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Today’s briefing — 3 stories

INDIAN OVERSEAS BANK (IOB) has set a target to raise $650 million in FCNR(B) deposits by September 30.Banking & NBFCs

IOB secures $300 million of $650 million FCNR(B) deposit target ahead of Sept 30 deadline

The public-sector bank has raised nearly half its offshore deposit goal organically, without leverage-linked schemes, as part of a $1 billion overseas fundraising plan.

$650 million target, $300 million securedFCNR(B) target vs raised$1 billionTotal offshore fundraising plan49.3% to ₹1,659 croreQ1 net profit growth

21 Jul 2026, 1:30 pm IST · 1 min read

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In Indian banking, acting as an agent and collecting distribution fees on insurance is great. Owning the insurance company is where the real compounding happens.Banking & NBFCs

Axis Bank lifts Max Life stake to 19.99% for ₹381 Cr, eyes 30%

A ₹3,900 crore follow-on investment would take Axis Bank's holding in Axis Max Life Insurance to the new RBI-permitted ceiling of 30%.

20 Jul 20261 min read

For decades, opening new bank branches meant hiring armies of new employees. Today, India's largest private banks are opening hundreds of branches—while shrinking their total workfBanking & NBFCs

Private banks add branches, cut headcount: ICICI, Axis, HDFC, Kotak all shrink FY26 staff rolls

India's largest private lenders expanded branch networks even as they trimmed headcount, with automation absorbing back-office and mid-office attrition instead of new hiring.

20 Jul 20261 min read

Punjab National Bank has mobilized $419 million in FCNR(B) deposits and is on track to achieve its $2.5 billion target by September 30, 2026.Banking & NBFCs

PNB mobilizes $419 million in FCNR(B) deposits, targets $2.5 billion by September 2026

The bank's foreign currency deposit push reflects a broader shift among Indian lenders to diversify funding sources amid global market volatility.

19 Jul 20261 min read

Axis Bank Bank has appointed Rajeev Mantri, the former CFO of Bandhan Bank, as its new Chief Financial Officer, effective September 28, 2026.Banking & NBFCs

Axis Bank names Rajeev Mantri as new CFO, effective September 28, 2026

Mantri, former CFO of Bandhan Bank, moves into one of Axis Bank's most influential roles, overseeing capital allocation and regulatory compliance.

18 Jul 20261 min read

At first glance, the headline sounds concerning.Markets & Macro

Reliance Q1 FY27 profit falls 22% YoY to ₹20,946 Cr even as revenue jumps 25%

The profit decline reflects a high base from last year's one-time Asian Paints stake sale gain, not weakness in core operations, per the post's analysis.

18 Jul 20261 min read

Everyone is excited about the next Zepto IPO.Markets & Macro

DMart's ₹2,927 Cr profit vs Zepto's ₹3,367 Cr loss: the FY25 numbers ahead of IPO season

As quick-commerce IPO buzz builds, FY25 financials show DMart, Zepto and Blinkit are optimizing for very different outcomes — profit versus market share.

17 Jul 20261 min read

INDIAN OVERSEAS BANK (IOB) has set a target to raise $650 million in FCNR(B) deposits by September 30.Banking & NBFCs

IOB secures $300 million of $650 million FCNR(B) deposit target ahead of Sept 30 deadline

The public-sector bank has raised nearly half its offshore deposit goal organically, without leverage-linked schemes, as part of a $1 billion overseas fundraising plan.

21 Jul 20261 min read

In private banking, a CEO’s term extension is usually a routine rubber-stamp. At HDFC Bank, the board just hit pause.Banking & NBFCs

HDFC Bank delays CEO Jagdishan's reappointment recommendation to RBI

India's largest private bank is running an extra internal review into deposit-pricing allegations before formally seeking a term extension for MD & CEO Sashidhar Jagdishan.

21 Jul 20261 min read

In Indian banking, acting as an agent and collecting distribution fees on insurance is great. Owning the insurance company is where the real compounding happens.Banking & NBFCs

Axis Bank lifts Max Life stake to 19.99% for ₹381 Cr, eyes 30%

A ₹3,900 crore follow-on investment would take Axis Bank's holding in Axis Max Life Insurance to the new RBI-permitted ceiling of 30%.

20 Jul 20261 min read

For decades, opening new bank branches meant hiring armies of new employees. Today, India's largest private banks are opening hundreds of branches—while shrinking their total workfBanking & NBFCs

Private banks add branches, cut headcount: ICICI, Axis, HDFC, Kotak all shrink FY26 staff rolls

India's largest private lenders expanded branch networks even as they trimmed headcount, with automation absorbing back-office and mid-office attrition instead of new hiring.

