India

Fintech Brief — March 30, 2026 Today’s Top Stories NPCI Cuts RuPay Credit Card UPI Fees; RBI Probes Autopay Issues In a significant move affecting India’s digital payments ecosystem, the National Payments Corporation of India (NPCI) has revised UPI fees for RuPay credit card transactions, effective April 1, 2026. The circular reduces third-party app provider (TPAP) fees from 8 to 6 basis points for non-industry apps and from 4 to 3 basis points for industry apps. This directly impacts consumer-facing UPI payment apps like Paytm, Google Pay, and PhonePe, potentially reducing their transaction costs and improving margins on high-volume payments.1 ...

Fintech Brief — March 29, 2026 Today’s Top Stories 1. RBI Caps Rupee Positions to $100 Million, Forcing Arbitrage Trade Unwind The Reserve Bank of India’s latest restriction on rupee positions is set to compel banks to unwind arbitrage trades between the non-deliverable forward (NDF) and onshore markets, exposing them to potential losses.Effective Friday (after market hours), banks must now ensure their net open rupee positions in the onshore deliverable market do not exceed $100 million at the end of each business day, with full compliance required by April 10. ...

Fintech Brief — March 28, 2026 Today’s Top Stories 1. RBI Issues Counterparty Credit Risk Amendments for Banks The Reserve Bank of India (RBI) issued a circular in March 2026 amendments to the framework for Counterparty Credit Risk (CCR), specifically focusing on the calculation of Potential Future Exposure (PFE). The circular clarifies requirements for banks acting as clearing members of SEBI-recognized stock exchanges in equity and commodity derivatives segments, mandating capital charges for CCR. It also aligns add-on factors for PFE calculation with international Basel Committee guidelines, aiming to enhance clarity and consistency in risk management across India’s banking sector. The amendment applies to various banking and financial institutions and emphasizes improved regulatory guidance on CCR and capital adequacy norms.1 ...

Stock Watch — March 27, 2026 Market Day Summary | Not investment advice 📢 Trading resumes today after Ram Navami holiday (March 26). 📊 INDICES — Previous Close (March 25, 2026) Index Prev Close Change % Change Nifty 50 23,306.45 +394.05 +1.72% ↗️ Nifty Bank 53,708.10 +1,102.45 +2.10% ↗️ FinNifty ~24,500 +500 +2.0% ↗️ Nifty IT ~29,648.90 -358.75 -1.2% ↘️ SGX Nifty indicated flat-to-positive open today. 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close (Mar 25) Change % Key Levels Expectation HDFC Bank HDFCBANK ₹782.30 +2.27% ↗️ R: 800, S: 750 Strong recovery ICICI Bank ICICIBANK ₹1,259.70 +0.68% ↗️ R: 1,280, S: 1,240 Stable State Bank SBIN ₹1,008.96 -0.75% ↘️ R: 1,050, S: 980 Under pressure Axis Bank AXISBANK ₹1,222.10 +2.46% ↗️ R: 1,250, S: 1,180 Recovery Kotak Bank KOTAKBANK ₹1,890 +0.5% ↗️ R: 1,920, S: 1,850 Steady 💳 FINTECH — Pure Play B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM ₹1,065 -17.5% YTD ↘️ Under pressure MobiKwik MOBIKWIK ₹320 -2% ↘️ Weak B2: Insurance & Credit Company Symbol Prev Close Change % Expectation PB Fintech PBFINTECH ₹1,468.30 +0.47% ↗️ Flat B3: Payment Infrastructure Company Symbol Prev Close Change % Expectation Infibeam INFIBEAM ₹18.5 -1% ↘️ Weak Pine Labs PINELABS — — Private NPST NPST ₹380 +1.5% ↗️ Mixed B4: Payments Banking & Cards Company Symbol Prev Close Change % Expectation Fino Payments FINOPB ₹113.6 -18.6% ↘️ Critical — ATL SBI Cards SBICARD ₹673.50 +3.1% ↗️ Top performer B5: ATM & Cash (Peripheral) Company Symbol Prev Close Change % Expectation AGS Transact AGSTRA ₹42 -4% ↘️ ⚠️ Under CIRP 📰 Sector News Global Markets: US markets fell overnight as Iran ceasefire hopes faded; oil above $105/bbl Revolut Expansion: European fintech Revolut to have 40% of global workforce in India by 2026 (5,500 headcount) Fino Payments: Shares crashed 18.6% to all-time low earlier this week; CEO bail plea in PMLA case dismissed Nifty Outlook: Needs to decisively surpass 23,850 to confirm bullish reversal (per Moneycontrol technicals) 📈 Week Ahead Date Event March 27 Trading day March 31 Mahavir Jayanti — Market closed April 3 Good Friday — Market closed Sources: Moneycontrol, NSE India, Economic Times Markets Disclaimer: AI-generated for educational purposes. Not investment advice. Summary as of 08:20 IST, March 27, 2026 ...

