Banking & Finance Digest February 16, 2026

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1. Regulatory Updates

1.1.  India

Reserve Bank of India (RBI)

1.1.1. RBI issues draft Circular on the revised guidelines of the Lead Bank Scheme for public comments

The Reserve Bank of India (“RBI”) has issued a draft Circular to revise the Lead Bank Scheme (“LBS”) pursuant to its Statement on Developmental and Regulatory Policies dated February 06, 2026. The proposed framework aims to strengthen district-level credit planning by refining the structure and functioning of LBS fora and clarifying the roles of State Level Bankers’ Committees (“SLBCs”) and Lead District Manager (“LDM”) offices. It introduces a bottom-up approach through block-wise and activity wise assessments and requires banks to monitor the Credit Deposit (“CD”) Ratio to achieve a benchmark of 60 per cent (sixty per cent) across rural and semi-urban branches on an all-India basis, while encouraging SLBC Convenor Banks to report infrastructure and administrative bottlenecks affecting financial inclusion. Public comments may be submitted until March 06, 2026.

1.1.2.  RBI issues Amendment Directions on Credit Facilities for Commercial Banks

RBI has issued the RBI (Commercial Banks. Credit Facilities) Amendment Directions, 2026, effective April 01, 2026, introducing a structured framework for acquisition finance that permits banks to fund strategic equity acquisitions by non financial companies with a net worth exceeding INR 500 crore (Indian Rupees Five Hundred Crore only), subject to a cap of 75 per cent (seventy five per cent) of the acquisition value. The Directions also prescribe enhanced prudential norms for loans against eligible securities, including Loan to Value (“LTV”) ceilings of 60 per cent (sixty per cent) for listed shares and 75 per cent (seventy five per cent) for mutual funds, along with a prudential exposure limit of INR 1 crore (Indian Rupees One Crore only) per individual. Further, a new framework governing Capital Market Intermediaries (“CMIs”) mandates that most credit facilities be fully secured and restricts banks from financing proprietary trading or own account securities acquisitions undertaken by CMIs.

1.1.3. RBI issues Amendment Directions on Concentration Risk Management for Commercial Banks

RBI has issued the RBI (Commercial Banks. Concentration Risk Management) Amendment Directions, 2026, dated February 13, 2026, revising the framework governing CME. The Directions expand the scope of reportable exposures to include acquisition finance, bridge finance, and credit facilities extended to Capital Market Intermediaries, while prescribing prudential limits whereby aggregate CME shall not exceed 40 per cent (forty per cent) of a bank’s eligible capital base and direct investments in equity and non-debt mutual funds are capped at 20 per cent (twenty per cent). The amendments also clarify exposure valuation methodology and specify exemptions for certain critical financial market infrastructure institutions.

1.1.4. RBI issues Second Amendment Directions on Prudential Norms for Capital Adequacy

RBI has issued the RBI (Commercial Banks. Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026, effective April 01, 2026, revising the treatment of certain exposures to stock exchanges for capital computation purposes. The Directions clarify that an irrevocable payment commitment issued to a clearing corporation on behalf of a client shall be treated as a financial guarantee with a Credit Conversion Factor (“CCF”) of 100 per cent (one hundred per cent). Capital is required to be maintained only on the portion classified as a CME, which will attract a prescribed risk weight of 125 per cent (one hundred twenty five per cent).

1.1.5. RBI issues Third Amendment Directions on Financial Statements Disclosures

RBI has issued the RBI (Commercial Banks. Financial Statements. Presentation and Disclosures) Third Amendment Directions, 2026, effective April 01, 2026, introducing enhanced disclosure requirements under the Notes to Accounts. The Directions mandate detailed reporting of CME, including direct equity investments, advances for share purchases, credit facilities to CMIs, acquisition and bridge finance, and irrevocable payment commitments, with disclosures required for both the current and previous financial years to improve transparency.

1.1.6. RBI issues Amendment Directions on Undertaking of Financial Services by Commercial Banks

RBI has issued the RBI (Commercial Banks. Undertaking of Financial Services) Amendment Directions, 2026, effective April 01, 2026, revising guidelines to expressly permit acquisition finance and bridge finance for promoter stakes in new companies and updating norms for lending against eligible securities. Issued under Section 35A of the Banking Regulation Act, 1949, the amendments align these activities with the revised Credit Facilities framework to ensure regulatory consistency.

