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Currency Market Today: Rupee hits 94 mark, bond yields rise on oil prices, fiscal concerns

Currency Market Today: Rupee hits 94 mark, bond yields rise on oil prices, fiscal concerns

by | Mar 27, 2026 | Business


Market participants remain cautious amid uncertainty over the Iran conflict, with analysts expecting volatility to persist until clearer signs of de-escalation emerge.
| Photo Credit:
iStockphoto

The Rupee opened above the 94 mark against the US Dollar for the first time, and yields of Government Securities (G-Secs) jumped amid the raging war in West Asia, rising crude oil prices, and outflows from domestic equity markets.

The Indian currency opened 21 paise weaker at 94.1875 per USD, down from its previous close of 93.9775. The Rupee has traded at a high/low of 94.1875/94.3025 so far in intraday trading, per CCIL data. It is currently trading at 94.29.

Amit Pabari, MD, CR, Forex Advisors, said: “Right now, the market is caught between hope and hesitation. While the global impact of the (Middle-East) conflict suggests there is increasing pressure for de-escalation, the path to that outcome remains unclear.

“If tensions ease meaningfully, the rupee could see a recovery of around ₹1 to ₹1.5. But until there is clarity, volatility is likely to persist.”

Pabari assessed that, technically, the 94.00–94.20 zone is expected to act as strong psychological resistance, with the central bank likely to be present. On the downside, 92.80–93.00 is emerging as a key support zone.

Bond yields harden

The fiscal impact of the Government announcement to cut special excise duty on petrol and diesel pushed up the G-Sec yields, with the benchmark 10-year G-Sec currently trading at a yield of 6.93 per cent, up 5 basis points over the previous close of 6.88 per cent.

Madhavi Arora, Chief Economist, Emkay Global Financial Services Ltd, assessed that the annualised fiscal hit to the government due to the cuts in special excise duty on petrol and diesel by ₹10/litre each would be ₹1.55 lakh crore.

The Government is absorbing 30-40% of annualised losses of oil marketing companies (OMCs) on auto fuel at current prices, she said.

Published on March 27, 2026



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EAM Jaishankar, Canadian FM Anand discuss West Asia crisis on G7 sidelines

EAM Jaishankar, Canadian FM Anand discuss West Asia crisis on G7 sidelines

by | Mar 27, 2026 | Business


External Affairs Minister Dr S. Jaishankar meets Canadian Foreign Minister Anita Anand on the sidelines of G7 Foreign Ministers’ Meeting, at Abbaye des Vaux-de-Cernay, on Thursday.
| Photo Credit:
ANI

The West Asia crisis and its consequences figured prominently during a conversation between External Affairs Minister S Jaishankar and his Canadian counterpart Anita Anand on the margins of a G7 meeting in France.

Jaishankar arrived here on Thursday for the G7 Foreign Ministers’ Meeting.

On its sidelines, he met Anand, and the two followed up “on the partnership our Prime Ministers advanced during our visit to India earlier this year,” the Canadian Foreign Minister said in an X post.

They also discussed “trade, the situation in the Middle East, and key areas where we can deepen cooperation, including critical minerals, agriculture, and education,” she said.

At the two-day G7 meeting, Jaishankar will discuss the West Asia crisis with a focus on coordinating efforts to ensure that the Strait of Hormuz remains open for international shipping.

The narrow shipping lane between the Persian Gulf and the Gulf of Oman handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas), and global oil and gas prices have surged after Iran virtually blocked it.

The G7 meeting, being held at Abbaye des Vaux-de-Cernay on March 26–27, came at the invitation of Minister for Europe and Foreign Affairs of France Jean-Noel Barrot.

The Group of 7 (G7) brings together seven of the world’s most advanced economies: Canada, France, Germany, Italy, Japan, the UK and the US. The European Union is also a member of the bloc.

Besides India, France has invited Saudi Arabia, South Korea and Brazil.

The G7 serves as the forum of choice for its members to discuss and coordinate action in response to major economic, financial and geopolitical challenges on the global stage.

Published on March 27, 2026



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NHB launches Gruh Sugam portal focusing on defence, paramilitary, govt personnel

NHB launches Gruh Sugam portal focusing on defence, paramilitary, govt personnel

by | Mar 27, 2026 | Business


The Gruh Sugam portal will facilitate increased home ownership through improved access to housing loans, strengthening the mission of promoting affordable and sustainable housing finance, NHB said.

National Housing Bank (NHB), the apex agency established by the government to promote a cost-effective housing finance system, has launched the Gruh Sugam Portal.

The portal enables defence/government personnel to avail home loans with ease from the location of their posting, NHB said in a statement on Thursday.

This portal will accelerate digital lending adoption and financial inclusion, it said.

It will facilitate increased home ownership through improved access to housing loans, strengthening the mission of promoting affordable and sustainable housing finance, it said.

Defence personnel, members of paramilitary forces, government employees (state and central) can apply for housing loans digitally through their respective administrative units, and there is no need to visit the banks and financial institutions for loan approvals and processing, it said.

The portal enables registration by the government entity for accessing the facilities of the portal, it said, adding that the employees register their request for a housing loan with minimal data, which is then relayed to the registered lending institutions.

The lending institutions will provide their best offer, which can be compared and accepted by the loan applicant, it said.

