Business
India needs 4-5 more SBI sized banks: FM

India needs a lot more banks and a lot more large sized ones to meet the growing needs of the country needs in the path of making a smart recovery post pandemic disruptions, Finance Minister Nirmala Sitharaman said on Sunday.
Speaking at 74th Annual General Meeting of Indian Banks’ Association at Mumbai, Sitharaman said there was an urgent need to scale up banking to meet the growing needs of the industry and also to ensure that all economic centres of the country are covered with at least one physical or digital banking presence.
“We need to scale up banking. The need is for at least four-five more SBI sized banks,” she said, while reminding that the amalgamation exercise among public sector banks have helped in moving ahead with creation of large banks.
Having done two rounds of bank consolidation earlier, the Central government in 2019 decided to merge six disparate and weak PSBs into four in one stroke.
Accordingly, Punjab National Bank (PNB) took over Oriental Bank of Commerce and United Bank of India; Allahabad Bank became part of Indian Bank; Canara Bank subsumed Syndicate Bank; and Andhra Bank and Corporation Bank merged with Union Bank of India. Earlier, State Bank of India (SBI) with five of its associate banks while Vijaya Bank and Dena Bank were merged with Bank of Baroda.
Sitharaman lauded the efforts of the PSBs to see through that the amalgamation of banks during the pandemic period was completed without any inconvenience to customers.
She said that that in the post pandemic world, hanks would need to change their mindset and the way they conduct their businesses.
Digitisation, the Finance Minister said has changed a lot of how businesses are done and banks will now need to think futuristically and keep pace with evolving technology.
Sitharaman also asked the IBA to conduct a digitised mapping of each district of the country with regard to presence of bank branch operation and their location. This, she said, would help to plug areas of gaps with no banking presence effectively.
“Not necessary to have physical banking presence everywhere. The country’s optic fibre network has covered two-third of about 7.5 lakh panchayats. This could be used to deliver banking services in unconnected areas as well,” the Finance Minister said.
She also asked banks to develop models and better understanding of businesses focused on exports as country has set a $2 trillion export target by 2030.
With regard funding for the infra sector, she said that a government sector development financial institution (DFI) is coming up soon.
Sitharaman said that Indian economy is at a critical stage of a reset and banks would form the backbone for it by providing best of the financial services.
Business
Securing India’s cyberspace a shared responsibility: Centre

New Delhi, Oct 8: As cybersecurity incidents doubled in 2 years from 10.29 lakh in 2022 to 22.68 lakh in 2024, the Centre said on Wednesday that securing India’s cyberspace is a shared responsibility where the government and citizens must work together to combat cyber fraud.
Over 1,05,796 police officers are now registered on the CyTrain portal, with more than 82,704 certificates issued, equipping frontline personnel with essential cybercrime investigation skills, according to an official statement.
With financial support of Rs 132.93 crore from the Centre, cyber forensic-cum-training laboratories have trained over 24,600 personnel in cybercrime investigation, digital forensics, and preventive measures.
Further, as of March 2025, CERT-In facilitated 109 cybersecurity mock drills, engaging 1,438 organisations from different states and sectors to assess cyber readiness and build resilience, the government said
India’s digital expansion has connected over 86 per cent of households to the internet, increasing the risk of cyber fraud. Advanced forensics, big data analytics, and indigenous tools have bolstered national cyber resilience, the release said.
As India celebrates its rapid 5G rollout, with 1.2 billion mobile subscribers and 970 million internet users, the focus on secure, inclusive, and scalable digital ecosystems reinforces the country’s position as a global hub for trusted and transformative digital infrastructure, the release said.
The government cited evolving threats, including spoofing, phishing, and AI-driven deepfakes, where individuals are lured into revealing sensitive information through deceptive emails or messages, which are also on the rise.
As UPI was targeted using compromised mobile numbers, the Department of Telecommunications (DoT) launched the Financial Fraud Risk Indicator (FRI), which classified suspicious numbers as medium, high, or very high risk.
India’s legal framework includes the Information Technology Act and the Digital Personal Data Protection Act, along with operational platforms like CERT-In, NCIIPC, Samanvaya, and the Sahyog portal to combat the rise of cybersecurity threats, the release said.
Further, the National Cyber Crime Reporting Portal has been launched to enable citizens to report complaints relating to various categories of cybercrime, with a special focus on offences targeting women and children. A dedicated cybercrime helpline number, 1930, provides immediate assistance to victims of online financial fraud, the release noted.
Business
DGCA fines IndiGo Rs 20 lakh for lapses in pilot training