1.1.7. RBI issues Amendment Directions on Credit Facilities for Small Finance Banks

RBI has issued the RBI (Small Finance Banks. Credit Facilities) Amendment Directions, 2026, effective April 01, 2026, introducing a revised framework for lending against eligible securities and credit facilities to CMIs. The Directions prescribe LTV ceilings of 60 per cent (sixty per cent) for listed shares and 75 per cent (seventy five per cent) for mutual fund units, a prudential limit of INR 1 crore (Indian Rupees One Crore only) per individual, and mandatory collateralisation of facilities extended to CMIs, along with a minimum haircut of 40 per cent (forty per cent) on equity shares. All such exposures are to be classified as CME.

1.1.8. RBI issues Amendment Directions on Concentration Risk Management for Small Finance Banks

RBI has issued the Reserve Bank of India (Small Finance Banks. Concentration Risk Management) Amendment Directions, 2026, effective April 01, 2026, revising the framework governing CME. The Directions prescribe that aggregate CME shall not exceed 40 per cent (forty per cent) of a Small Finance Bank’s Tier 1 capital, while direct capital market investments are capped at 20 per cent (twenty per cent). The amendments also clarify exposure valuation methodology and provide exemptions for specified critical financial market infrastructure institutions.

1.1.9. RBI issues Second Amendment Directions on Prudential Norms for Capital Adequacy for Small Finance Banks

RBI has issued the Reserve Bank of India (Small Finance Banks. Prudential Norms on Capital Adequacy) Second Amendment Directions, 2026, effective April 01, 2026, revising the capital treatment of certain exposures. The Directions clarify that an irrevocable payment commitment issued to a clearing corporation on behalf of a client shall be treated as a financial guarantee with a Credit Conversion Factor (“CCF”) of 100 per cent (one hundred per cent). Capital is required to be maintained only on the portion classified as a CME, which will attract a prescribed risk weight of 125 per cent (one hundred twenty five per cent).

1.1.10. RBI issues Second Amendment Directions on Financial Statements Disclosures for Small Finance Banks

RBI has issued the Reserve Bank of India (Small Finance Banks. Financial Statements. Presentation and Disclosures) Second Amendment Directions, 2026, effective April 01, 2026, introducing enhanced disclosure requirements under the Notes to Accounts. The Directions mandate detailed reporting of CME, including direct equity investments, advances for investment in securities, credit facilities to CMIs, acquisition finance, and irrevocable payment commitments, with disclosures required for both the current and previous financial years to improve transparency.

1.1.11. RBI issues draft Second Amendment Directions on Credit Facilities permitting lending to REITs and InvITs

RBI has issued the Reserve Bank of India (Commercial Banks. Credit Facilities) Second Amendment Directions, 2026. The draft Directions prescribe eligibility conditions, end-use monitoring, Board-approved lending policies, and prudential safeguards, including leverage limits, fully secured financing structures, and exposure ceilings capped at 49 per cent (forty-nine per cent) of asset value. Public comments on the draft Directions have been invited prior to finalisation.

1.1.12. RBI issues draft Second Amendment Directions on Concentration Risk Management for REIT Exposures

RBI has issued the Reserve Bank of India (Commercial Banks. Concentration Risk Management) Second Amendment Directions, 2026. The draft Directions require banks to prescribe internal limits for aggregate real estate sector exposure and introduce a prudential cap whereby exposure to REITs shall not exceed 10 per cent (ten per cent) of a lending bank’s eligible capital base. Public comments on the draft Directions have been invited prior to finalisation.

1.1.13. RBI issues draft Second Amendment Directions on Credit Facilities for Small Finance Banks

RBI has issued the Reserve Bank of India (Small Finance Banks. Credit Facilities) Second Amendment Directions, 2026, introducing a framework permitting lending by Small Finance Banks to InvITs. The draft Directions prescribe eligibility conditions, end-use monitoring, Board-approved lending policies, prudential leverage limits, and mandatory fully secured financing structures, including exposure ceilings capped at 49 per cent (forty-nine per cent) of asset value. Public comments on the draft Directions have been invited prior to finalisation.

1.1.14. RBI issues draft Amendment Directions on Credit Facilities for All India Financial Institutions

RBI has issued the Reserve Bank of India (All India Financial Institutions. Credit Facilities) Amendment Directions, 2026, introducing a framework permitting lending by All India Financial Institutions (“AIFIs”) to InvITs. The draft Directions prescribe eligibility conditions, end-use monitoring, Board-approved lending policies, prudential leverage requirements, and mandatory fully secured financing structures aligned with regulatory safeguards. Public comments on the draft Directions have been invited prior to finalisation.

