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Around 3 million borrowers at the bottom of the financial pyramid lost access to formal finance over the past nine months as lenders tightened credit conditions and wrote off non-performing loans. As lenders focus on cleaning up their books, this trend is expected to continue, potentially pushing more borrowers towards high-interest, unorganised money lenders.

IndusInd Bank has enlisted Egon Zehnder to find a new CEO and deputy CEO, following accounting issues and an RBI decision that limited current CEO Sumant Kathpalia s term to one year. They aim to submit a list of candidates by July, hoping a new leadership can mitigate negative impacts from the crisis and short tenure.

State Bank of India secured a $1 billion dollar-denominated syndicated loan, marking the largest such loan this year from India. Despite a struggling foreign-currency debt market, this move may signal a reversal, with Reliance Industries seeking a $3 billion loan. Non-banking financial companies are also increasingly exploring dollar-denominated funding options.

States have ramped up borrowings due to cheaper funds and low yields, driven by the absence of central government security auctions in March. Institutional investors are absorbing these issuances, anticipating rate cuts in April or June. The Reserve Bank of India s liquidity infusion has provided banks with ample funds to invest in state development loans.

The NSE Nifty advanced 0.04%, or 10.30 points, to finish at 23,668. The BSE Sensex moved 0.04%, or 32.81 points, higher at 78,017. Both indices have gained 5.15% in the previous seven trading sessions.

Bankers say a few more firms are likely to launch QIPs in the coming week as companies look to capitalise on improving market sentiment and investor appetite.

Zepto is in talks to sell up to $250 million in shares, aiming to increase Indian ownership ahead of a potential IPO. This secondary sale, involving private equity firms Motilal Oswal and Edelweiss, will help boost Indian investor stakes from 33% to around 50%. The move highlights Zepto’s strategy to strengthen its position before going public.

Indian rupee:The Indian rupee ended a nine-day winning streak on Tuesday, slipping 12 paise to 85.75 against the US dollar. Month-end dollar demand from oil companies and importer hedging pressured the currency. Traders anticipate further rupee weakness amid tariff-related uncertainties.

RBI OMO:The RBI accepted ₹44,541 crore in bids during its fifth OMO purchase, lower than the ₹50,000 crore target. The auction saw bids worth ₹67,540 crore. Liquidity remains in deficit, but economists expect an improvement post-April with increased government spending.

Intercontinental Exchange (ICE) will launch derivatives in nickel, cobalt, and lithium spodumene later this year, responding to customer demand for hedging products. This move aligns with the strong anticipated growth in minerals essential for electric vehicle production and storage batteries. Other exchanges, including CME Group and the London Metal Exchange, have also introduced similar products.