SBI Profit Surges to ₹19,000 Cr
Your daily dose of business news
🗞️ SBI Q1 Profit Jumps 12% to ₹19,160 Cr
India’s largest lender SBI reported a 12% YoY rise in standalone net profit for Q1 FY26, aided by healthy growth in retail advances and stable asset quality. Operating profit rose to ₹25,143 crore, while net interest income stood at ₹41,067 crore.
🗞️ Govt Withdraws Income Tax Bill, New Draft on Aug 11
Finance Minister Nirmala Sitharaman withdrew the contentious Income Tax Amendment Bill, stating that a new draft will be introduced on August 11 to incorporate stakeholder suggestions and improve clarity.
🗞️ Axis Bank Launches FD Lock Feature to Fight Fraud
To bolster security, Axis Bank introduced a 'Lock FD' feature. This lets users temporarily block premature withdrawals from fixed deposits via mobile or net banking, helping reduce digital fraud cases.
🗞️ PSU Banks Post ₹44,218 Cr Q1 Profit, SBI Leads
Driven by credit growth and lower provisioning, public sector banks collectively posted ₹44,218 crore in profits for Q1 FY26 — an 11% YoY growth. SBI alone accounted for nearly 43% of total PSU profits.
🗞️ DLF to Invest ₹23,500 Cr in Key Projects
Real estate major DLF will invest ₹23,500 crore to complete ongoing residential projects in Delhi-NCR and Mumbai, targeting 50 million sq. ft. of new development in the next 3–4 years.
🗞️ GAIL, Hindustan Copper to Explore Critical Minerals
Energy and mining PSUs GAIL and Hindustan Copper have signed an MoU to jointly explore and develop critical mineral resources crucial for India’s transition to green energy and strategic autonomy.
🗞️ RBI Plans Big Penalty for Delayed Death Claim Settlements
In a bid to protect consumers, the RBI plans to impose hefty penalties on banks that delay processing death claim settlements, urging institutions to set up dedicated cells for faster resolution.
🗞️ Jio Studio Films Cross ₹1,000 Cr in FY25
Jio Studios achieved a major milestone, with its films raking in over ₹1,000 crore in box office collections in FY25. Hits like "Article 370", "Laapataa Ladies", and "IB71" contributed to its record year.