Top Indian Banks & Their Mobile Banking Apps: Latest Ratings and Reviews in 2026

Digital banking in India is growing rapidly, and mobile banking apps have become one of the most important services offered by banks today. From fund transfers and bill payments to UPI transactions and investment services, banking apps are now an essential part of daily life for millions of customers.

In this article, we take a look at some of the top Indian banks, their official mobile banking apps, and their latest Google Play Store ratings and review counts.

Public Sector Banks (PSBs)

Public sector banks have significantly improved their digital banking platforms over the last few years.

* State Bank of India – YONO SBI – 4.2★ (3M reviews)

* Bank of Baroda – bob World – 4.3★ (1M reviews)

* Punjab National Bank – PNB ONE – 4.3★ (1M reviews)

* Canara Bank – Canara ai1 – 4.4★ (1M reviews)

* Union Bank of India – Union Ease – 3.0★ (816K reviews)

* Bank of India – BOI Mobile Omni Neo Bank App – 4.0★ (150K reviews)

* Indian Bank – IndSMART – 4.3★ (698K reviews)

* Central Bank of India – Cent Mobile – 3.6★ (139K reviews)

* Indian Overseas Bank – IOB VYOM – 4.3★ (20K reviews)

* UCO Bank – mPassbook / UCO mBanking Plus – 4.7★ (342K reviews)

* Bank of Maharashtra – Zen-lyfe – 3.0★ (6K reviews)

* Punjab & Sind Bank – PSB UniC – 4.4★ (22K reviews)

Major Private Sector Banks

Private banks continue to dominate in terms of user experience, ratings, and app innovation.

* HDFC Bank – HDFC Bank MobileBanking – 4.7★ (1M reviews)

* ICICI Bank  – iMobile Pay – 4.6★ (6M reviews)

* Axis Bank – Axis Mobile – 4.8★ (3M reviews)

* Kotak Mahindra Bank – Kotak Mobile Banking / Kotak 811 – 4.7★ (1M reviews)

* IndusInd Bank – IndusMobile – 4.6★ (703K reviews)

* YES Bank – IRIS – 4.7★ (133K reviews)

* IDFC FIRST Bank – IDFC FIRST Bank Mobile App – 4.9★ (2M reviews)

* IDBI Bank – Go Mobile+ – 4.6★ (321K reviews)

* Federal Bank – FedMobile – 4.5★ (196K reviews)

* South Indian Bank – SIB Mirror+ – 4.2★ (54K reviews)

* RBL Bank – RBL MyBank – 4.4★ (100K reviews)

* Karnataka Bank – KBL Mobile Plus – 4.6★ (220K reviews)

* Karur Vysya Bank – KVB DLite – 4.8★ (139K reviews)

* City Union Bank – CUB Mobile Banking – 4.2★ (29K reviews)

Key Observations

* IDFC FIRST Bank currently has one of the highest ratings at 4.9★.

* Axis Bank and Karur Vysya Bank also maintain excellent customer ratings at 4.8★.

* ICICI Bank’s iMobile Pay leads in review count with around 6 million reviews.

* PSU banks are improving rapidly in mobile banking services and digital adoption.

* Customers now prefer apps with smooth UI, quick UPI services, and reliable customer support.

Mobile banking has become the backbone of modern banking services in India. Banks are continuously upgrading their apps to provide secure, fast, and customer-friendly digital experiences.

Whether it is UPI payments, account management, online FD booking, or digital loan services, banking apps are shaping the future of Indian banking.

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Employee of Bank of Baroda(BoB) arrested for stealing Rs 8.70 crore

Harsiddh Kadiyar, a joint custodian for Bank of Baroda, was detained by the Ahmedabad Police on Friday on suspicion of embezzling Rs 8.70 crore from the bank. According to reports, Kadiyar, who had been employed by the bank for the previous fifteen years, acknowledged that he stole in order to support an opulent lifestyle.

Officials at the bank's Kalupur branch, which also has a Reserve Bank of India (RBI) currency chest used to transfer money to other banks, uncovered the alleged theft after discovering that 174 bundles of Rs 500 notes worth Rs 8.70 crore were missing from the vault. Chief custodian Sanjay Sharma and joint custodian Harsiddh Kadiyar oversaw the vault.