Fintech Brief — March 27, 2026 Today’s Top Stories 1. Revolut to Base 40% of Global Workforce in India by 2026 European fintech major Revolut has announced plans to have approximately 40% of its global workforce based in India by the end of 2026, as it expands its India Global Capability Centre (GCC). The company committed £500 million (~$670 million) to its India business and GCC over five years in 2025, and plans to fill 1,600 roles in its India centre through 2026, taking headcount to 5,500 by year-end. ...

Stock Watch — March 26, 2026 Market Day Summary | Not investment advice ⚠️ Market Holiday Today — NSE/BSE closed for Ram Navami. Trading resumes Friday, March 27. 📊 INDICES — Last Trading Day (March 25, 2026) Index Prev Close Change % Change Nifty 50 23,306.45 +394.05 +1.72% Nifty Bank 53,708.10 +1,102.45 +2.10% FinNifty ~24,500 +500 +2.0% Nifty IT ~41,000 -500 -1.2% 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK ₹782.30 +2.27% ↗️ R: 800, S: 750 Strong recovery ICICI Bank ICICIBANK ₹1,259.70 +0.68% ↗️ R: 1,280, S: 1,240 Stable State Bank SBIN ₹1,008.96 -0.75% ↘️ R: 1,050, S: 980 Under pressure Axis Bank AXISBANK ₹1,222.10 +2.46% ↗️ R: 1,250, S: 1,180 Recovery Kotak Bank KOTAKBANK — 0.00% ➡️ Holiday — 💳 FINTECH — Pure Play B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM ₹1,065 -17.5% YTD ↘️ Under pressure MobiKwik MOBIKWIK — — Limited data B2: Insurance & Credit Company Symbol Prev Close Change % Expectation PB Fintech PBFINTECH ₹1,468.30 +0.47% ↗️ Flat B3: Payment Infrastructure Company Symbol Prev Close Change % Expectation Infibeam INFIBEAM — — Limited data Pine Labs PINELABS — — Private NPST NPST — — Limited data B4: Payments Banking & Cards Company Symbol Prev Close Change % Expectation Fino Payments FINOPB ₹113.6 -18.6% ↘️ Critical — ATL SBI Cards SBICARD ₹673.50 +3.1% ↗️ Strong B5: ATM & Cash (Peripheral) Company Symbol Prev Close Change % Expectation AGS Transact AGSTRA ₹42 -4% ↘️ ⚠️ Under CIRP 📰 Sector News Market Rally: Sensex surged 1,205 pts (+1.6%), Nifty crossed 23,300 on US-Iran ceasefire hopes Oil Prices: Crude fell below $100/bbl on Middle East de-escalation HDFC Bank: +2.3%; recovering from recent selloff Fino Payments: Shares crashed 18.6% to all-time low; CEO bail plea dismissed SBI Cards: +3.1% — top performer in payments space Manufacturing PMI: India’s HSBC PMI slipped to 53.8 (from 56.9) in March 📈 Week Ahead March 26: Ram Navami — Market closed March 27: Trading resumes March 31: Mahavir Jayanti — Market closed April 3: Good Friday — Market closed Sources: Moneycontrol, NSE India, Economic Times Markets Disclaimer: AI-generated for educational purposes. Not investment advice. ...

Fintech Brief — March 26, 2026 Today’s Top Stories 1. RBI Likely Intervened to Support Rupee Amid NDF Pressures The Reserve Bank of India likely intervened in the foreign exchange market on Wednesday to support the rupee, as heavy dollar demand linked to maturing non-deliverable forwards (NDFs) offset relief from falling oil prices. The South Asian currency held above its record low of 93.98 per dollar, closing at 93.96, down 0.1% on the day. ...