1.1.15. RBI cancels Certificates of Registration for eight NBFCs in February 2026

RBI has cancelled the Certificate of Registration (“CoR”) for eight Non-Banking Financial Companies (“NBFCs”), exercising its powers under Section 45-IA (6) of the Reserve Bank of India Act, 1934. These cancellations, effective in late 2025 and January 2026, occurred for various reasons, including exiting the NBFI business, meeting the criteria to operate as an unregistered Core Investment Company (“CIC”), and ceasing to be a legal entity due to corporate restructuring (amalgamation/merger/dissolution).

i) Cancellation of CoR due to exit from Non-Banking Financial Institution (NBFI) business

Sr. No.	Name of the Company	CoR Issued on	Date of Cancellation of CoR
1	AAR Shyam India Investment Company Limited	February 20, 2008	January 23, 2026

ii) Cancellation of CoR due to meeting the criteria prescribed for unregistered Core Investment Company (CIC) that do not require registration

Sr. No.	Name of the Company	CoR Issued on	Date of cancellation of CoR
1.	Rama Investment Co Private Limited	Oct 09, 2025	January 20, 2026

iii) Cancellation of CoR due to NBFC ceasing to be a legal entity due to amalgamation/ merger/dissolution/ voluntary strike-off, etc.

Sr. No.	Name of the Company	CoR Issued on	Date of cancellation of CoR
1	Tata Motors Finance Limited	November 21, 2023	October 07, 2025
2	Piramal Enterprises Limited	July 21, 2022	December 15, 2025
3	Sri Ramachandra Enterprises Private Limited	September 11, 2001	January 08, 2026
4	Shree Nirman Ltd	May 19, 2017	January 20, 2026
5	Ankita Pratisthan Limited	January 13, 2017	January 20, 2026
6	Mayuka Investment Limited	December 04, 2008	January 20, 2026

1.1.16. RBI cancels Certificates of Registration of seven Kolkata-based NBFCs

In exercise of its powers under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration (“CoR”) of the following seven companies. As a result of this cancellation, these entities are prohibited from transacting the business of a non-banking financial institution as defined under the RBI Act.

Details of Companies with Cancelled Registration

Sr No	Name of the Company	CoR Issued On	Cancellation Order Date
1	Kanoi Leasfin Ltd	February 26, 1998	January 09, 2026
2	Aditi Sanchar Suvidha Pvt Ltd	October 15, 2001	January 09, 2026
3	Welmen Dealcomm Pvt Ltd	September 07, 2001	January 16, 2026
4	CTC Investments Private Limited	October 22, 2008	January 16, 2026
5	Parrot Agencies & Credit Pvt Ltd	May 16, 1998	January 28, 2026
6	Monolisha Management Pvt. Ltd.	January 22, 2003	January 28, 2026
7	MKN Investment Pvt Ltd	September 02, 2001	January 28, 2026

1.1.17. RBI issues draft Amendment Directions to exempt small, non-public NBFCs from registration

RBI has issued draft Amendment Directions dated February 14, 2026, proposing to exempt certain NBFCs from mandatory registration. Under the proposed SBR Framework, NBFCs that do not access public funds, have no customer interface, and maintain an asset size below INR 10,00,00,00,000 (Indian Rupees One Thousand Crore only) will not be required to obtain registration with the RBI. The proposal, which includes existing Type I NBFCs, recognises the lower risk profile of such entities and seeks to provide differential regulatory treatment aligned with the Base Layer objectives of the SBR Framework. The draft Directions also prescribe procedures for de-registration or conversion of eligible entities and are supported by FAQs issued by the RBI to clarify implementation and transition requirements. Public comments may be submitted through the Connect 2 Regulate portal, or via  email, until March 04, 2026.

1.1.18. RBI issues comprehensive draft guidelines on loan recovery conduct and engagement of recovery agents

RBI has issued draft Directions prescribing conduct standards for all Regulated Entities (“REs”) during the loan recovery process, introducing a unified framework applicable to commercial banks, housing finance companies, small finance banks, regional rural banks, co operative banks, Non Banking Financial Companies, and All India Financial Institutions. The draft Directions mandate due diligence and training requirements for recovery agents and establish a formal Responsible Business Conduct framework governing recovery practices. Public comments may be submitted through the Connect 2 Regulate portal or via email until March 06, 2026.