After reviewing the CCTV footage, bank officials discovered that Kadiyar was observed leaving the bank on January 13 with many boxes. By claiming that the boxes contained trash that he was taking outdoors for disposal, he allegedly deceived his coworkers. He thought the CCTV film would be automatically erased after three months, so he kept working at the bank for about ninety days following the robbery.

The bank manager later filed a complaint at the local police station, after which the police started an investigation.

Police arrested Kadiyar soon after the complaint was filed. During questioning, he reportedly confessed to the crime.

According to the preliminary investigation, Kadiyar used the stolen money to buy a bungalow in Chandkheda worth more than Rs 2 crore, a shop worth Rs 1.40 crore, a small truck, and also invested some money in cryptocurrency.

He also allegedly gave Rs 28 lakh to a co-worker, Vaishali Ben. Police recovered Rs 2.20 crore in cash from an Ertiga car parked outside a house in Sola where Kadiyar was staying. The vehicle and his mobile phone have also been seized.

Following that time, Kadiyar claimed to be ill and quit going to work. He requested a five-day medical absence on April 13, but he didn't go back to work until April 20.

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Bank Ordered to Pay ₹2 Lakh PMSBY Insurance Claim Over ₹12 Premium Deduction Failure

The district consumer commission in Uttarkashi issued a ruling on April 25, 2022, which SBI appealed to the Uttarakhand state consumer commission.

The Uttarakhand State Consumer Disputes Redressal Commission has upheld an order directing the State Bank of India (SBI) to pay Rs 2 lakh insurance cover to the husband of a deceased woman enrolled in the Pradhan Mantri Suraksha Bima Yojana (PMSBY), holding that a bank cannot avoid responsibility after failing to deduct a nominal insurance premium despite a sufficient balance in the customer's account.

The district consumer commission, Uttarkashi, issued an order on April 25, 2022, directing the bank to pay the insured amount of Rs 2 lakh along with 6% annual interest starting on March 12, 2019, and litigation expenses of Rs 5,000 to complainant Govind Singh Rana. A bench consisting of Kumkum Rani, President, and B S Manral, Member, was hearing an appeal filed by SBI.

The consumer commission rejected SBI's appeal on May 19, stating that "there was a clear-cut deficiency in service on the part of the bank by not deducting the premium amount of Rs. 12/- from the account of the deceased on May 27, 2017, despite being a sufficient credit balance in her account."

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Bank of India(BOI) Raises FD Rates Up to 7.60% for Super Senior Citizens, May 18, 2026

For balances under ₹3 crore, Bank of India has raised interest rates on its medium- and long-term fixed deposits. The updated prices go into effect on May 18, 2026.

In light of the present interest rate environment, the raise mainly covers deposit tenures between one and three years, providing depositors with larger returns.

Revised Fixed Deposit Rates (Less than ₹3 Crore)

 

Tenure	General Public	Senior Citizens	Super Senior Citizens
1 Year to < 2 Years	6.50%	7.00%	7.15%
2 Years to <3 Years	6.60%	7.10%	7.25%
3 Years	6.70%	7.20%	7.35%

 

 

Additional Benefits:

• For deposits of 3 years and above, Senior Citizens will get an extra 0.75% p.a. and Super Senior Citizens 0.90% p.a. over the card rates.

• Non-callable deposits (above ₹1 crore with minimum tenure of 1 year) will earn an additional 0.15% p.a.

• Senior/Super Senior Citizen additional rates apply on tenures from 6 months to less than 3 years as per the new structure.

Important Notes:

• Loan against Fixed Deposit facility and premature withdrawal are available only on callable deposits.

• Customers can open these Fixed Deposits at any Bank of India branch or digitally through the BOI Omni Neo App and Internet Banking.

 

Why This Matters

With RBI’s repo rate stance and softening inflation, several banks are selectively hiking FD rates to attract longer-term deposits. Bank of India’s latest revision makes its 2-3 year deposits quite competitive, especially for senior citizens who can now earn up to 7.60% on longer tenures.

Best For:

• Retirees looking for stable monthly/quarterly income

• Conservative investors seeking safety with higher returns

• Those planning to park funds for 1-3 years

Retail depositors are advised to compare rates across banks before booking, as small differences in rates can significantly impact returns on large deposits.

For more details visit https://bankofindia.bank.in

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Cash shortage in Currency Chest in Ahmedabad: ₹8.70 Crore Missing found During Audit

Bank fraud involving cash remittance irregularities has come to light in Bank of Baroda(BoB), Kalupur, Ahmedabad.

