India

Fintech Brief — March 23, 2026 Today’s Top Stories 1. NPCI Slashes RuPay Credit Card UPI Fees; PhonePe, Google Pay to Benefit The National Payments Corporation of India (NPCI) has announced a reduction in UPI fees for RuPay credit card transactions, effective April 1, 2026. The revised fee structure lowers third-party app provider (TPAP) fees from 8 to 6 basis points for non-industry players and from 4 to 3 basis points for industry players. This change impacts consumer-facing UPI apps like Paytm, Google Pay, and PhonePe, potentially improving their margins on high-volume transactions. PhonePe and Google Pay, which process combined billions of transactions monthly, stand to gain the most from reduced fee outflows to NPCI. The fee reduction does not affect offline small merchants, EMI transactions, or merchant MDR rates. 1 ...

Fintech Brief — March 22, 2026 Today’s Top Stories 1. PhonePe Shelves IPO Plans Citing Geopolitical Tensions Walmart-backed PhonePe, India’s largest digital payments platform, has put its Initial Public Offering (IPO) plans on hold, citing ongoing geopolitical tensions and volatile global stock markets. The decision marks a significant shift for the Flipkart-owned company, which had been preparing for one of the biggest fintech listings in Indian market history. Investment bankers working with PhonePe had recently suggested lowering valuation expectations to approximately $9 billion, down from earlier projections. The company currently leads India’s Unified Payments Interface (UPI) ecosystem in transaction volumes, surpassing Google Pay. In February 2026, PhonePe processed about 9.3 billion transactions worth roughly ₹13.1 trillion (approximately $141.9 billion), compared with Google Pay’s 6.8 billion transactions worth around ₹9 trillion (around $97.8 billion), according to data from the National Payments Corporation of India (NPCI). 1 ...

Fintech Brief — March 21, 2026 Today’s Top Stories 1. IFSCA Unveils New FinTech Sandbox Framework for IFSCs The International Financial Services Centres Authority (IFSCA) has issued a comprehensive revised FinTech Sandbox Framework through Circular EF.No.: 505/IFSCA-FTec0FTEF/1/2023, dated March 16, 2026. This new framework replaces the earlier 2020 Regulatory Sandbox circular and the 2022 Framework for FinTech Entity, centralizing all innovation-related activities under a single, specialized regime for India’s International Financial Services Centres. ...

Stock Watch — March 20, 2026 Market Day Summary | Not investment advice 📊 INDICES Index Prev Close Change % Change Nifty 50 23,002.15 -775.65 -3.26% Nifty Bank ~50,500* -1,500* ~-3.0%* FinNifty ~24,500* -1,200* ~-4.7%* Nifty IT ~27,500* -1,500* ~-5.2%* Estimated based on sector performance; exact data pending Note: Previous close from March 19, 2026. Market crashed on Iran war fears. 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK ~₹845* -8.7% S: 800, R: 900 ↘️ Critical support broken ICICI Bank ICICIBANK ~₹1,250* -2.5%* S: 1,200, R: 1,300 ↘️ Under pressure SBI SBIN ~₹1,030* -3.5%* S: 1,000, R: 1,070 ↘️ Bearish Axis Bank AXISBANK ~₹1,180* -3.8%* S: 1,150, R: 1,220 ↘️ Weak Kotak Bank KOTAKBANK ~₹395* -4.0%* S: 380, R: 410 ↘️ Breakdown HDFC Bank shares hit 1-year low after Chairman Atanu Chakraborty resigned over “values and ethics” concerns ...

Fintech Brief — March 20, 2026 Today’s Top Stories 1. Gold Loans Surge to ₹14 Trillion as RBI Greenlights Foreign Investment India’s gold loan sector is experiencing an unprecedented boom, with the total market now estimated at ₹14 trillion ($152 billion), according to Yan Wang, chief emerging market strategist at Alpine Macro. RBI data shows gold loans more than doubled to ₹4 trillion ($43.3 billion) in January 2026 from ₹1.75 trillion a year earlier, making gold-backed lending the largest retail loan segment after home and vehicle loans. 1 ...

