Kolkata-based VFS Capital Ltd has announced the withdrawal of its application for a small finance bank license, initially submitted to the Reserve Bank of India in January 2025. VFS Capital was part of a broader pool of 72 applicants vying for this license, a process that has been ongoing for nearly a decade. Established in 1996-97, VFS has focused on serving low-income borrowers and became a registered NBFC-MFI in September 2013, marking its commitment to microfinance within the Indian financial landscape.

In the realm of corporate leadership, Zarin Daruwala has been appointed as the Group CEO of PL Capital, bringing over 35 years of banking experience to the role. Her leadership is expected to propel the firm’s strategic expansion and diversification efforts. Meanwhile, the Indian mutual fund sector has shown robust growth, with the Average Assets Under Management (AAUM) increasing by 14.37% year-on-year as of September, largely driven by contributions from Maharashtra, which accounted for 40.54% of the total. Equity schemes have significantly contributed to this growth, indicating a favorable investment climate.

In other notable news, India's Defence Acquisition Council has approved capital acquisition proposals worth approximately Rs 79,000 crore aimed at enhancing the operational capabilities of the Indian Army, Navy, and Air Force. This decision underscores the government's commitment to bolstering national security through advanced weapons systems and surveillance equipment. Additionally, the Andhra Pradesh government is addressing overdue payments to private hospitals under the Dr NTR Vaidya Seva health scheme, releasing Rs 250 crore with plans for another Rs 250 crore soon. This financial support highlights the government's efforts to ensure healthcare providers are compensated and continue their services to the public.