Incident Details:

* A Chief manager of a bank Mr. Harihar Devam lodged a complaint regarding irregularities in cash remittance deposited with a cash logistics/custodian company responsible for transferring money between banks.

* The Reserve Bank-authorized cash remittance process involved appointing a main custodian Mr. Sanjay Sharma and joint custodian Mr. Harsidhdh Kadiyar for handling cash. The accused was appointed as joint custodian.

* When large amounts of cash are received in the treasury, the custodian records and manages the cash.

* On 13 April, the joint custodian informed the branch manager that his health was not good and requested leave. Initially, one day leave was granted, followed by five days medical leave.

* After completion of the leave period, he again requested 17 more days leave from 20 April onwards. However, the bank rejected the leave request and instructed him to report for duty because a new main custodian was to be appointed.

* Since the employee did not return to duty, responsibilities were handed over to another staff member.

* During an internal audit by the RBI-authorized agency, a shortage of 174 sealed cash packets of ₹500 denomination was detected, amounting to approximately ₹8.70 crore.

* Investigation revealed that the cash packets had allegedly been removed from the bank treasury.

* It was also found that the accused had fled with his family from his residence in Chandkheda.

* A complaint regarding the matter has been registered at Kalupur Police Station.

Brief :

It has been alleged that a Bank of Baroda employee at the Kalupur branch embezzled Rs 8.7 crore from the company's currency reserves and concealed the shortfall by uploading fictitious balance certificates on the RBI's e-Kuber platform. 

Following the employee's extended absence, the fraud was discovered during an internal audit. The accused, a resident of Chandkheda, was the joint custodian of the currency chest at the Gandhi Road branch, according to the chief manager's report submitted to Kalupur police on Friday. 

Despite several calls and emails, he did not return after taking a leave of absence on April 13 due to health concerns. Officials found 174 reams of Rs 500 notes missing during the ensuing audit. Ten bundles of 100 notes apiece, totaling Rs 8.7 crore, were packed in each ream.

The "bin book" and Excel sheets used for daily reconciliation may have been manipulated, according to the complaint, which claims that internal records misrepresented the amount of cash as available. The certificates uploaded to the e-Kuber system were purportedly created using these documents. 

The accused reportedly entered the branch on the evening of January 13, according to CCTV footage examined during the investigation. Soon after, a laborer and his kid came in, and the video shows the three of them leaving the branch with several boxes. 

According to the complaint, security guards told him that evening that the accused was stealing boxes from the property. The accused allegedly stated that the boxes included scrap material intended for disposal when questioned at the time.

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7-Year Imprisonment for Former Bank of India(BOI) Branch Manager in CBI Fraud Case

In a bank fraud case, the CBI Court in Bhopal convicted former Bank of India Senior Branch Manager Piyush Chaturvedi and private individual Mohan Singh Solanki to seven years of harsh imprisonment. Additionally, the court fined both defendants ₹60,000 in total. On May 14, 2026, the verdict was rendered.

The case was filed on January 25, 2016, according to the Central Bureau of Investigation (CBI), based on a written complaint submitted by the Deputy Zonal Manager of Bank of India, Zonal Office, Bhopal, at the time.

The CBI claimed that on November 26, 2013, Piyush Chaturvedi, a Senior Branch Manager of the Bank of India's Misrod Branch in Bhopal, illegally approved a term loan and cash credit limit of ₹30 lakh in the name of M/s R.J. Enterprises.

The same day, it is alleged that ₹25 lakh was fraudulently transferred from M/s R.J. Enterprises' account via an RTGS transaction using falsified vouchers and RTGS forms. The money was moved to the account of M/s Sanwariya Machine, which belonged to accused Mohan Singh Solanki.

Both of the suspects stole the money as part of a criminal conspiracy, according to the inquiry. The bank suffered an unjust loss as a result of the fraud, while the accused individuals gained an unfair advantage.

Following the inquiry, the CBI presented a chargesheet to the appropriate court against both defendants.

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Allahabad highcourt fines Rs.50000 to bank for freezing customer account

 

If a customer's account credit exceeds their claimed income, Channel Banks will freeze their account. Consumers are becoming irate, and the Allahabad High Court heard one such case.