Stock Watch — March 25, 2026 Market Day Summary | Not investment advice 📊 INDICES Index Prev Close Change % Change Nifty 50 22,912.4 +401 +1.78% Nifty Bank 41,000 +82 +0.20% FinNifty 24,548.6 +589.4 +2.46% Nifty IT ~41,500 -498 -1.20% Previous close data from March 24, 2026 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK ₹780.45 +2.88% ↗️ R: 800, S: 750 Positive - recovering from selloff ICICI Bank ICICIBANK ₹1,380 +1.5% ↗️ R: 1,420, S: 1,340 Stable State Bank SBIN ₹1,058 -2.47% ↘️ R: 1,080, S: 1,030 Under pressure Axis Bank AXISBANK ₹1,120 +1.2% ↗️ R: 1,150, S: 1,090 Moderate recovery Kotak Bank KOTAKBANK ₹1,780 +0.8% ↗️ R: 1,820, S: 1,740 Range-bound 💳 FINTECH — Pure Play B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM ₹450 -3.2% ↘️ Under pressure MobiKwik MOBIKWIK ₹280 -2.5% ↘️ Weak B2: Insurance & Credit Company Symbol Prev Close Change % Expectation PB Fintech PBFINTECH ₹1,820 +1.8% ↗️ Positive B3: Payment Infrastructure Company Symbol Prev Close Change % Expectation Infibeam INFIBEAM ₹18.5 -1.5% ↘️ Weak Pine Labs PINELABS ₹1,420 +0.5% ➡️ Flat NPST NPST ₹320 -2.8% ↘️ Under pressure B4: Payments Banking & Cards Company Symbol Prev Close Change % Expectation Fino Payments FINOPB ₹113.6 -18.6% ↘️ Critical - HIT ALL-TIME LOW SBI Cards SBICARD ₹673.50 +3.1% ↗️ Top performer B5: ATM & Cash (Peripheral) Company Symbol Prev Close Change % Expectation AGS Transact AGSTRA ₹42 -4% ↘️ ⚠️ Under CIRP 📰 Sector News Market Rebound: Nifty surged 401 points (+1.78%) on March 24, recovering from previous day’s 2.6% decline amid US-Iran de-escalation signals HDFC Bank: Stock recovered 3% after 4-day selloff; external law firms appointed to review Chairman Chakraborty’s exit Fino Payments: Shares crashed 18.6% to all-time low after Telangana HC dismissed CEO’s bail plea Manufacturing PMI: India’s HSBC Manufacturing PMI slipped to 53.8 in March (from 56.9), signaling moderation RBI: No major policy announcements overnight; market awaitsMPC signals Global Cues: Oil prices fell on US-Iran ceasefire hopes; dollar index steady at 99.3 📈 Pre-Market Signals SGX Nifty: Indicating positive open (~+50 pts) India VIX: Elevated at 18.5 — volatility expected FII/DII: FPI selling continues; DII supporting markets Sources: Moneycontrol, NSE India, Economic Times Markets Disclaimer: AI-generated for educational purposes. Not investment advice. ...

Fintech Brief — March 25, 2026 Today’s Top Stories 1. SEBI Proposes Gift Cards for Mutual Fund Investments India’s markets regulator SEBI has proposed allowing gift cards or gift prepaid payment instruments (PPIs) for mutual fund investments to improve financial inclusion and onboard new investors. The proposal, outlined in a consultation paper released on March 23, aims to make mutual fund investments more accessible by enabling gifting of investment units through prepaid instruments. ...

Stock Watch — March 23, 2026 Market Day Summary | Not investment advice 📊 INDICES Index Prev Close Change % Change Nifty 50 23,114.50 +112.35 +0.49% Nifty Bank 53,427.05 -23.95 -0.04% FinNifty 24,951.80 -975.55 -3.76% Nifty IT 29,199.60 +620.00 +2.17% SGX Nifty Futures: 22,782.00 (-78.00, -0.34%) 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK 781.00 -2.15% S: 775 R: 795 ↘️ Pressure on card revenue ICICI Bank ICICIBANK 1,249.80 -0.02% S: 1,240 R: 1,260 ➡️ Flat SBI SBIN 1,058.30 +0.90% S: 1,045 R: 1,070 ↗️ UPI volume strong Axis Bank AXISBANK 1,205.70 -0.11% S: 1,195 R: 1,220 ➡️ Slight weakness Kotak Bank KOTAKBANK 367.00 -0.31% S: 362 R: 375 ➡️ 811 digital steady 💳 FINTECH — Pure Play Tier B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM 1,054.30 +1.20% ↗️ Post-results rally MobiKwik MOBIKWIK N/A N/A Market closed Tier B2: Insurance & Credit Company Symbol Expectation PB Fintech PBFINTECH Watching premium Tier B3: Payment Infrastructure Company Symbol Expectation Infibeam Avenues INFIBEAM Enterprise focus Pine Labs PINELABS POS merchant growth NPST NPST UPI infra play Tier B4: Payments Banking & Cards Company Symbol Expectation Fino Payments Bank FINOPB 143M+ customers SBI Cards SBICARD Pure-play card play Tier B5: ATM & Cash (Peripheral) Company Symbol Note AGS Transact AGSTRA ⚠️ Under CIRP 📰 Sector News Oil prices surge on Middle East tensions; Brent at $106/bbl could impact Indian equities [^1] Goldman Sachs warns India faces slower growth, higher inflation from oil shock [^2] FinTech sector sees continued digital payments adoption; UPI volumes remain strong Mastercard defends position in Europe’s payments sovereignty debate [^3] 📈 Market Outlook Nifty 50: Flat-to-positive open expected; support at 22,900 Bank Nifty: Under pressure from oil-led inflation fears; support at 53,200 IT Index: Best performer (+2.17%) on rupee depreciation benefits FinNifty: Biggest loser (-3.76%) on concerns over financial sector exposure Summary as of 08:20 IST, March 23, 2026 ...