23 September 2026
Bankopedia Banking Digest — 2026-09-23 #176
- #1economic_timesneutral
India Growth Outlook Dims in FY27 Second Half
DBS Bank forecasts India's full-year FY27 gross domestic product growth at 7.3%, down from a revised 7.8% in FY26, as tighter financial conditions, higher energy costs and below-average monsoon weigh on the second half. Headline inflation is expected to stay above 5% in H2 FY27, keeping monetary policy risks elevated.
DBS projects India FY27 GDP growth to moderate to 7.3% amid inflation and liquidity risks.
economy_macro - #2economic_timesneutral
RBI Vets Bagchi for HDFC Bank Leadership Role
The Reserve Bank of India is evaluating Anup Bagchi, current MD and CEO of ICICI Prudential Life Insurance, as the frontrunner for HDFC Bank's MD and CEO role, seeking feedback from the Insurance Regulatory and Development Authority of India and ICICI Bank on his three-year absence from mainstream banking. The assessment is time-sensitive, as incumbent Sashidhar Jagdishan's term ends on October 26.
RBI scrutinises Anup Bagchi's three-year insurance stint before clearing his HDFC Bank CEO candidacy.
banking_supervisionregulation - #3reserve_bank_of_indianeutral
RBI Publishes Bank Data Quality Supervisory Index
The Reserve Bank of India has published its Supervisory Data Quality Index for scheduled commercial banks for June 2026, measuring accuracy, timeliness, completeness and consistency of supervisory return submissions. The index aims to assess bank compliance with the RBI's 2026 supervisory returns directions for commercial and small finance banks.
RBI releases June 2026 Supervisory Data Quality Index to benchmark bank reporting standards.
banking_supervisionregulation - #4economic_timesneutral
UPI Subsidy Era Ends as MDR Revenue Takes Over
The Indian government is moving to phase out Unified Payments Interface subsidies as merchant discount rate revenue takes hold, with no fresh incentive payments made since April 2025 despite a ₹2,000 crore FY27 budget allocation. UPI incentive disbursements had already fallen sharply to ₹1,046 crore in FY25 from ₹3,631 crore in FY24.
Government halts fresh UPI subsidies since April 2025 as MDR revenue replaces taxpayer-funded incentives.
paymentsfinancial_inclusion - #5economic_timespositive
POP Pivots to Credit to Unlock UPI Monetisation
Razorpay-backed fintech POP has launched POPchop, a buy-now-pay-later product offering three interest-free instalments, as platforms seek to monetise large UPI user bases beyond zero-revenue transactions. The product already accounts for 10–12% of orders on its POPShop platform in limited rollout, with over half of early users accessing formal credit for the first time.
POP's buy-now-pay-later product captures 10–12% of POPShop orders, monetising UPI's unmonetised user base.
fintechpaymentscredit_markets - #6economic_timesneutral
Bandhan Promoter Charts Gradual Stake Reduction Path
Bandhan Bank's promoter, Bandhan Financial Services, is gradually reducing its stake from 37.54% toward the Reserve Bank of India-mandated ceiling of 26% by 2030, ruling out any bulk sale. The promoter has also proposed a 5-for-1 stock split, converting each ₹10 face-value share into five shares of ₹2 each.
Bandhan promoter to cut stake to 26% by 2030 via gradual open-market sales, not bulk offloading.
regulationbanking_supervision - #7financial_expressnegative
FII Exodus Tests India's Domestic Investor Resilience
Foreign institutional investors have offloaded over ₹2.5 lakh crore of Indian equities in 2026, dragging the Sensex and Nifty down 13-14% and 11-12% respectively, even as domestic institutions have absorbed the selling with purchases exceeding ₹4 lakh crore. The divergence reflects a broader split in India's economy, where smaller companies grow organically while large incumbents rely on acquisitions.