The Allahabad High Court's Lucknow Bench has expressed concern about banks blocking client accounts without good cause. According to the Court, a bank shouldn't act like an investigative body since it functions as a trustee.

Indian Overseas Bank was fined ₹50,000 by a Division Bench consisting of Justices Shekhar B. Saraf and Awadhesh Kumar Chaudhary. A customer's account was locked by the bank without good reason. The bank was mandated by the court to reimburse the account holder for this sum within four weeks.

The lawsuit concerns M/s S.A. Enterprises, a business that sells fish farming equipment. A petition was filed by the business against the bank. According to the suit, on January 16, 2026, RTGS credited ₹23 lakh to the company's account. 

This transaction was viewed as suspicious by the bank, which froze the account. The bank said that the company had only reported an annual income of ₹5.76 lakh at the time the account was opened. The bank blocked the account as a result, invoking the Prevention of Money Laundering Act. The High Court pointed out that no cybercrime report was the reason the account was frozen.

The bank behaved as an investigative agency and took independent action. The Court made it quite plain that banks are not allowed to determine the source of cash on their own. An order from the Central Bureau of Investigation, the Police, or the Enforcement Directorate is required in order to freeze an account.

Additionally, the Court stated that the practice of freezing accounts without a valid justification is concerning. Such acts have the potential to halt corporate operations and harm account holders' reputations.

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RBI cancels banking licence of Paytm Payments Bank

The banking license granted to Paytm Payments Bank Limited under Section 22(4) of the Banking Regulation Act, 1949 (the "BR Act") was revoked by the Reserve Bank of India (RBI) on Friday, April 24, 2026, with effect from the end of business on that day.

As a result, Paytm Payments Bank Limited is immediately barred from engaging in "banking" as that term is defined in Section 5(b) or any other activity listed under Section 6 of the Banking Regulation Act, 1949, according to an RBI circular.

The regulatory agency said it will make an application for winding up of the bank before the High Court.

It said Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon winding up of the bank.

The Reserve Bank said it cancelled the licence of the Paytm Payments Bank Limited because the affairs of the bank were “conducted in a manner detrimental to the interest of the bank and its depositors.”

“Thus, the bank is not complying with Section 22 (3) (b) of the BR Act,” it said.

Besides the “general character of the management of the bank is prejudicial to the interest of depositors as also the public interest. Thus, the bank is not complying with provisions of Section 22 (3) (c) of the BR Act,” it said. 

It said no useful purpose or public interest would be served by allowing the bank to continue as envisaged in Section 22 (3) (e) of the BR Act.

The action was taken because the bank failed to comply with the conditions stipulated in the Payments Bank license issued to it, thereby violating the provisions of Section 22 (3)(g) of the BR Act, the central agency said.

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Big Gold loan scam in SBI, Staff Arrested

An SBI employee from Bhubaneswar was detained by the Crime Branch's Economic Offences Wing (EOW) for allegedly embezzling Rs 5.21 crore by approving 105 gold loans without the required paperwork or obtaining authentic gold ornaments. 

Prashant Kumar Mallick, the accused, was employed at the SBI Balichandrapur branch in Jajpur as a senior associate and cash-in-charge. According to EOW, Mallick began working at the SBI branch in Balichandrapur in June 2022. For the previous few months following the discovery of the deception, he had been running away. Peeyus Ranjan Swain, Regional Manager of SBI Jagatsinghpur, filed a complaint that led to the case's registration on February 10, 2026.

The suit states that Mallick, who had been the branch's senior associate-cum-cash in-charge since June 2022, approved and disbursed 105 gold loans totaling Rs 5,21,42,000 between October 2024 and July 2025 without the required paperwork or real gold ornaments as collateral. 

Mallick's responsibilities included recommending loan sanctioning, confirming eligibility and compliance with the necessary documentation, and checking gold ornaments with the assistance of goldsmiths. In addition, he was responsible for keeping track of the pledged gold ornaments and the completed loan agreements.When Mallick failed to present the gold loan files to senior officials during their normal visit to the bank in 2025, the scam was discovered.

In 2025, Chief Manager Manorama Rout of SBI Balasore discovered the fraud on a routine check. Mallick fled without warning and neglected to present the necessary gold loan documents.

Rout ordered an urgent spot audit and a thorough internal investigation because he suspected irregularities. According to the inquiry, 74 loans were approved without any gold security at all, and 31 of the 105 accounts contained the pledge of phony or counterfeit gold ornaments.