20 Jul 20261 min read

Punjab National Bank has mobilized $419 million in FCNR(B) deposits and is on track to achieve its $2.5 billion target by September 30, 2026.Banking & NBFCs

PNB mobilizes $419 million in FCNR(B) deposits, targets $2.5 billion by September 2026

The bank's foreign currency deposit push reflects a broader shift among Indian lenders to diversify funding sources amid global market volatility.

19 Jul 20261 min read

Axis Bank Bank has appointed Rajeev Mantri, the former CFO of Bandhan Bank, as its new Chief Financial Officer, effective September 28, 2026.Banking & NBFCs

Axis Bank names Rajeev Mantri as new CFO, effective September 28, 2026

Mantri, former CFO of Bandhan Bank, moves into one of Axis Bank's most influential roles, overseeing capital allocation and regulatory compliance.

18 Jul 20261 min read

While everyone is watching the consumer tech wars, the TVS Group is quietly replicating the Bajaj Finserv playbook.Banking & NBFCs

TVS-owned Home Credit India to acquire Varthana Finance for ₹967 Cr

The all-cash deal adds secured, long-tenure education infrastructure lending to TVS's consumer durables and vehicle finance mix.

16 Jul 20261 min read

Jana Small Finance Bank just showed the industry how to solve this, using a brilliant equity-for-distribution trade.Banking & NBFCs

Jana Small Finance Bank taps TVS for 9.9% stake to shift loan mix toward secured two-wheeler financing

The bank is trading equity for direct access to TVS's dealer network, using the partnership to pivot away from unsecured lending as RBI pressure mounts.

16 Jul 20261 min read

Canadian billionaire Prem Watsa’s Fairfax Financial Holdings is set to acquire a 60.72% majority stake in IDBI Bank, buying out the shares held by the Government of India and LIC.Banking & NBFCs

Fairfax Financial to acquire 60.72% of IDBI Bank for ₹53,000 crore

Canadian billionaire Prem Watsa's Fairfax Financial Holdings is buying out the government and LIC's stakes in the state-owned lender, signalling serious intent on banking privatisation.

16 Jul 20261 min read

State Bank of India (SBI) has officially appointed Sunil Ramgopal Agrawal as its new Chief Financial Officer (CFO), effective August 1.Banking & NBFCs

SBI appoints LIC CFO Sunil Agrawal, marking rare cross-institutional talent move

State Bank of India has named Sunil Ramgopal Agrawal as CFO effective August 1, drawing him from his role at Life Insurance Corporation of India—a significant shift in how Indian public sector financial institutions source leadership.

16 Jul 20261 min read

Binance just celebrated its 9th anniversary.Fintech & Startups

Binance turns 9 with 323 million users and $156 trillion in lifetime trading volume

The exchange's user base grew 7% in H1 2026 even after a record $4.3 billion US fine, independent monitoring and founder CZ's prison term — a case study in platform network effects surviving regulatory shocks.

16 Jul 20261 min read

Vijay Shekhar Sharma just proved the skeptics wrong. Paytm is officially profitable.Fintech & Startups

Paytm posts first full-year net profit since IPO, swings to ₹552 Cr in FY26

One97 Communications reversed a ₹663 crore FY25 loss on cost cuts and a 52% jump in loan and wealth distribution revenue.

15 Jul 20261 min read

Indian founders shouldn't try to build the next GPT-5. The real value in AI is going to be captured at the application layer. Elevation Capital is putting $500 million behind that Fintech & Startups

Elevation Capital closes $500M ninth fund, bets on AI application layer over foundation models

The VC firm is now deploying $900 million in India, targeting early-stage startups building vertical AI solutions rather than competing in the LLM race.

15 Jul 20261 min read

Jio Platforms is preparing for what could be the largest tech IPO in Indian history. And they just quietly revealed a massive leadership swap at the very top.Fintech & Startups

Jio Platforms names operations chief Pankaj Mohan Pawar as new CEO ahead of IPO

Long-time product head Kiran Thomas has stepped down as Jio prepares for what could be India's largest tech IPO. The leadership shift signals a strategic move from product development to execution and governance.

15 Jul 20261 min read

The venture market has shifted from funding high-burn tech dreams to chasing profitable, cash-generating realities. Avendus's latest fund close proves it.Fintech & Startups

Avendus closes ₹1,800 Cr fund by backing only profitable, cash-generative startups

Venture capital has pivoted decisively toward late-stage, pre-IPO companies already turning cash flow positive. Avendus's latest bet—a ₹140 Cr stake in PPFAS—signals where growth capital now flows.

