Fintech Brief — March 14, 2026
Today’s Top Stories
1. India’s Neobank Fi Discontinues Banking Services
India’s neobank Fi is winding down its banking services on the platform, marking a significant shift in the country’s digital banking landscape. The company, founded in 2019 by former Google Pay India executives Sujith Narayanan and Sumit Gwalani, launched its app-based banking service in partnership with Federal Bank in 2021 to offer digital savings accounts and money management tools aimed at younger users.
This week, customers who opened accounts through the Fi app received emails stating that banking services on the platform will soon be discontinued. Federal Bank separately confirmed the partnership’s end, citing “business re-alignment” as the reason. Customers are being directed to access their savings accounts through Federal Bank’s mobile app.
The development raises questions about the neobank model in India, where partnerships with traditional banks have been crucial for fintech companies offering banking services. New users can no longer open savings accounts through the Fi app, which now displays a notice indicating the feature is unavailable. 1
2. Flipkart Relocates Headquarters to India Ahead of IPO
Indian e-commerce giant Flipkart has moved its headquarters back to India from Singapore, signaling preparations for a potential IPO. The company is targeting a stock market debut in India in the financial year ending March 2027, according to people familiar with the matter.
Founded in 2007 in Bengaluru, Flipkart was among several Indian startups that set up overseas holding structures to attract foreign investment and benefit from tax advantages. The relocation comes as India tightens regulations around offshore holding structures and as the IPO market shows renewed vigour.
Flipkart, owned by Walmart, is one of India’s largest e-commerce platforms and its return to Indian shores could spark increased interest in domestic stock market listings from other unicorns. 2
3. RBI Holds Repo Rate at 5.25%; Focus on Inflation
The Reserve Bank of India maintained its benchmark repo rate at 5.25% in its latest policy review, continuing its cautious approach amid ongoing inflation concerns. The policy repo rate remains at 5.25%, with the Standing Deposit Facility Rate at 5.00% and the Marginal Standing Facility Rate at 5.50%.
The central bank’s exchange rates showed the Indian rupee at 92.4405 against the USD as of March 13, 2026. Analysts note the rupee is among the weakest in the region and could weaken further toward 94 level if oil prices continue to surge due to geopolitical tensions.
The Cash Reserve Ratio (CRR) stands at 3.00% and the Statutory Liquidity Ratio (SLR) at 18.00%. The call rates ranged between 4.50% and 5.15% as of March 12, 2026. 3
4. India February Inflation Rises to 3.21%
India’s consumer inflation rose to 3.21% in February, up from previous levels, as oil risks loom large over the economy. Food inflation also increased to 3.47% year-on-year in February, up from 2.13% in January, according to the Ministry of Statistics and Programme Implementation.
The U.S.-Israel war in Iran has disrupted maritime traffic in the Strait of Hormuz, threatening India’s supply of crude oil and liquefied petroleum gas (LPG). Around 30% of India’s crude oil supplies and 90% of LPG imports transit through the Strait of Hormuz.
Global brokerage Nomura noted that India’s “Goldilocks narrative of strong growth and low inflation” continues but is “challenged by higher crude oil prices and fuel shortages.” The situation adds pressure on the RBI to monitor inflation closely while supporting economic growth. 4
More stories on startup funding, UPI updates, and regulatory developments in our next edition.