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Amitabh Kant lauded Finance Minister Nirmala Sitharaman for fiscal discipline in Budget 2026-27, noting a reduced fiscal deficit to 4.3% of GDP alongside increased capital expenditure. DP World highlighted the Rs 10,000 crore allocation for domestic container manufacturing, while Alstom praised the seven new high-speed rail corridors for boosting mobility and the economy.

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India's GIFT City, a global financial hub, has received a significant fiscal boost with its tax holiday extended to 20 years. Entities will then be taxed at a lower 15% rate, enhancing offshore financial competitiveness. This move strengthens GIFT City's position as a globally competitive financial hub.

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Unified Payments Interface transactions hit a new high in January. Indians made 21.7 billion UPI payments. The total value of these transactions reached Rs 28.33 lakh crore. This shows a significant increase from the previous month. The growth in UPI usage continues to be strong. This digital payment system is rapidly expanding its reach across the nation.

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Union Budget 2026: India's banking sector is strong with improved balance sheets and high profits. Finance Minister Nirmala Sitharaman announced a high-level committee to review the system. This panel will chart the next phase of reform-led growth. It will also look at the role of Non-Banking Financial Companies. Public sector NBFCs will be restructured to improve efficiency and focus on key sectors.

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SBI chairman C S Setty calls for equal tax treatment on returns from equity investments and bank deposits. He believes this will create a level playing field for financial savings. A banking official also requests an extension of the tax holiday for income earned in Gujarat's GIFT City. This move aims to boost activity in India's International Financial Services Centre.

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Companies bidding on a recent opportunity must submit an unconditional offer, according to bid documents. Any conditions attached to an offer will make it invalid. The documents also state that bidders will not have the right to make changes to the share purchase agreement after it is submitted to the Department of Investment and Public Asset Management (Dipam). This information comes from people familiar with the matter.

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In an ambitious move, the World Bank Group has committed to funneling $8-10 billion each year into India over the next five years. This groundbreaking partnership pivots around enhancing job creation through the private sector.

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India's government has set a February 5 deadline for financial bids to divest a majority stake in IDBI Bank, marking a significant step in the privatization process. Eligible bidders, including Fairfax Financial Holdings and Emirates NBD, are now in the final phase. The government and LIC aim to sell 60.7% of the lender, with the successful bidder gaining naming rights.

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RBI rate cut: This is the first data point reflecting the 25-basis point repo rate cut announced by the Reserve Bank of India in December 2025, following cumulative policy easing of 125 basis points over the course of 2025.

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Major global reinsurers, including Lloyd's of London, are seeking Indian regulatory approval to establish operations in GIFT City, a low-tax financial hub. These companies aim to tap into India's substantial insurance market by offering specialized products and benefiting from favorable tax treatment and regulatory alignment.

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Citigroup India has appointed Ankur Khurana as its new head of commercial banking. This move signals a stronger focus on India's growing mid-market corporate sector. Khurana brings over two decades of banking experience. She previously worked at Standard Chartered Plc. This position was vacant since July.

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PNB Housing Finance aims to balance growth and margins under a new leader with a five-year tenure, following frequent leadership changes. The company is shifting focus to higher-yielding affordable and mid-market housing loans, targeting a 45-50% share by FY28. This strategy, coupled with funding new developers, seeks to improve profitability and address investor concerns.

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This government backing aims to support the sector facing delinquencies and funding challenges. The scheme will incentivize banks to lend to microfinance institutions, especially smaller ones. It will be implemented outside the union budget framework and announced after Cabinet clearance.

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ATM cash withdrawals saw a dip in 2025. However, people took out more money per transaction. CMS Info Systems reported this trend. Digital payments also grew significantly. Insurance spending rose, while education, hospitality, and entertainment saw reduced spending. This reflects shifts in consumer behavior.

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Credit card usage in Mumbai saw an 8% rebound last month, reaching ₹2.05 lakh crore due to seasonal demand and year-end spending. Net new card additions hit a three-month high of over 900,000, boosting the total active cards to 115.7 million. Analysts anticipate steady spending momentum, supported by ongoing consumption trends and festive demand.

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The Reserve Bank of India is introducing new rules to help banks manage loans affected by natural disasters. These guidelines will allow banks to offer relief to borrowers impacted by events like floods and landslides. The aim is to provide timely support while ensuring financial stability. The new framework is expected to be implemented from April 1st, following public feedback.

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An industry perspective on the reforms and incentives Budget 2026 could introduce to strengthen insurance adoption, manage emerging risks and support inclusive growth.

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Prime Minister Modi has invited global investors to India's burgeoning energy sector, highlighting a USD 500 billion opportunity. He emphasized the nation's ambition to become the world's largest refining hub, urging investments in refining, LNG, city gas distribution, and exploration. India aims for USD 100 billion in oil and gas investments by 2030, expanding refining capacity and exploration scope.

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KKR plans to invest tens of billions of dollars in India over the next 5-10 years, identifying it as a priority strategic market. The firm sees compelling opportunities in India's consumption, growth, and digital advancements, alongside infrastructure and private credit. While valuations have risen, KKR believes they remain attractive relative to the country's strong growth prospects.

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Microfinance lenders are showing signs of recovery after a prolonged bad loan cycle. Leading institutions like Bandhan Bank, Ujjivan Small Finance Bank, and CreditAccess Grameen reported stable non-performing assets and improved margins. This performance suggests a normalization of business, offering relief to stakeholders and indicating a positive outlook for the sector.

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