Securities and Exchange Board of India (SEBI)

1.1.19. SEBI issues Master Circular under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

The Securities and Exchange Board of India (“SEBI”) has released an updated Master Circular under the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, consolidating all relevant circulars issued up to December 31, 2025. This update, which follows previous versions from June 2023 and November 2024, serves as a comprehensive compliance reference by integrating current provisions and rescinding the older circulars listed in its Appendix. While the previous circulars are superseded, the Master Circular ensures regulatory continuity by protecting all prior actions, pending applications, existing obligations, and ongoing legal proceedings. Issued under Section 11(1) of the SEBI Act, 1992, this consolidation aims to streamline regulatory adherence and safeguard investor interests within the capital markets.

1.1.20. SEBI invites public comments on proposals to review investment norms for Social Impact Funds and registration requirements for NPOs under AIF and ICDR Regulations

The Securities and Exchange Board of India (“SEBI”) has issued a consultation paper proposing amendments to the SEBI (Alternative Investment Funds) Regulations, 2012 and the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 to review investment norms applicable to Social Impact Funds (“SIFs”) and eligibility requirements for Not for Profit Organisations (“NPOs”) listed on the Social Stock Exchange (“SSE”). The proposals include revising minimum investment thresholds for individual investors and relaxing registration and minimum subscription requirements for fund raising by NPOs. Public comments on the consultation paper have been invited via email.

International Financial Services Centres Authority (IFSCA)

1.1.21. IFSCA introduces Unified Registration (Master Key) for multiple Capital Market Activities under the IFSCA (Capital Market Intermediaries) Regulations, 2025

The International Financial Services Centres Authority (“IFSCA”) has issued a circular dated February 13, 2026, introducing a “Master Key” mechanism for Unified Registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025. The framework enables eligible entities to apply for multiple capital market activities through a single application via the Single Window IT System Portal (“SWIT”), resulting in issuance of a common certificate of registration covering all approved activities and streamlining regulatory processes within the International Financial Services Centre.

1.1.22. IFSCA and FCA, UK sign Exchange of Letters to strengthen regulatory cooperation and innovation sharing

IFSCA, India, and the Financial Conduct Authority (“FCA”), United Kingdom, signed and operationalised an Exchange of Letters (“EoL”) on February 11, 2026, to formalise regulatory cooperation. The agreement aims to facilitate the exchange of information regarding the regulation of financial products, services, and institutions across both jurisdictions. The EoL focuses on sharing best practices in supervisory frameworks and initiatives, with a specific emphasis on the application of financial technology (“FinTech”) and regulatory technology (“RegTech”). This collaboration marks a significant step in aligning regulatory standards and fostering innovation within the global financial markets of India and the UK.

Insurance Regulatory and Development Authority of India (IRDAI)

1.1.23. IRDAI issues clarifications on insurers' investments in Alternative Investment Funds

The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued a circular dated February 12, 2026, revising the framework governing insurer investments in Alternative Investment Funds (“AIFs”) in compliance with Section 27E of the Insurance Act, 1938. The circular introduces a Statutory Excusal mechanism permitting investments in AIFs with overseas exposure, subject to safeguards ensuring that policyholder funds are not deployed in foreign assets. The framework mandates disclosure and structural safeguards within Private Placement Memorandums (“PPMs”), dual ledger accounting, periodic certifications, and revised exposure limits covering both direct and indirect holdings to strengthen regulatory oversight.

1.1.24. IRDAI issues comprehensive guidelines for establishment and closure of Liaison Offices by overseas insurers in India

The Insurance Regulatory and Development Authority of India (“IRDAI”) has issued updated guidelines governing the establishment and closure of Liaison Offices (“LOs”) in India by foreign insurers, superseding earlier instructions. A LO is permitted to function solely as a communication and liaison channel funded through foreign remittances and must not undertake commercial activities. Eligible insurers must demonstrate profitability for the preceding three financial years and maintain a minimum net worth of USD 65 million (United States Dollars Sixty Five Million only). The guidelines prescribe approval procedures, permitted activities, compliance and reporting requirements, and a formal closure process, with non-compliance potentially resulting in withdrawal of approval by the IRDAI.