14 Jul 20261 min read

Axis Max Life Insurance Limited has deployed GreyLabs AI's Voice AI Suite across its telesales operations.Fintech & Startups

Axis Max Life's voice AI analysis of 60 lakh calls drives 15% sales lift

GreyLabs AI's Voice AI Suite processed 1.4 crore+ minutes of telesales conversations across 700+ agents, revealing that opening remarks outpredict demographics in determining purchase intent.

8 Jul 20261 min read

Groww, Zerodha and Angel One are fighting a brutal, multi-million-dollar war for your attention. But a Chennai-based company founded in 1988 has already won.Fintech & Startups

CAMS controls 68% of India's mutual fund market, invisible but irreplaceable

Founded in 1988, Computer Age Management Services processes nearly every SIP in the country without consumer marketing or a branded app—a masterclass in back-end dominance.

7 Jul 20261 min read

While metro-focused fintechs spend millions fighting over the same urban credit card users, a massive consolidation war is quietly playing out in rural India.Fintech & Startups

BLS E-Services acquires atyati Technologies for ₹157 Cr to scale rural credit distribution

BLS E-Services' all-cash acquisition of Bengaluru-based atyati Technologies gives it instant access to 25,900 customer service points across 1 lakh villages and a tech stack serving 35+ banks.

6 Jul 20262 min read

If you want to know who is actually driving the massive adoption of B2B fintech in India, look at female entrepreneurs.Fintech & Startups

84% of female entrepreneurs use digital payments; 38% tap credit platforms

A DBS Bank India and Deloitte study shows female founders are the most active users of digital financial tools and are rapidly graduating to complex credit ecosystems.

29 Jun 20262 min read

Everyone thought PhonePe and Google Pay had completely monopolized the Indian UPI market. But the government-backed NPCI BHIM app is quietly staging a massive comeback.Fintech & Startups

NPCI BHIM app triples transaction volume in 11 months, captures Tier 2-3 markets

Government-backed BHIM processed ₹26,952 crore in May 2026 alone as hyper-localization and micro-transaction focus challenge PhonePe and Google Pay dominance.

25 Jun 20261 min read

If you only track Gross FDI, you miss half the story of how global capital flows through India. Net FDI is where the real narrative lives.Markets & Macro

India's net FDI seen doubling to $15 billion in FY27 from $6.9 billion in FY26

CareEdge Ratings projects net FDI inflows will more than double even as gross FDI stays near record highs, as profit repatriation by foreign parents moderates.

21 Jul 20261 min read

At first glance, the headline sounds concerning.Markets & Macro

Reliance Q1 FY27 profit falls 22% YoY to ₹20,946 Cr even as revenue jumps 25%

The profit decline reflects a high base from last year's one-time Asian Paints stake sale gain, not weakness in core operations, per the post's analysis.

18 Jul 20261 min read

Everyone is excited about the next Zepto IPO.Markets & Macro

DMart's ₹2,927 Cr profit vs Zepto's ₹3,367 Cr loss: the FY25 numbers ahead of IPO season

As quick-commerce IPO buzz builds, FY25 financials show DMart, Zepto and Blinkit are optimizing for very different outcomes — profit versus market share.

17 Jul 20261 min read

Life Insurance Corporation of India still controls nearly 60% of the Indian life insurance market. But the latest growth numbers tell a very different story.Markets & Macro

Private insurers grow 2.7× faster than LIC in Q1, capturing momentum in India's ₹1.09 lakh crore market

While LIC maintains 60% market share, private players' 27.5% growth versus LIC's 10.3% signals a structural shift in how Indians buy life insurance.

10 Jul 20261 min read

Reliance has officially reported a consolidated net profit of ₹95,754 croreMarkets & Macro

Reliance's ₹95,754 crore profit signals Indian corporates reaching global scale

RIL's FY26 net profit of $10.1 billion makes it India's most profitable listed company, ahead of SBI and HDFC Bank, marking a shift in how Indian corporations compete globally.

9 Jul 20261 min read

Manipal Hospitals (MHEL) is currently finalizing the largest healthcare IPO in Indian history. But the real story isn't the upcoming IPO itself—it’s exactly how they aggressively eMarkets & Macro

Manipal Hospitals nears record IPO after revenue jumps 70% to ₹8,242 Cr in FY25

Seven acquisitions in five years, including Columbia Asia, AMRI and Sahyadri, underpin a targeted $10 billion valuation for India's largest healthcare listing.