It was discovered that a number of loan files contained fraudulent borrower signatures and were missing important papers including jeweler valuation assessments.

The bank personnel carried out a thorough internal inquiry and audited the gold loan accounts. They discovered that Mallick had processed 105 gold loan accounts unlawfully.

Of them, 74 accounts were approved without receiving any gold ornaments, and 31 accounts involved the pledge of counterfeit gold ornaments.In this regard, the bank executives then filed a complaint with the EOW. The major scam was found when the EOW began its inquiry.

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Bank Ignored Credit Card Closure Request, Ended Up Paying ₹3.21 Lakh – Know Reserve Bank of India Rules”

After a private bank neglected to promptly close a credit card, a credit card user was compensated with a substantial sum of Rs 3.21 lakh.

The user described how he attempted to close two credit cards in May of last year after the bank lowered the credit limit from Rs 1 lakh to Rs 10,000 in a widely shared Reddit post titled "Got Rs 3.21 lakh compensation from Kotak Mahindra Bank for not closing my credit card." The bank charged an annual fee rather than canceling the cards.

The user then filed a complaint with higher authorities. After bringing up the matter, the bank claimed that the cards had never been closed, which led to another round of unanswered emails. The user complained to the Banking Ombudsman because they were frustrated.

The bank’s officer called customer and said: “It’s your mistake. Closure requests are not accepted via email, you should have called”. But I had already submitted a written closure request. Sent follow-ups. Received no response from the bank.”

The user said the bank finally paid a compensation of Rs 3,21,000. But what are RBI guidelines regarding credit card closure? Let’s understand.

According to RBI guidelines, if a bank fails to close a credit card within 7 working days of a customer’s request (provided all dues are cleared), the issuer must pay a penalty of ₹500 per day of delay to the customer.

If a bank fails to follow the guidelines, customers can raise a complaint. The first step is to complain to the bank’s nodal officer. If no resolution is provided within 30 days, customers can approach the RBI Ombudsman.

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₹1.15 Crore Worth of Jewelry Missing from Indian Bank in Gujarat: Petition in High Court

In a case that has raised public concern regarding the safety of assets pledged in public sector banks, the Gujarat High Court has issued notices to the State Government and the Rajkot Police. The court is seeking a response following a petition filed regarding the mysterious disappearance of gold jewelry worth approximately ₹1.15 crore from a branch of Indian Bank. This dispute originally began in 2023.

 Incident: 

A couple from Rajkot had taken an MSME Jewel Loan from the Rajkot branch of Indian Bank.

 They had pledged over 1,000 grams of 22-carat gold jewelry, which included necklaces and pieces studded with precious stones.

 Despite the petitioners regularly fulfilling their interest obligations, they were informed on October 29, 2025, that their pledged jewelry had gone missing from the bank’s locker (secure storage).

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5 Days Bank Working: When will Indian banks start working for 5 days, how far has the demand for 2 days holiday reached?

 

Will banks soon begin operating for five days? This question is being asked by most bank employees, associations, and ordinary customers. When will banks begin operating Monday through Friday, with all Saturdays and Sundays closed? 

Demands for a five-day working day and two holidays are being consistently raised. Bank associations have placed their demands before both the RBI and the government, but no final decision has been made yet. Neither the government nor the RBI has issued any official announcements.

At present, banks remain closed on all Sundays along with second and fourth Saturdays as before.

Why is the decision stalled? 

This proposal was agreed upon during the salary agreement between the Indian Banks' Association (IBA) and bank unions. However, government approval is required for its implementation. Despite numerous protests and negotiations, no timeline has been established.

Bank employees want a better work-life balance. They believe that the RBI and many other financial institutions already have a five-day work system, so banks should also implement it. Unions have also suggested that slightly longer working hours could help maintain a balanced work schedule.

At present, nothing has changed for customers. Bank branches are open as usual, and all services are continuing as usual. However, if the 5-day system is implemented in the future, some changes to banking timings and services may be observed.

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Five Officers sent to 3 Years Jail for lapses in Loan Sanctioning

In a significant bank fraud case, the CBI Court found two private individuals and five State Bank of India (SBI) employees guilty. According to the conviction, A1 to A7 were fined Rs1,15,000, A1 to A4 were sentenced to three years of simple jail, and A5 was sentenced to two years of simple imprisonment. 