New Delhi, Oct 8: The Directorate General of Civil Aviation (DGCA) has imposed a fine of Rs 20 lakh on IndiGo for alleged lapses in pilot training at Category C aerodromes, airline’s parent company, InterGlobe Aviation, informed the stock exchanges on Wednesday.
According to the company’s filing, IndiGo received the communication from the aviation regulator on September 26.
The DGCA said the violation was related to the airline’s failure to use qualified simulators for pilot training, which is mandatory under aviation safety rules.
“Details of violation(s)/contravention(s) committed or alleged to be committed: Alleged failure to use qualified simulators for pilot training at Category C Aerodromes,” the company said in its filing.
In its response, IndiGo said it is contesting the DGCA order before the appellate authority.
The airline added that the penalty will not have any material impact on its finances, operations, or business activities.
“The Company is in the process of contesting this Order before the appropriate appellate authority,” the airline said.
“There is no material impact on financials, operations or other activities of the Company,” the airline added.
The company also explained the delay in disclosure, stating that it was unintentional and happened because of a lag in internal communication regarding the details of the order.
“The delay in disclosure was unintentional and was caused due to a delay in internal communication of details pertaining to the order,” the low-cost carrier mentioned.
The shares of IndiGo closed the intra-day trading session at Rs 5,630.50, down by Rs 33.50 or 0.59 per cent apiece on the National Stock Exchange (NSE).
Meanwhile, earlier this year, a Delhi-bound IndiGo aircraft carrying more than 150 passengers, including Samajwadi Party leader and Lok Sabha member Dimple Yadav, had aborted take-off at Lucknow airport after a technical issue was detected.
According to the official statement, the incident took place on IndiGo flight 6E2111, which was scheduled to depart from Lucknow to Delhi.
Business
Committed to boosting Mumbai’s infrastructure, ease of living: PM Modi

Mumbai, Oct 8: Prime Minister Narendra Modi on Wednesday reaffirmed his government’s commitment to enhancing Mumbai’s infrastructure and the ‘Ease of Living’ as he is set to inaugurate Phase-1 of the Navi Mumbai International Airport (NMIA) and the Mumbai Metro Line-3.
In a post on X, PM Modi said, “On the way to Navi Mumbai to take part in the programme marking the inauguration of Phase-1 of the Navi Mumbai International Airport. With this, the Mumbai Metropolitan Region will get its second major international airport, thus boosting commerce and connectivity.”
“The final phase of the Mumbai Metro Line-3 will also be inaugurated. We are committed to enhancing Mumbai’s infrastructure and boosting ‘Ease of Living’ for the people of this dynamic city,” he added.
Phase-1 of the Navi Mumbai International Airport, developed at an estimated cost of Rs 19,650 crore, will be inaugurated by the Prime Minister in line with his vision of transforming India into a global aviation hub.
The Navi Mumbai International Airport is India’s largest Greenfield airport project, developed under a Public-Private Partnership (PPP) model. As the second international airport for the Mumbai Metropolitan Region, it will work in coordination with the Chhatrapati Shivaji Maharaj International Airport (CSMIA) to reduce congestion and position Mumbai among global cities with multi-airport systems.
Spread across 1,160 hectares, NMIA is designed to be one of the most efficient airports in the world, capable of handling up to 90 million passengers per annum and 3.25 million metric tonnes of cargo.
Among its standout features is an Automated People Mover (APM) system that will connect all four passenger terminals to facilitate smooth inter-terminal transfers. A landside APM will also link the city-side infrastructure, ensuring convenience for passengers and staff.
Committed to sustainability, the airport will include storage for Sustainable Aviation Fuel (SAF), solar power generation of nearly 47 MW, and electric bus services for city-wide connectivity. NMIA will also become the country’s first airport to be connected by a Water Taxi service.
In addition to the airport, PM Modi will inaugurate Phase 2B of the Mumbai Metro Line-3, which stretches from Acharya Atre Chowk to Cuffe Parade and has been constructed at an estimated cost of Rs 12,200 crore.
With this launch, the Prime Minister will dedicate the entire Mumbai Metro Line-3 (Aqua Line) to the nation. Built at a total cost exceeding Rs 37,270 crore, this milestone marks a major leap forward in the city’s urban transport infrastructure.
Mumbai Metro Line-3, the city’s first fully underground metro line, is set to redefine commuting in the Mumbai Metropolitan Region by offering faster, more efficient, and eco-friendly transport options for millions of daily commuters.
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