3 Jul 20261 min read

The latest Reserve Bank of India (RBI) credit card data for May 2026 is officially out, and the Indian consumer credit boom is officially reaching unprecedented scale. The industryMarkets & Macro

SBI Cards tops May acquisition race as Indian credit card issuance hits 120 Cr milestone

The RBI's latest data shows a widening gap: banks are issuing cards 34% faster year-on-year, but spending growth has slowed to just 6.3%, signalling a potential shift in consumer borrowing behaviour.

27 Jun 20261 min read

➤A massive structural shift has quietly occurred in the Indian economyMarkets & Macro

Private sector capex surges to 71.3% of new projects post-COVID, reshaping India's growth

Bank of Baroda data shows private companies now drive infrastructure investment far more than government, with ₹191 lakh crore announced across green energy, EVs, logistics and data centers.

23 Jun 20261 min read

If you want to understand the sheer scale of the upcoming Jio Platforms IPO, you have to look at the math.Markets & Macro

Jio Platforms IPO set to raise ₹35,000-40,000 Cr, topping Hyundai's ₹27,870 Cr record

A fully fresh-issue listing, backed by ₹30,000 Cr FY26 net profit and 51.9% EBITDA margins, is set to become India's largest IPO.

22 Jun 20261 min read

➜It is one of the oldest, most stubborn valuation gaps in IndianMarkets & Macro

SBI Chairman challenges 'PSB discount' as valuation gap persists

State Bank of India's Chairman C.S. Setty has publicly contested the persistent market undervaluation of public sector banks, arguing SBI's operational turnaround and subsidiary strength are not reflected in its stock price.

22 Jun 20262 min read

10 stories

RBI & Policy

Nirmala Sitharaman has officially directed public sector banks to aggressively step up their Non-Resident Indian (NRI) outreach to accelerate foreign currency inflows.RBI & Policy

Sitharaman directs public banks to chase NRI deposits at 7.5% to shore up forex

The finance minister has launched a coordinated capital mobilization campaign targeting the global Indian diaspora, leveraging RBI's removal of interest rate caps on FCNR(B) deposits.

14 Jul 20261 min read

For decades, changing jobs in India meant dealing with one of the most frustrating bureaucratic chores: manually transferring your Provident Fund. The EPFO ( Employees Provident FuRBI & Policy

EPFO to centralize 34 crore accounts under CITES 2.0, automating PF transfers

The Employees Provident Fund Organisation will ratify a complete IT redesign on July 25, replacing decentralized regional databases with a unified national system. Automatic transfers, higher advance claim limits, and pre-validation will cut rejection rates.

12 Jul 20261 min read

State-run general insurers in India have operated under a massive accounting blind spot for decades. The Insurance Regulatory and Development Authority of India is finally shuttingRBI & Policy

IRDAI mandates wage provision accounting for state insurers

Public sector general insurers must now set aside annual provisions for expected wage revisions instead of absorbing sudden lump-sum bills when deals are signed.

12 Jul 20261 min read

For years, the Trade Receivables Discounting System (TReDS) has been a quiet lifesaver for small businesses. It lets MSMEs upload invoices and get them paid instantly by bidding fiRBI & Policy

RBI mandates TReDS platform interoperability to break 90% market concentration

The Reserve Bank has released a process note linking all invoice discounting platforms, ending the silo structure that locked MSMEs into single-platform relationships and concentrated market power among three players.

8 Jul 20262 min read

Insurance Regulatory and Development Authority of India ChairpersonRBI & Policy

IRDAI approves two general insurance licenses under new 100% FDI policy

India's insurance regulator has greenlit two new entrants following a landmark shift to allow full foreign ownership. Global insurers can now build standalone Indian operations without local joint-venture partners.

5 Jul 20262 min read

For years, the Indian "term money market" (the massive liquidity pool where financial institutions lend each other uncollateralized cash for 14 days to 1 year) has been an exclusivRBI & Policy

RBI opens term money market to HFCs and AIFIs, unlocking cheaper capital

The central bank's draft directions will let Housing Finance Companies and All India Financial Institutions borrow and lend directly in the inter-bank liquidity pool, historically reserved for large banks and primary dealers.

27 Jun 20261 min read

For years, the Reserve Bank of India (RBI) has maintained incredibly strictRBI & Policy

RBI raises NBFC-IFC lending limit to 45% to unlock infrastructure project funding

The central bank increased the large exposure cap for top-tier infrastructure finance companies, removing a key bottleneck in mega-project financing.