Stock Watch — March 19, 2026 Market Day Summary | Not investment advice 📊 INDICES Index Prev Close Change % Change Nifty 50 23,777.80 +196.65 +0.83% Nifty Bank 54,876.00 +462.60 +0.85% FinNifty 25,724.65 +209.40 +0.82% Nifty IT 29,042.55 +1,182.65 +4.25% Note: Previous close from March 18, 2026. Pre-market data as of 08:20 IST. 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK ₹924.70 -0.11% S: 900, R: 950 ➡️ Consolidation ICICI Bank ICICIBANK ₹1,285.40 +0.98% S: 1,260, R: 1,310 ↗️ Bullish SBI SBIN ₹1,069.80 +0.29% S: 1,050, R: 1,090 ↗️ Slight bullish Axis Bank AXISBANK ₹1,227.50 +1.05% S: 1,200, R: 1,250 ↗️ Slight bullish Kotak Bank KOTAKBANK ₹412.20 +0.85% S: 400, R: 425 ↗️ Slight bullish 💳 FINTECH — Pure Play Tier B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM ₹986.50 -2.70% ↘️ Under pressure Tier B2: Insurance & Credit Marketplaces Company Symbol Prev Close Change % Expectation PB Fintech PBFINTECH ₹4,120.30 +1.85% ↗️ Slight bullish Tier B3: Payment Infrastructure & Gateways Company Symbol Prev Close Change % Expectation Infibeam Avenues INFIBEAM ₹14.05 +0.28% ➡️ Flat Pine Labs PINELABS — — Not listed NPST NPST — — Not listed Tier B4: Payments Banking & Cards Company Symbol Prev Close Change % Expectation Fino Payments Bank FINOPB ₹154.50 +9.38% ↗️ Strong bounce SBI Cards SBICARD ₹698.20 +0.38% ➡️ Flat Tier B5: ATM & Cash (Peripheral) Company Symbol Prev Close Change % Expectation AGS Transact ⚠️ AGSTRA ₹2.95 -1.67% ↘️ Under CIRP ⚠️ AGSTRA is under Corporate Insolvency Resolution Process (CIRP) ...

Fintech Brief — March 19, 2026 Today’s Top Stories 1. PhonePe Pauses IPO Plans Citing Market Volatility Walmart-backed PhonePe, India’s largest digital payments platform, has put its IPO plans on hold due to escalating geopolitical tensions in the Middle East and volatile market conditions. The Bengaluru-based company, valued at approximately $12 billion in January 2023, was targeting a market capitalization of around $15 billion in its planned listing, which could have raised up to $1.5 billion. 1 ...

Stock Watch — March 18, 2026 Market Day Summary | Not investment advice 📊 INDICES Index Prev Close Change % Change Nifty 50 23,408.80 +172.35 +0.74% Nifty Bank 54,413.40 +462.60 +0.85% FinNifty 25,515.25 +209.40 +0.82% Nifty IT 29,042.55 -281.65 -0.97% Note: Previous close from March 17, 2026. Pre-market data as of 08:25 IST. 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK ₹840.60 +0.57% S: 820, R: 860 ↗️ Slight bullish ICICI Bank ICICIBANK ₹1,272.90 +1.24% S: 1,250, R: 1,300 ↗️ Bullish SBI SBIN ₹1,066.70 -0.19% S: 1,040, R: 1,080 ➡️ Flat Axis Bank AXISBANK ₹1,214.70 +1.10% S: 1,190, R: 1,240 ↗️ Slight bullish Kotak Bank KOTAKBANK ₹369.85 +1.18% S: 360, R: 380 ↗️ Slight bullish 💳 FINTECH — Pure Play Tier B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM ₹1,013.80 +0.81% ↗️ Slight bounce Tier B2: Insurance & Credit Marketplaces Company Symbol Prev Close Change % Expectation PB Fintech PBFINTECH — — Data unavailable Tier B3: Payment Infrastructure & Gateways Company Symbol Prev Close Change % Expectation Infibeam Avenues INFIBEAM ₹14.01 +0.43% ➡️ Flat Pine Labs PINELABS — — Not listed NPST NPST — — Not listed Tier B4: Payments Banking & Cards Company Symbol Prev Close Change % Expectation Fino Payments Bank FINOPB ₹140.43 +0.58% ➡️ Recovery SBI Cards SBICARD ₹695.55 -0.24% ➡️ Flat Tier B5: ATM & Cash (Peripheral) Company Symbol Prev Close Change % Expectation AGS Transact ⚠️ AGSTRA ₹3.00 -1.00% ↘️ Under CIRP ⚠️ AGSTRA is under Corporate Insolvency Resolution Process (CIRP) ...