Monetary Penalties

1.1.25. RBI imposes penalties on 5 banks for regulatory non-compliance

RBI has imposed monetary penalties on the following institutions:

Sr. No.	Name of Bank	Amount of Penalty	Grounds for Penalty
1.	CSB Bank Limited	INR 63,60,000 (Indian Rupees  Sixty Three Lakh Sixty Thousand only)	For non-compliance with certain directions issued by RBI on ‘Scope of activities to be undertaken of Business Correspondents (BCs)’ and ‘Customer Service in Banks’.
2.	IIFL Finance Limited	INR 5,30,000 (Indian Rupees Five Lakh Thirty Thousand only)	For non-compliance with certain directions issued by RBI on ‘Asset Classification’.
3.	Navi Finserv Limited	INR 3,80,000 (Indian Rupees Three Lakh Eighty Thousand only)	For non-compliance with certain provisions of the directions issued by RBI on ‘Recovery Agents’.
4.	Bank of Maharashtra	INR 32,50,000                   (Indian Rupees Thirty Two Lakh Fifty Thousand only)	Non-compliance with certain provisions of directions issued by RBI on ‘Credit information reporting in respect of Self Help Group members’ and ‘Know Your Customer’.
5.	DCB Bank Limited	INR 29,60,000 (Indian Rupees Twenty-Nine Lakh Sixty Thousand only)	Non-compliance with certain directions issued by RBI on loans extended against pledge of gold ornaments and jewellery for non-agricultural end uses.

2. Key Asian Markets - Philippines and Indonesia

2.1.  Philippines

2.1.1.  BSP announces updated Discount Window Facility interest rates

Bangko Sentral ng Pilipinas (“BSP”) has revised the interest rates applicable to peso availments under its Discount Window Facility (“DWF”), effective February 10, 2026. The rate for loans with maturities ranging from 1 (one) to 90 (ninety) days has been set at 5.5930 per cent (five point five nine three zero per cent), while loans with maturities between 91 (ninety one) and 180 (one hundred eighty) days will carry a rate of 5.6860 per cent (five point six eight six zero per cent). The rates remain indexed to the BSP Overnight Lending Rate and are subject to periodic revision in line with prevailing monetary policy conditions.

2.2. Indonesia

2.2.1. Thomas A.M. Djiwandono sworn in as Deputy Governor of Bank Indonesia

On 9 February 2026, Thomas A.M. Djiwandono was officially sworn in as Deputy Governor of Bank Indonesia before Chief Justice Sunarto of the Supreme Court. Appointed via Presidential Decree No. 10/P of 2026, Mr. Djiwandono transitions to this senior monetary policy role from his previous position as Deputy Minister of Finance, where he also served as an Ex-Officio Member of the Board of Commissioners of the Financial Services Authority (OJK). His appointment completes the current Bank Indonesia Board of Governors, joining Governor Perry Warjiyo, Senior Deputy Governor Destry Damayanti, and Deputy Governors Aida S. Budiman, Filianingsih Hendarta, and Ricky Perdana Gozali.

2.2.2.  Consumer Confidence rose in January 2026

The latest Consumer Survey from Bank Indonesia reveals a strengthening of consumer confidence at the start of 2026. The Consumer Confidence Index (CCI) climbed to an optimistic 127.0 in January, up from 123.5 in December 2025. This upward trend was bolstered by improvements in both the Current Economic Condition Index (CECI), which rose to 115.1, and the Consumer Expectation Index (CEI), which reached 138.8. These figures indicate a growing sense of optimism among consumers regarding both present economic circumstances and future outlooks compared to the previous month.

3. Trends

3.1. Canara Bank invites bids to sell INR 577 Crore Supreme Housing Loans

Canara Bank has invited financial institutions and asset reconstruction companies to bid for the INR 577 Crore (Indian Rupees Five Hundred Seventy-Seven Crore Rupees only) stressed loan of Supreme Housing and Hospitality. The sale will be conducted through a Swiss challenge auction with a reserve price of INR 500 crore (Indian Rupees Five Hundred Crore only). Initial bids are due by February 21, an anchor bidder will be chosen by February 25, and the e-auction will take place on March 13. Supreme Housing, based in Mumbai, primarily develops residential real estate projects in Mumbai and Pune. Through the auction, Canara Bank aims to gauge investor interest and expedite recovery of its exposure.

3.2.  Power Finance Corporation (PEC) plans to issue multiple-tenor bonds

India’s Power Finance Corporation (PFC) is planning to raise INR 40 Billion (Indian Rupees Forty Billion only) through the issuance of two sets of bonds with two‑year and five‑year maturities. The fundraising includes a greenshoe option of INR 30 Billion (Indian Rupees Thirty Billion only). PFC has invited coupon and commitment bids from bankers and investors, with the bond issuance scheduled for Thursday. This move forms part of PFC’s broader strategy to strengthen its funding base.