Domestic institutions bought over ₹4 lakh crore in 2026, fully absorbing record foreign institutional investor outflows.
capital_marketseconomy_macro - #8moneycontrolneutral
SEBI Moves to Reform Derivatives Expiry Settlement Pricing
Securities and Exchange Board of India (SEBI) Chairman Tuhin Kanta Pandey has signalled the regulator's intent to reform the settlement price mechanism for derivatives on expiry days, building on a consultation paper issued earlier this month. Proposed changes include delinking derivatives settlement prices from cash-market closing prices and tightening order-placement rules during the Closing Auction Session.
SEBI proposes delinking derivatives expiry settlement prices from cash-market closing prices to curb manipulation.
capital_marketsregulation - #9moneycontrolneutral
Runwal Enterprises Launches Scaled-Down ₹500 Crore IPO
Runwal Enterprises, a Mumbai-based real estate developer, will open its ₹500 crore initial public offering on September 25 at a price band of ₹290–305 per share, valuing the company at ₹4,507.6 crore. The offer size has been halved from the originally planned ₹1,000 crore filed in March 2025.
Runwal Enterprises halves IPO size to ₹500 crore, priced at ₹290–305 per share.
capital_markets - #10financial_expresspositive
US Equities Defy Fed Hike as Yields Retreat
US equities are rallying despite the Federal Reserve's latest 25 basis point rate hike, with markets treating the move as largely priced in and drawing support from easing crude prices and sustained buying in technology stocks. The resilience of US markets carries implications for Indian investors monitoring global capital flows and emerging-market sentiment.
US markets rally post-25bps Fed hike as crude eases to $101 and 10-year yield retreats to 4.98%.
forexeconomy_macro - #11moneycontrolnegative
Adani Firms Settle SEBI Hindenburg Proceedings
SEBI has settled adjudication proceedings against four Adani Group firms and one other company over alleged non-disclosure of related-party transactions and audit certification lapses. The five firms collectively paid ₹1.50 crore to close proceedings that originated from the Hindenburg Research report's allegations.
Five firms, including four Adani entities, pay ₹1.50 crore to settle SEBI disclosure-lapse proceedings.
regulationcapital_markets - #12moneycontrolneutral
PFRDA Launches Pension-Linked Health Insurance Scheme
The Pension Fund Regulatory and Development Authority (PFRDA) has launched NPS Swasthya, a new product under the National Pension System that bundles a retirement savings account with a mandatory super top-up health insurance policy. Operational guidelines issued on September 18, 2026 take immediate effect and apply to all registered PFRDA intermediaries.
NPS Swasthya mandates a super top-up health insurance policy alongside a retirement savings account for all subscribers.
regulationfinancial_inclusion - #13economic_timesneutral
Practical Strategies for Managing Personal Loan EMIs
Borrowers can reduce personal loan EMI pressure by reviewing outstanding balances, making strategic prepayments, and evaluating tenure adjustments using EMI calculators. While extending loan tenure lowers monthly instalments, it increases total interest outgo, requiring careful trade-off analysis.
Prepayments, tenure review, and EMI calculators are key tools to manage personal loan repayment burden.
credit_markets - #14moneycontrolmixed
Brokerage Upgrades Drive Selective Dalal Street Gains
Meesho shares rose 5% after UBS retained a 'buy' rating and raised the target price to ₹260, lifting its FY29–31 Net Merchandise Value estimates by 7–18%. Blue Star fell 2% as Jefferies held a 'hold' rating, citing commodity cost pressures and rupee weakness weighing on near-term margins.
UBS raises Meesho target to ₹260 with 7–18% higher NMV estimates, lifting shares 5%.
capital_markets - #15hindu_businesslinenegative
Strong Dollar Drags Gold Futures Lower
Gold futures on the Multi Commodity Exchange (MCX) fell ₹914 to ₹1.52 lakh per 10 grams as a stronger dollar index and hawkish US Federal Reserve commentary dampened demand. Comex gold also dropped nearly 1% to $4,355.45 per ounce as investors awaited further signals on US monetary policy.
Hawkish Fed signals and a stronger dollar push MCX gold futures down nearly 1% to ₹1.52 lakh per 10 grams.
forexcapital_markets