According to CBI investigators, they plotted to defraud SBI-Anaparthy Branch between 2008 and 2011 by obtaining credit facilities for VNR Refineries through deception. Bank clients conspired with bank employees to get loans by hiding previous mortgages and providing falsified paperwork as collateral.

• Kalluri Satyanarayana (A1) – Then Relationship Manager (Medium Enterprises), SBI Sales Hub, Regional Business Office, Kakinada, East Godavari district.
• Chaganti Chalapathi (A2) – Then Branch Manager.
• Nidadavolu Venkata Ramana Rao (A3) – Then Branch Manager.
• Manapragada Ramana (A4) – Then Assistant Manager (Advances), SBI Anaparthy Branch, East Godavari district.
• Mallidi Venkata Narayana Reddy (A5) – Managing Director of VNR Refineries Private Ltd, Vemulapalli-Dwarapudi, Mandapeta Mandal, East Godavari district.
• M Venkata Narayana Reddy (A6) – Private person.
• P Subba Rao (A7) – Then Assistant Manager (Agriculture Advances), SBI Anaparthy Branch.

By breaking bank regulations, disregarding proper processes, and falsely certifying documents to enable the loans, the bank executives abused their positions. With an outstanding balance of Rs 9.19 crore, they thus caused unjust loss to the bank and wrongful gain to themselves.

Because it involves public funds, financial confidence, and stringent regulatory compliance, loan processing is one of the most delicate tasks in the banking industry. When it comes to lending sanctioning, verification, and monitoring, bank employees are expected to act with the highest level of diligence, integrity, and openness.

Serious financial losses and financial mismanagement can result from even a minor oversight. As a result, when processing loans, bankers must thoroughly review each application, accurately check papers, and make sure that all regulations and guidelines are followed.

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Chief Manager and AGM of PSU Bank sentenced Two Year Jail in Gujarat

On April 10, 2026, a CBI court in Ahmedabad found three retired Punjab National Bank (PNB) employees guilty of bank fraud and sentenced six additional people, including ordinary citizens and a business. 

Gurinder Singh, a retired assistant general manager, K.G.C.S. Iyer, a retired chief manager, and K.E. Surendranath, a retired senior manager, are the authorities found guilty. The court fined each of the three officials ₹1 lakh and sentenced them to two years of hard labor.

Sanjay Nagjibhai Patel was sentenced to three years of rigorous imprisonment and a fine of ₹50,000, Satish Nagjibhai Davra to two years and a fine of ₹50,000, Hitesh Domadiya to three years and a fine of ₹1 lakh, Vaishaliben Davra to two years and a fine of ₹50,000, and Ramilaben Bhikadiya to two years and a fine of ₹50,000. 

Additionally, M/s Jalpa Enterprise Pvt. Ltd. was fined ₹50,000 by the court. On August 22, 2016, the Central Bureau of Investigation (CBI) filed a case against Shailesh Bhikhabhai Satasia, proprietor of M/s Shree Kali Textiles, Surat, along with other accused including Sanjay Nagjibhai Patel and Satish Nagjibhai Davra, and unknown private persons and public servants.

The inquiry reveals that on July 10, 2011, M/s Shree Kali Textiles requested for a term loan of ₹3.70 crore with a cash credit limit of ₹40 lakh in order to buy 44 water jet weaving machines and for commercial operations. On July 29, 2011, then-AGM Gurinder Singh approved the loan on the advice of bank executives K.E. Surendranath and K.G.C.S. Iyer. 

Together with collateral like land and residential apartments, the machines served as major security. In order to get the loan, the accused presented false documentation. The accused benefited unfairly from the loan's approval and disbursement by bank personnel, which cost Punjab National Bank, Surat ₹156.98 lakh plus interest.

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CBI files case of Rs 2.78 crore fraud with Bank of India(BOI) Branch in UP; investigation begins

 The CBI has started investigating the fraud case of Rs 2.78 crore in the name of giving Mudra loan in the Barauli Malik branch of Bank of India in Barabanki.

The CBI, Lucknow's Anti-Corruption Branch, has registered an FIR and begun an investigation into the Rs 2.78 crore fraud committed in the name of Mudra loans at the Barauli Malik branch of Bank of India in Barabanki. On Tuesday, the CBI raided four locations of the accused in Lucknow and one in Mainpuri, gathering crucial evidence. The CBI has named the bank's then branch manager, field officer Shailendra, and unidentified individuals in the FIR.