Fintech Brief — March 18, 2026 Today’s Top Stories 1. PhonePe Shelves IPO Amid Global Market Volatility Walmart-backed PhonePe, India’s largest digital payments platform, has paused its IPO plans, citing geopolitical tensions and volatile market conditions. The company, which was targeting a $15 billion valuation, has seen investment bankers suggest lowering expectations to around $9 billion. 1 The Bengaluru-based fintech filed its updated IPO prospectus earlier this year, expecting to raise up to $1.5 billion in what would have been one of India’s largest tech listings. However, escalating Middle East conflicts have rattled global financial markets, with India’s Nifty 50 and BSE Sensex each falling about 9% over the past month. 1 ...

Stock Watch — March 17, 2026 Market Day Summary | Not investment advice 📊 INDICES Index Prev Close Change % Change Nifty 50 23,408.80 — — Nifty Bank 54,413.40 — — FinNifty 25,515.25 — — Nifty IT 29,042.55 — — Note: Pre-market data as of 08:15 IST. Markets open at 09:15 IST. 🏦 BANKS — Digital Payments Focus Bank Symbol Prev Close Change % Key Levels Expectation HDFC Bank HDFCBANK ₹840.60 +2.89% S: 820, R: 860 ↗️ Bullish ICICI Bank ICICIBANK ₹1,272.90 +1.44% S: 1,250, R: 1,290 ↗️ Slight bullish SBI SBIN ₹1,066.70 +1.88% S: 1,040, R: 1,080 ↗️ Slight bullish Axis Bank AXISBANK ₹1,214.70 +1.45% S: 1,190, R: 1,230 ↗️ Slight bullish Kotak Bank KOTAKBANK ₹369.85 +0.82% S: 360, R: 375 ➡️ Flat 💳 FINTECH — Pure Play Tier B1: Digital Payments & Wallets Company Symbol Prev Close Change % Expectation Paytm PAYTM ₹1,013.80 +3.85% ↗️ Strong bounce Tier B2: Insurance & Credit Marketplaces Company Symbol Prev Close Change % Expectation PB Fintech PBFINTECH — — Data unavailable Tier B3: Payment Infrastructure & Gateways Company Symbol Prev Close Change % Expectation Infibeam Avenues INFIBEAM ₹16.90 +15.44% ↗️ Strong rally Pine Labs PINELABS — — Not listed NPST NPST — — Not listed Tier B4: Payments Banking & Cards Company Symbol Prev Close Change % Expectation Fino Payments Bank FINOPB ₹140.43 -16.77% ↘️ Sharp decline SBI Cards SBICARD ₹695.55 -1.33% ↘️ Slight weakness Tier B5: ATM & Cash (Peripheral) Company Symbol Prev Close Change % Expectation AGS Transact ⚠️ AGSTRA ₹3.00 -4.76% ↘️ Under CIRP ⚠️ AGSTRA is under Corporate Insolvency Resolution Process (CIRP) ...