25 Jun 20261 min read

➤For decades, traditional Indian banks have largely viewed MSME lendingRBI & Policy

RBI Governor calls for mindset shift as banks rethink MSME lending strategy

Reserve Bank of India Governor Sanjay Malhotra has pushed banks to move beyond hitting priority sector targets and build genuine MSME partnerships, backed by new digital infrastructure.

23 Jun 20261 min read

Yesterday, the government didn't just announce a few routine administrative appointments; they effectively locked in the long-term regulatory and corporate leadership architecture RBI & Policy

IRDAI locks in leadership through 2028, signalling decade-long reform agenda

The government has confirmed permanent appointments at GIC Re and fortified the IRDAI board with senior industry figures, locking in continuity for structural insurance reforms.

22 Jun 20261 min read

To truly understand the plumbing of the Indian economy, you have to watch the unintended consequences of sudden regulatory shifts.RBI & Policy

RBI's NRI deposit rate hike triggers 'break and rebook' crisis at Indian banks

Commercial banks face pressure from high-net-worth NRI clients demanding early exit from low-yield deposits to capture newly announced 7.1% rates. Banks are seeking regulatory relief from the Reserve Bank of India.

20 Jun 20262 min read

4 stories

News

US INSURANCE and Financial Services leader Nationwide has launched a Global Capability Centre (GCC) in Hyderabad, strengthening its long-term commitment to global business and techNews

Nationwide opens Hyderabad GCC as global insurers shift India strategy to innovation

US insurance giant Nationwide has launched a Global Capability Centre in Hyderabad, signalling a broader pivot by global financial services firms toward India as a strategic innovation hub rather than a cost-play destination.

24 Jun 20261 min read

•He walked away from a ₹5,000/month salary.News

How Bandhan Bank became India's first microfinance-to-universal bank in 14 years

Chandra Shekhar Ghosh left a ₹5,000/month salary to build a microfinance institution on trust. The RBI's 2015 universal banking licence made Bandhan the first MFI to cross that bridge.

20 Jun 20261 min read

➤The hardest decision for a leader in a massive conglomerate isn't deciding what to take on—it’s deciding what to let go.News

Rajiv Bajaj steps down from all financial services board roles to focus on auto expansion

The Bajaj Auto managing director is ending directorships across the group's financial services empire to concentrate on automotive and mobility initiatives, including a new tech unit and credit platform.

9 Jun 20261 min read

The ENFORCEMENT DIRECTORATE (ED) has officially arrested real estate businessman Vikram Wadhwa under the Prevention of Money Laundering Act (PMLA) in connection with a massive ₹645News

ED arrests real estate businessman in ₹645 crore embezzlement case tied to banks

Vikram Wadhwa arrested under PMLA over alleged siphoning of public funds from IDFC FIRST Bank accounts. Investigators trace ₹70 crore diverted to his personal accounts through shell companies and jewelers.

2 Jun 20261 min read

The future of online card payments may no longer rely on SMS OTPs.Product Updates

Visa launches passkey authentication in India; IDFC FIRST Bank first issuer to adopt

Card payments can now be verified with Face ID, fingerprint, or device PIN instead of an SMS OTP, as Visa moves to device-based authentication in India.

17 Jul 20261 min read

SBI Card Migrates CPP Customers to New Plan VariantsProduct Updates

SBI Card shifts all CPP customers to updated plan variants automatically

The lender has begun migrating existing Credit Card Protection Plan holders to new variants offering enhanced fraud protection and expanded insurance covers, with no action required unless customers opt out.

17 Sept 20251 min read

#️⃣ SBI Card x Flipkart: A New Cashback Powerhouse for Digital Shoppers,Product Updates

SBI Card launches Flipkart co-brand with 7.5% cashback on Myntra, 5% on e-commerce

The August 2025 card targets digital-first shoppers with tiered cashback across e-commerce, food, and travel. Annual fee of ₹500 is waived on spends above ₹3.5 lakh.

4 Sept 20251 min read

Cross‑Border Breakthrough: UPI‑PayNow Expands to 19 Indian Banks! 🚨Product Updates

UPI-PayNow Live on 19 Indian Banks as India-Singapore Corridor Expands

NPCI International has onboarded 13 additional banks to the UPI-PayNow corridor with Singapore, effective July 17, 2025. The network now covers major lenders including Kotak Mahindra, HDFC, and BOB.

17 Jul 20251 min read

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