The CBI registered this FIR on the orders of the Lucknow bench of the Allahabad High Court. After the incident came to light, on February 21, 2024, then-branch manager Rajiv Bachchan filed a complaint with the Zaidpur police station in Barabanki, requesting an FIR, but the police did not register a case. The bank told the CBI that in 2022-23, then-branch manager Aman Verma had approved Mudra loans for 41 people. The loan amount was later transferred to other unauthorized accounts, causing financial loss to the bank.

He also requested the CBI to recover the loan amount from the accounts to which the funds were transferred and to block withdrawals. According to sources, middleman Suresh Rawat would bring people in to open accounts and, with the connivance of bank employees, would obtain Mudra loans in their names. This fraud was carried out by taking advantage of the lack of security deposit for Mudra loans up to ₹10 lakh.

Later, due to non-payment of the loan amount, two FIRs were registered at the Zaidpur police station in Barabanki and one in Satrikh. The victim, Salman, then approached the High Court. He told the court that bank employees had fraudulently obtained his signature and granted him a Mudra loan of Rs 9.10 lakh. Upon learning of this, he filed a police complaint, but no action was taken.

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Bank not responsible for customer’s negligence in Digital Fraud

Regarding internet fraud, the Uttarakhand State Consumer Disputes Redressal Commission has rendered a significant ruling. 

According to the commission, the bank or digital payment platform cannot be held accountable if the customer's own carelessness results in fraud in an online transaction. 

The decision was made in a case involving Haridwar resident Sachin Kumar. According to Sachin, he tried to move Rs 25,000 from his Google Pay account on November 26 but the transaction was unsuccessful. 

But he said the money was taken out of his bank account. Sachin claimed that after receiving some dubious communications, money was taken out of his account several times over the course of the following two days.

This resulted in a total of Rs 1,06,500 being debited from his bank account. Sachin said he filed a complaint with his bank (Punjab National Bank), but when he didn’t receive a satisfactory response, he filed a case with the District Consumer Disputes Redressal Commission.

The Commission held that the bank was at fault and ordered it to refund the amount to Sachin. However, the bank appealed the decision with the State Consumer Commission. During the hearing at the State Consumer Commission, it emerged that all the transactions were made using the customer’s own mobile phone.

The Commission stated in its order that “the security of the mobile phone, OTP, password, and UPI PIN is entirely the consumer’s responsibility. If someone fails to protect these details, the bank or digital app cannot be held responsible.”

The Commission also clarified that no transaction is possible on digital platforms like Google Pay without entering the correct UPI PIN. In such a case, the transaction will be deemed to have been made with the customer’s knowledge. The Commission, while setting aside the District Consumer Commission’s order, stated that the evidence and facts were not properly evaluated in the case.

Recently, the Reserve Bank of India has released a new guideline for digital frauds. RBI plans to provide compensation to victims upto Rs.25,000. This may prove to be a big relief for victims of Digital Frauds.

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RBI Issues Strict Guidelines on Bank Misselling: No Bank Employee Incentives, No Calls After 6 PM

Strict restrictions have been established by the Reserve Bank of India (RBI) to prevent banks from misselling third-party products. Additionally, the RBI has stated that bank employees shouldn't receive incentives. 

Mis-selling: What is it? 

According to the RBI, mis-selling is defined as: 

1. Selling a product or service that is inappropriate or unsuitable for the customer's profile, even if the customer has given their express assent; 

2. Selling a product or service without supplying accurate or comprehensive information, or by providing misleading information;

3. Selling a product or service without the express approval of the customer; 

4. Selling a desired product or service while forcing the sale of another product or service; 

5. Selling a product or service that includes any additional elements deemed to be mis-selling by the relevant financial sector regulator.

Third-party Financial Product or Service is a product or service offered by a bank to its customers on behalf of a third party company such as selling insurance on behalf of an insurance company.

Guidelines for DSA

A bank, availing the services of DSAs / DMAs, shall maintain an up-to-date list of DSAs / DMAs empanelled / engaged with it. Such list shall include the name and other details of the DSAs / DMAs, the period of engagement, etc. Further, an updated list of such DSAs / DMAs shall be displayed on the bank’s website for reference by the members of public.