This will improve ease of accessing home loan facility, especially by the defence/paramilitary forces from remote locations, thereby increasing affordable home ownership in the country, it added.

Published on March 27, 2026



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Fino Payments Bank CEO Rishi Gupta gets bail; bank says operations unaffected

Fino Payments Bank CEO Rishi Gupta gets bail; bank says operations unaffected

by | Mar 27, 2026 | Business


Rishi Gupta, MD and CEO of Fino Payments Bank, has been granted bail by a special court in Hyderabad in connection with an ongoing investigation involving program managers linked to multiple banks.

The Special Judge for Economic Offences, Nampally, Hyderabad, on Thursday granted bail to Rishi Gupta, MD & CEO, Fino Payments Bank (FPB).

The aforementioned case pertains to an ongoing investigation into certain program managers associated with multiple banks, including the Bank, and does not relate to the Bank’s GST compliance, FPB said in a regulatory filing.

Further, the Bank said it will continue to fully cooperate with the authorities. Gupta has been in judicial custody since late last month.

Operations remain stable, bank assures stakeholders

FPB said its operations remain stable and uninterrupted, and it will continue to serve its customers and stakeholders in the normal course of business.

“The Bank shall continue to engage constructively with regulators and stakeholders and shall make appropriate disclosures in accordance with applicable laws and regulatory requirements,” per the filing.

Ketan Merchant, Chief Financial Officer, FPB, in a statement issued on February 28, 2026, said: “…The Bank and its MD & CEO Rishi Gupta have nothing to do with the actions of the programme managers.”

Role of program managers explained

Shailesh Pandey, Chief Business Officer, FPB, in an analyst call, noted that the program manager is a payment service provider whose primary role is to identify merchants in the market and refer them to the bank for onboarding and end-to-end UPI payment services.

“The program managers fundamentally have multiple relationships where they provide different services to these merchants who require payment services, whether it is, you know, debit cards, credit cards, including UPI transactions. They integrate with multiple banks and Fino is also one of the banks with them, and we basically work with them for UPI collect services,” he said.

Interim CEO appointed amid developments

On March 06, 2026, FPB, in a regulatory filing, said its Board has approved the appointment of Ketan Merchant as Interim Chief Executive Officer of the Bank for carrying out the duties of MD&CEO as per provisions of Section 10B(9) of the Banking Regulation Act, 1949.

The aforementioned appointment was for a period not exceeding 4 months with effect from the date of approval of the Reserve Bank of India.

Special review initiated on GST compliance

The Bank has appointed a special consultant to conduct a special review of GST compliance and other aspects, as per the approved scope of work, based on the Audit Committee’s recommendation.

Published on March 27, 2026



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Whistle-blower complaints rise across private banks in FY25

Whistle-blower complaints rise across private banks in FY25

by | Mar 26, 2026 | Business


As per RBI and SEBI requirements, banks are expected to have a well-defined whistleblower policy hosted on their site and must put in place vigilance mechanisms to give employees access to senior management and confidentiality

Whistleblower complaints across India’s private banks recorded a broad increase in FY25 with most major players including Yes Bank, Axis Bank and ICICI Bank reporting higher cases in the fiscal compared to FY24. HDFC Bank was the only bank among the top-tier players to report a dip in such complaints.

A businessline analysis of annual reports of listed private banks shows that only eight out of 23 banks reported whistleblower complaints separately, and seven out of the eight saw number of complaints increase in FY25, highlighting either improved internal reporting systems or rising governance concerns.

Axis Bank reported a significant jump to 673 complaints in FY25, up from 494 in FY24 and 395 in FY23. ICICI Bank also recorded a notable rise, with complaints climbing to 195 from 123 a year earlier. Interestingly, HDFC Bank, which is currently in the eye of the storm, saw number of complaints fall by 37 per cent on-year in FY25.

As per RBI and SEBI requirements, banks are expected to have a well-defined whistleblower policy hosted on their site and must put in place vigilance mechanisms to give employees access to senior management and confidentiality. However SEBI’s BRSR (Business Responsibility and Sustainability Reporting) does not require specific identification of such complaints and they get included under broader employee complaints.

Experts say higher whistleblower complaints may indicate a healthy, transparent culture or can also point to underlying governance lapses, in the absence of sufficient disclosures of the nature of complaints.

‘Risky and unrewarding’

Ramesh K Vaidyanathan, Managing Partner at BTG Advaya, said that as a concept, whistleblower complaints could relate to fraud, governance lapses and other unethical conduct. “Overall, compliance requirements exist, but real protection is minimal, making whistleblowing risky and unrewarding. Further, there is no uniform mandate to publicly disclose the number of whistleblower complaints in annual reports.”

Rupinder Malik, Partner, JSA Advocates and Solicitors, says the challenge lies in execution with issues around how complaints are triaged at the initial stage and whether matters are escalated appropriately. “There is a stronger regulatory and governance push now towards making these mechanisms more credible and trusted especially through clearer anti-retaliation safeguards, audit trails, and periodic reviews of how complaints are actually handled on the ground,” Malik added.

Separately, data from primeinfobase.com showed that total complaints from employees (excluding those relating to sexual harassment) fell by 30 per cent in FY25 across the 38 listed banks (public and private). This includes grievances of all kinds including those of governance.

Published on March 27, 2026



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