told to keep ATMs and cash points stocked. Check your branch's plan today.
Change: RBI's final Basel III rule sets bank capital for market risk, via a simpler method (SSA), replacing its 2023 draft.
Impact: Banks get to 1 April 2027 to comply; a partial version has run since April 2024.
Action: Risk and treasury desks: read the Direction now; check your trading book against the new rules.
Change: Personal loan rates this week: Union Bank of India lowest at 8.90%; HDFC, ICICI, Kotak, IDFC First start at 9.99%; some NBFCs go up to 30%.
Impact: Over 20 percentage points separate the cheapest bank from the costliest NBFC.
Action: Credit and sales staff: steer eligible walk-ins to bank rates before an NBFC offer.
Reserve Bank of India action board
What changed: RBI's final rule sets bank capital for market risk (trading book losses), via the Simplified Standardised Approach, replacing a 2023 draft.
Who is affected: All commercial banks with a trading book.
What to do: Study the changed rules on forex risk capital, interest-rate risk, and debt mutual funds in the trading book.
Last date: Effect from 1 April 2027; a partial version has run since April 2024.
What changed: HDFC Bank sent RBI two CEO candidates for approval: Anup Bagchi (MD-CEO, ICICI Prudential Life) and Kaizad Bharucha (HDFC Bank Deputy MD).
Who is affected: HDFC Bank, India's largest private bank (about 12% of bank deposits).
What to do: RBI is checking both names against its fit-and-proper rules for bank chiefs.
Last date: Decision expected in 7-10 days, before CEO Jagdishan's term ends 26 October 2026.
Source: Kotak Neo, 22 September 2026 ↗
What it means for your job
Branch and retail: Banks are told to keep ATMs and cash points stocked ahead of the 28-30 September strike, which could mean up to 5 days of thin branch work with the 26 September Saturday off and 30 September half-year closing.
Compliance and risk: RBI's final Basel III market risk rule changes bank capital needs, including new debt mutual fund rules. Read it before 1 April 2027.
Credit and lending: Personal loan rates span 8.90% (Union Bank) to 30% (some NBFCs) this week. Point eligible customers to bank rates first.
NBFC and co-operative: RBI gave Volkswagen Finance a fresh NBFC licence and made RNFI Money's forex licence permanent, adding MSME trade payments to its scope.
Payments and technology: NPCI's new 0.4% UPI merchant fee needs correct system tagging for shop payments over Rs 2,000 from 15 September.
Careers and learning: Government has kept the disputed performance-pay plan on hold as part of strike talks; the 5-day week demand stays open.
People and industry: South Indian Bank's P R Seshadri steps down as CEO on 30 September with no successor named yet. JPMorgan's new India head wants it to be India's top wholesale bank.
Treasury: RBI drained Rs 75,000 crore via an overnight VRRR auction on 22 September, reversing on 23 September.
Banker problem solver
A shopkeeper customer asks why UPI payments above Rs 2,000 now cost more to accept. What do you tell them?
From 15 September, NPCI charges 0.4% (max Rs 300) on shop UPI payments above Rs 2,000.
- Applies only to shop UPI payments above Rs 2,000, not person-to-person transfers.
- Split between the shop's bank, the customer's bank and the payment app — not billed at the counter.
- 96% of shop UPI payments (under Rs 2,000) are unaffected.
Fraud and risk check
Check today: A message saying 'your UPI will be charged extra today, click to avoid it' is fake. The UPI fee is settled bank-to-bank. No click ever avoids it.
Career and technology help
What an IBPS Clerk actually earns in 2026
IBPS Clerk basic pay: Rs 24,050 a month, up from Rs 19,900, under the 12th Bipartite Settlement. Gross about Rs 40,720; in-hand about Rs 37,734. Pay scale rises to Rs 64,480 over 20 years.
One important number
96%
Share of shop UPI payments staying free of NPCI's new fee — they fall below the Rs 2,000 line where the 0.4% charge starts.
Important dates
22 September — Government-union conciliation meeting on the planned strike.
26 September — Fourth Saturday — banks closed.
28-30 September — Proposed nationwide bank strike, if not called off.
30 September — Bank half-year closing; also Seshadri's last day at South Indian Bank.
1 October — RBI's uniform FD rate rule takes effect.
One question
Should HDFC Bank pick an outsider (Anup Bagchi) or promote from within (Kaizad Bharucha) as its next CEO? Outsider / Insider