Fintech Brief — March 31, 2026

Today’s Top Stories

1. RBI Imposes Strict FX Position Limits to Curb Rupee Decline

The Reserve Bank of India on Friday issued a surprise directive requiring banks to limit their net open rupee positions in the onshore deliverable market to just $100 million at the end of each business day, with compliance mandatory by April 10. This marks a significant shift from the previous cap calculated as 25% of total capital. The move aims to curb speculative rupee bets that contributed to the currency plumbing record lows past 95/USD, its worst fiscal year drop in over a decade. Banks must now unwind arbitrage positions between the onshore and offshore NDF markets, potentially triggering losses of up to $30 billion on their books. Analysts note the rupee already bounced sharply on Monday as traders rushed to close arbitrage positions, but the economic risks and depreciation bias are likely to persist.¹²

2. Revolut to Base 40% of Global Workforce in India

European fintech Revolut announced plans to have approximately 40% of its global workforce based in India by the end of 2026, expanding its Global Capability Centre (GCC) in the country. The company committed £500 million (US$669.8 million) to its India business over five years in 2025, and will fill 1,600 new roles through 2026, bringing its headcount in India to 5,500. India CEO Paroma Chatterjee noted that about a third of Revolut’s processes—including routine transaction monitoring and AI-based alerts—are already run from India. Innovations developed locally, such as video-based KYC systems, are being deployed across global markets, highlighting India’s growing strategic importance as a fintech talent hub.³

3. Deccan AI Raises $25M for Post-Training AI Services

Deccan AI, a startup providing post-training data and evaluation services to AI labs, raised $25 million in Series A funding led by A91 Partners, with participation from Susquehanna International Group and Prosus Ventures. Headquartered in the San Francisco Bay Area with a large Hyderabad operations team, Deccan provides data generation, evaluation, and reinforcement learning services to customers including Google DeepMind and Snowflake. The funding reflects the rapid growth of the AI post-training services market, as frontier AI labs increasingly outsource post-training work. Most of Deccan AI’s contributor workforce is based in India, underscoring the country’s role in the global AI supply chain.⁴

4. Zetwerk Plans Rs 5,000 Crore IPO

B2B manufacturing marketplace Zetwerk is in discussions to raise around Rs 500 crore in pre-IPO funding from Bharat Value Fund at a valuation of Rs 25,000-26,000 crore (approximately $3 billion). The company, which reported operating revenue of Rs 12,798 crore for FY 2024-25 (an 11% decline), managed to narrow its net loss to Rs 371 crore from Rs 918 crore in the previous fiscal year. With a market capitalisation exceeding Rs 60,000 crore, Zetwerk’s IPO plans signal continued appetite for Indian startup listings despite market volatility.⁵

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