3.3.  Carlyle Group Invests INR 2,100 Crore in Edelweiss’ Nido Home Finance

Global investment firm Carlyle Group will invest INR 2,100 Crore (Indian Rupees Two Thousand One Hundred Crore) to acquire a strategic majority stake in Nido Home Finance, the housing finance arm of Edelweiss Financial Services. The investment includes a 45 per cent (forty-five per cent) secondary stake purchase from Edelweiss and an INR 1,500 Crore (Indian Rupees One Thousand Five Hundred Crore only) primary equity infusion to support Nido’s future growth. Post‑transaction, Carlyle’s ownership will rise to around 73 per cent (seventy-three per cent) on a fully diluted basis, while Edelweiss retains a significant minority stake.

4.  Sector Overview

4.1. India Permits 100 per cent FDI in Insurance Sector under Automatic Route 

India has operationalised up to 100 per cent (One Hundred per cent) FDI in the insurance sector to enhance insurance penetration and attract global capital. The Department for Promotion of Industry and Internal Trade (DPIIT), through Press Note 1 (2026 Series), confirmed that foreign investment including portfolio investments, is now permitted under the automatic route. The investment remains subject to regulatory clearance and verification by the Insurance Regulatory and Development Authority of India (IRDAI). This reform aligns with the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025. The Finance Ministry has notified that the provisions of the Act, except Section 25, will come into force from February 5, 2026. The move is expected to strengthen capital inflows, improve competition, and expand insurance access across India.

4.2. NBFC-Micro Finance Industry lead the microfinance sector with 41.6 per cent portfolio outstanding

India’s microfinance sector is showing cautious resilience amid portfolio contraction, according to the latest CRIF Microlend report. NBFC‑MFIs have strengthened their leadership, holding 41.6 per cent (forty-one point six per cent) of the total microfinance portfolio outstanding as of December 2025, while banks’ share fell sharply from 32.7 per cent (thirty-two point seven per cent) to 26.6 per cent (twenty six point six per cent) over the same period.

5. Business Updates

5.1. RBI approves Bain Capital’s acquisition of controlling stake in Manappuram Finance

RBI has granted approval to Bain Capital to acquire a controlling stake of up to 41.66 per cent (forty-one point six six per cent) in Manappuram Finance Limited, an NBFC, through a combination of equity infusion and convertible instruments. Pursuant to agreements executed in March, Bain Capital will initially invest approximately INR 43.85 billion (Indian Rupees Forty-three point eight five billion only) to acquire an 18 per cent (eighteen per cent) stake at a price of INR 236 (Indian Rupees Two hundred thirty-six only) per share. The final shareholding will depend on the outcome of the mandatory open offer under applicable securities regulations. Existing promoters are expected to retain a significant 28.9 per cent (twenty-eight point nine per cent) stake in the company. The approval follows detailed regulatory scrutiny, particularly considering Bain Capital’s existing investments in other Indian lending institutions. Manappuram Finance, primarily engaged in gold-backed lending, currently manages a loan portfolio of approximately INR 315 Billion (Indian Rupees Three Hundred Fifteen Billion only).

5.2.  UBS expands India presence with new Global Capability Centre in Hyderabad

UBS Group AG (“UBS”), a Swiss multinational investment bank and financial services company, has inaugurated a new Global Capability Centre in Hyderabad, reinforcing its long-term commitment to India. The facility is expected to add nearly 3,000 (three thousand) professionals over the next two years and strengthen UBS’s capabilities in financial technology, operations, and artificial intelligence driven functions. The development further positions Hyderabad as a key global hub for financial services and technology operations, supported by its strong talent pool, infrastructure and policy environment.

5.3. Piramal Finance raises USD 400 Million external commercial borrowings

Piramal Finance has raised USD 400 Million (United States Dollar Four Hundred Million only) through an External Commercial Borrowing (“ECB”) facility backed by a consortium of five domestic and international banks — Axis Bank, DBS Bank, Deutsche Bank AG, Far Eastern International Bank, and SMBC. The ECB is structured into two equal tranches with tenors of 3 years and 3.5 years, and is fully hedged against forex and interest‑rate risks.

Disclaimer

The note is prepared for knowledge dissemination and does not constitute legal, financial or commercial advice. AK & Partners or its associates are not responsible for any action taken based on its contents.

For further queries or details, you may contact:

Mr Anuroop Omkar

Partner, AK & Partners

info@akandpartners.in