18 September 2026
Bankopedia Banking Digest — 2026-09-18 #171
- #1hindu_businesslinenegative
RBI Deploys FCNR Swaps to Stem Rupee Slide
India's rupee came under sustained pressure following net capital outflow and the US-Iran war, prompting the RBI and government to announce sweeping capital account liberalisation measures on June 5. The RBI made FCNR(B) swap schemes attractive by exempting deposits from reserve requirements and removing interest rate ceilings to draw fresh dollar inflows from non-resident Indians.
RBI exempted FCNR(B) deposits from CRR, SLR, and PSL to attract NRI dollar inflows.
forexmonetary_policy - #2economic_timesneutral
EPFO Wage Ceiling Raised, Widening Worker Coverage
India has raised the Employees' Provident Fund Organisation (EPFO) wage ceiling from ₹15,000 to ₹25,000 per month, extending mandatory provident fund, pension, and insurance coverage to over 10 million additional formal-sector workers. Employers will bear an average additional cost of ₹600 per worker per month, while the government's annual outgo rises to an estimated ₹11,339 crore.
EPFO wage ceiling raised to ₹25,000, covering 10 million+ new formal-sector workers from Thursday.
financial_inclusion - #3economic_timesneutral
Approved Projects Simplify, But Do Not Guarantee, Home Loans
An 'approved project' in real estate means a lender has already conducted legal, technical, and documentation checks on the development, potentially streamlining the home loan process for buyers. However, project approval does not guarantee individual loan approval, as each borrower is still assessed independently on creditworthiness and eligibility.
Lender-approved projects reduce documentation burden but do not guarantee individual home loan approval.
credit_markets - #4moneycontrolneutral
Hawkish Fed and High Crude Cloud Market Outlook
Indian equity markets face a weak opening on September 17, with GIFT Nifty signals pointing lower amid concerns that a hawkish US Federal Reserve could pressure the rupee and foreign portfolio flows. An analyst warns that if crude oil sustains above $100 a barrel, the RBI may face pressure to hike its benchmark repo rate by 25 basis points.
Crude above $100/barrel raises the prospect of a 25-bps RBI repo rate hike, warns Spark Capital.
capital_markets - #5moneycontrolneutral
SEBI Backs Pooled Municipal Bonds for Urban Infrastructure
The Securities and Exchange Board of India (SEBI) is pushing municipalities to pool financing needs and issue bonds collectively to fund up to $900 billion in urban infrastructure required by fiscal year 2031. SEBI has lowered entry barriers for smaller towns through pooled funding vehicles, aiming to develop India's nascent municipal debt market as the country targets developed-economy status by 2047.
India needs up to $900 billion in urban infrastructure by FY2031, with SEBI promoting pooled municipal bonds.
capital_marketsregulationgovernment_securities - #6reserve_bank_of_indianeutral
RBI Revokes Five NBFC Registrations Simultaneously
The Reserve Bank of India (RBI) has cancelled the Certificates of Registration (CoR) of five non-banking financial companies (NBFCs), exercising powers under Section 45-IA(6) of the RBI Act, 1934. The cancellations, effective between August 3 and August 18, 2026, cover firms based in Kolkata and Mumbai.
RBI cancels NBFC licences of five companies across Kolkata and Mumbai under statutory powers.
regulationbanking_supervision - #7moneycontrolpositive
Amazon Pay Bets on Credit Over UPI Share
Amazon Pay India is pivoting away from chasing United Payments Interface (UPI) market share, instead focusing on digital credit, insurance, fixed deposits, and personal loans as its next growth drivers. The company holds a marginal UPI share compared to market leaders PhonePe (48%) and Google Pay (33%).
Amazon Pay prioritises digital credit and financial services over competing for UPI market share.
paymentsfintechdigital_banking - #8moneycontrolneutral
India Equities Rotate From FMCG to Platforms
Indian equity markets are rotating from traditional consumer and private banking stocks toward platform and capital-market businesses as valuations of legacy names compress sharply. Naveen Kulkarni of Motilal Oswal PMS highlights the derating of once-premium consumer stocks as evidence of a structural shift in investor preference.
