India Financial Daily, 23 June 2026

Research evidence excerpt

India Financial Daily, 23 June 2026

(Jun 22, Mint) GO DIGIT GENERAL INSURANCE L 319 4%

Bottom Performers Price %1d

RBI urges banks to treat MSMEs as growth partners, push digital-led credit. RBI Governor SOUTHPiramal INDIANFinance BANK LTD 2,08647 -4%-3%

urged banks to treat MSMEs as growth partners, stressing greater adoption of digital IFCI 83 -3%

infrastructure for data-driven credit, along with relationship-based lending, faster rollout of IndusIndFive-Star BankBusiness Finance Ltd 923504 -3%-2%

schemes, and increased investment in technology & innovation to support sustainable MSME .Source: Bloomberg, Jefferies; Universe covers financials with

mkt cap > US$200mn

financing. (Jun 23, ET)

Exhibit 4 - Key events to watch out for

Inflation, weaker household cash flows may weigh on MFI collections. Per Crisil report, Calendar Events/results

S&P Global Composite PMI SA (Flash), S&P Global PMI Manufacturing SA (Flash), S&P

Global/HSBC India Services PMI (Flash)inflation & lower discretionary cash flows may weaken MFI borrower repayments, with 06/19/202606/23/2026 Bank loan Y/Y, Deposit Y/Y, Foreign Reserve

06/26/2026 Foreign Reserve

06/28/2026 Industrial Production NSA Y/Yadditional risks from a potential El Niño impact on rural incomes, while geopolitical events 06/29/2026 Bank loan Y/Y, Deposit Y/Y

loan Y/Y, Deposit Y/Y, S&P Global Composite PMI SA (Final), S&P Global/HSBC India Servicesremain benign. However, tighter guardrails and improved underwriting have strengthened 07/01/202607/03/2026 S&PBankPMI (Final),Global PMI Manufacturing SA (Final) Foreign Reserve

securitised portfolios, sharply reducing overdue build-up through lower exposure to over- 07/10/202607/12/2026 ForeignCPI Y/Y Reserve

07/14/2026 Monthly WPI NSA Y/Y