Today is deadline day: finish branch work before Monday, 28 September's strike
Every fact links to its official source.
60-second morning update
Change: Today, 25 September, is deadline day. Big banks told customers to finish branch work today. A 3-day strike starts Monday, 28 September, right after Saturday, 26 September, already a holiday - up to 5 days of thin or shut branches. Many branches open specially this Sunday, 27 September, on RBI's order. Unions want a 5-day banking week and withdrawal of the performance-linked pay scheme; if unresolved, they have threatened an indefinite strike from 26 October.
Impact: Branch and cheque work could be hit for up to 5 days running, from 26 to 30 September.
Action: Branch staff: finish pending cash and cheque work today. Tell customers to use UPI, mobile or net banking from tomorrow - banks say these will keep working through the strike.
Change: RBI told co-operative banks and all regulated lenders to check customer accounts against a new name on India's anti-terror list. Shahzad Bhatti Network was added to the UAPA banned list on 16 September.
Impact: Any account matching this name must be reported to the financial intelligence unit and can be frozen.
Action: Compliance staff at every bank, NBFC and co-operative bank: run this name against your KYC records today.
Change: RBI fined three NBFCs Rs 15.80 lakh this week: Hero Fincorp Rs 10 lakh for excess interest, Ola Financial Services Rs 3.10 lakh for weak KYC checks, and KLM Axiva Finvest Rs 2.70 lakh for not refunding gold-loan auction surplus.
Impact: Three separate, common rule breaks - any lender doing gold loans, KYC or interest calculation should check its own process.
Action: Gold loan and lending staff: check today whether your auction-refund and interest-calculation process matches RBI's rules.
Change: RBI's new rules for loan recovery agents, first issued 6 August, take full effect from 1 January 2027. Agents cannot call before 8 AM or after 7 PM, must give a day's notice before a home visit, and cannot publicly shame customers.
Impact: Banks and NBFCs have just over 3 months left to retrain agents and fix call-recording systems.
Action: Recovery and collections desks: start updating agent training and call-recording systems now, not in December.
Reserve Bank of India action board
What changed: RBI told co-operative banks, commercial banks, NBFCs and payment banks to screen accounts against a newly banned organisation, Shahzad Bhatti Network, added to the UAPA's First Schedule as Entry 46.
Who is affected: All co-operative banks, commercial banks, small finance banks, payment banks and NBFCs.
What to do: Check KYC records for any match. Report matches to FIU-IND and inform the Ministry of Home Affairs, per the UAPA order procedure.
Last date: Organisation banned 16 September 2026; RBI advisory issued 25 September 2026.
What changed: RBI's revised recovery-agent conduct rules - no calls before 8 AM or after 7 PM, a day's notice before home visits, no public shaming, six months of call recordings, and compulsory IIBF certification - take full effect.
Who is affected: All banks and NBFCs that use recovery agents.
What to do: Update agent contracts, training and call-recording systems before the deadline.
Last date: Rules issued 6 August 2026; full effect from 1 January 2027.
Source: ETV Bharat, 24 September 2026 ↗
What it means for your job
Branch and retail: Today is deadline day for finishing branch work. Many branches open specially this Sunday, 27 September, before the strike starting Monday, 28 September.
Compliance and risk: Screen your KYC database today against Shahzad Bhatti Network, added to the UAPA list on 16 September.
Credit and lending: RBI's new recovery agent rules take full effect from 1 January 2027 - no odd-hour calls, notice before home visits, and IIBF certification for agents.
NBFC and co-operative: RBI fined Hero Fincorp, Ola Financial Services and KLM Axiva Finvest Rs 15.80 lakh combined this week for interest, KYC and gold-auction rule breaks.
Payments and technology: Banks say UPI, mobile banking, net banking and ATMs will keep working through the 28-30 September strike. Only branch and cheque work will be hit.
Careers and learning: IIBF certification is now compulsory for loan recovery agents. Anyone in or entering collections work should add this to their study list.
People and industry: South Indian Bank got RBI's approval for Jose Kattoor, a former RBI executive director, as its new part-time Chairman.
Treasury: RBI's overnight cash-absorbing auctions continued this week; system liquidity surplus has fallen about 60 percent from its peak, RBI data shows.
Banker problem solver
A customer complains a recovery agent called before 8 AM, after 7 PM, or visited home without notice. What should staff do?
RBI's new rules, effective 1 January 2027, ban this. Banks that ignore it risk RBI action and must compensate the customer.
- Ask the customer for the date, time, and the agent's name or ID number.
- Check the call recording - RBI's rule requires banks to keep these for six months.
- If the agent broke a rule, apologise to the customer, start the bank's compensation process, and report the agent's conduct to the collections manager.
Source: ETV Bharat, 24 September 2026 ↗
Fraud and risk check
Check today: RBI told co-operative banks and all lenders to check accounts against a newly banned organisation, Shahzad Bhatti Network, added to the UAPA list on 16 September. Any match must be reported to FIU-IND today.
Credit and recovery help
Refund gold-loan auction surplus - or pay the price
RBI fined NBFC KLM Axiva Finvest Rs 2.70 lakh this week for not paying customers the surplus left after auctioning pledged gold to recover a loan. Any amount above what the customer owed must go back to them. Check your branch's auction file today.
Career and technology help
New must-have for recovery staff: IIBF certification
RBI's recovery agent rules require agents to hold IIBF certification and show ID on every visit, from 1 January 2027. If you work in collections, or plan to, add this to your study list now.
Source: ETV Bharat, 24 September 2026 ↗
One important number
Rs 15.80 lakh
Total fines RBI imposed on three NBFCs this week - Hero Fincorp, Ola Financial Services and KLM Axiva Finvest - for breaking lending, KYC and gold-loan-auction rules.
Source: LiveLaw Biz, 24 September 2026 ↗
Important dates
27 September — Many bank branches open specially to clear pending work before the strike.
28-30 September — Confirmed 3-day nationwide bank strike.
One question
Do you support RBI's new rule that loan recovery agents cannot call before 8 AM or after 7 PM? Yes/No