Platform and capital-market stocks replace consumer giants as India's equity market growth themes.
capital_markets - #9moneycontrolnegative
Fed Rate Hike Dents Gold's Record Rally
Spot gold slipped to just above $4,308 per ounce after the US Federal Reserve raised interest rates by 25 basis points to 3.75–4.00%, its first hike in three years, triggering a sharp intraday sell-off from $4,356. Markets remain cautious, with analysts flagging potential support tests at the $4,150–$4,100 range if the $4,250–$4,300 zone fails to hold.
Fed's first rate hike in three years pushes gold off highs; $4,250–$4,300 is key support zone.
forexeconomy_macro - #10hindu_businesslinenegative
SEBI Freezes Kore Digital Over Fraud Allegations
The Securities and Exchange Board of India (SEBI) has barred telecom infrastructure firm Kore Digital from public fundraising and blocked its migration to the main stock exchange board, alleging revenue inflation through non-genuine subsidiaries. The regulator has ordered a forensic audit and restricted the Managing Director, Chief Executive Officer, and Chief Financial Officer from trading in the company's shares.
SEBI bars Kore Digital from fundraising, citing subsidiaries that generated 75% of revenue but may not exist.
regulationcapital_markets - #11moneycontrolpositive
Rentomojo's Strong Debut After 73x Subscription
Rentomojo Ltd debuted on Indian exchanges at ₹482.45, a 19.42% premium to its IPO price of ₹404, after its ₹1,256 crore offering was subscribed nearly 73 times. Qualified institutional buyers drove demand most aggressively, subscribing their reserved portion 177.29 times.
Rentomojo lists 19% above IPO price after record 73x overall subscription.
capital_marketsfintech - #12financial_expressneutral
India's Nuclear Build-Out Draws Private Capital
India's nuclear power sector is transitioning from policy to execution, with the country targeting 100 GW of installed capacity by 2047 and the SHANTI Act unlocking an estimated US$214 billion in private and foreign investment. Major industrial groups including Reliance, Tata Power, and Adani Power have already submitted proposals under the government's Bharat Small Reactor programme.
India's nuclear expansion targets 100 GW by 2047, unlocking US$214 billion in investment.
corporate_finance - #13moneycontrolneutral
Peak XV Trims Groww Stake in Block Sale
Peak XV Partners offloaded a 1.46% stake in Billionbrains Garage Ventures, the parent of stockbroker Groww, for ₹1,756 crore in open-market transactions, sending the stock down 3.96%. In a separate transaction, Groww Mutual Fund acquired a 0.6% stake in power transformer maker Kanohar Electricals for ₹35.2 crore.
Peak XV Partners sells ₹1,756 crore of Groww parent stake, trimming holding to 14.22%.
capital_marketsfintech - #14financial_expressneutral
Institutions Buy Into Promoter Block Deal Exits
Promoters of Jamna Auto Industries, Gland Pharma, and Granules India sold sizeable stakes through block deals in September, with marquee institutions including DSP Mutual Fund, Kotak Mahindra Mutual Fund, and Capital Group's Smallcap World Fund stepping in as buyers. Notably, all three companies had recently reported strong quarterly results, raising the question of whether institutions were building strategic positions rather than merely providing exit liquidity.
Institutions buy promoter block deals in fundamentally improving companies, signalling conviction.
capital_markets - #15hindu_businesslineneutral
Fed Rate Hike Keeps Indian Markets On Edge
Indian equity indices closed mixed on Thursday after the U.S. Federal Reserve raised interest rates by 25 basis points — its first hike since 2023 — signalling at least one more increase this year. The Nifty 50 edged up 0.23% while midcap and smallcap indices outperformed, even as the Bank Nifty slipped and investor sentiment remained cautious.
Fed's first rate hike since 2023 leaves Indian markets mixed; midcaps outperform.
monetary_policyforexeconomy_macro