A bank shall ensure that its employees or DSAs / DMAs:

1. make telephonic contacts and / or visits to customers normally between 09:00 hours and 18:00 hours. Calls / visits earlier or later than the prescribed time period shall be done only when the customer has expressly given a request or authorisation to do so;
2. do not call a customer regarding products already sold to him / her and if a customer calls for any such product, advise him / her to contact the customer service staff of the bank and provide the contact details.

No Incentive

A bank shall ensure that its policies and practices (e.g., organizing competitions among business units for sale of products / services, earmarking specific days of the week / month for targeted selling of particular products / services, etc.) neither create incentives for mis-selling nor encourage employees / DSAs to ‘push’ the sale of products / services. It shall be ensured specifically that no incentive is directly / indirectly received by the employees engaged in marketing / sales of third-party products / services from the third-party.

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UFBU Meeting 23 January 2026 Updates - 5 Days Banking

Today (23.01.26) again a meeting was held between UFBU, DFS, IBA, CLC and Bank Management for implementation of 5-Day Banking. The meeting was held at 3:30 PM in continuation to yesterday’s (22.01.26) meeting. Yesterday, the talks between UFBU and the Government of India failed, and the strike continued. Today also, the talks between UFBU and the government failed, and the strike will be conducted all across India on 27 January 2026.

Once again, the conciliation proceedings started to discuss the issue contained in the strike notice dated 08.01.2026 for the proposed strike to be held on 27.01.2026. At the outset, the Ld. representatives of DFS submitted that things are moving in the right direction and some decisions have been taken yesterday in favour of the Financial Sector. Accordingly, he requested the Ld. representatives of UFBU to reconsider their stand and defer the strike reflecting good gesture which may lead to positive outcomes.

At this stage, the Ld. representatives of IBA also requested in the same line of DFS and reiterated to consider the appeal so as to ensure that the dignitaries persuading their causes before the competent authorities may be strengthened to put forth their submission positively.

On the other hand, the Ld. representatives of UFBU reiterated that they are aware about the meaning and consequence of strike which is the ultimate legal right with the workmen. As such, they are not also of the intent to use such a stringent measure for pressing on the demand but as they have already deferred three such consecutive occasions of the proposed strike on some of the issues which contained the issue of 5 days banking also. As the Govt. is not at all responding on the issue of 5 days banking, they do not have any option in such compelling circumstances but resort to strike.

As the stalemate continued, the CLC(C) as Conciliation Officer also made an appeal to the Ld. union representatives to reconsider and avoid any direct action in the public interest so that industrial harmony be maintained. At the same time, the CLC(C) also advised other stakeholders to convey the message at appropriate level and try their level best to resolve the issue in public interest. It is also pertinent to mention at this stage that office of the CLC(C) is always open to facilitate the dialogue whenever it is required.

In the meantime, the provisions contained u/s 33(1) and 22 of the ID Act, 1947 shall remain in vogue. Next date in the matter is fixed on 09.03.2026 at 11.30 AM.

🗞️ What's happening right now about Strike

• Nationwide bank strike planned for  January 27, 2026 — Bank employee unions under the United Forum of Bank Unions (UFBU) have called a one-day nationwide strike to press for the implementation of a full five-day work week (i.e., both Saturdays off). 

• Banks likely to be closed for up to four days, from Jan 24–27, 2026 — because the strike overlaps with regular weekend holidays and Republic Day holidays. 

• Disruption in banking services expected across Gujarat and other states on Jan 27, with many branches closed and services slowed down. Around 800,000 bank employees are expected to participate nationwide; in Bihar alone, about 8,100 branches and 50,000 staff are involved. 

• Unions have also been urging political support (for example from West Bengal’s Chief Minister) to strengthen their strike call and demands. 

• The strike demand centers around the five-day working week, a change that was recommended by the banking industry earlier but hasn’t yet been formally implemented by the government. 

📌 Why it matters

• Customer impact: Physical bank branches may be shut on the strike day — but digital services (mobile banking, ATMs, online transfers) often remain available. Plan ahead for essential transactions. 

• Union demands: The main focus is the five-day work week, but bank workers often include other issues in agitation (staff shortages, working conditions, staffing norms etc.). 

If you’d like, I can pull specific state-wise closure lists or official notifications from your local banks for Jan 27 specifically.

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