India Financial Daily

Research evidence excerpt

India Financial Daily

India | Financial Daily EquityJuneResearch30, 2026

Exhibit 2 - System liquidity in small surplus atIndia Financial Daily, 30 June 2026

Rs0.1tn as of 29-Jun

As of last close (29-Jun), Nifty was down 0.5%, while Nifty Bank fell by 1%. 6,0004,000 Surplus liquidity/ (deficit) (Rsbn)

BOM & Central Bank of India were top performers, while MMFS & Tourism 2,000

Fin underperformed. Over the past month, Nifty was flat & Nifty Bank was (2,000)0

(4,000)up 5%.

. Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26

Source: RBI, Jefferies

BFSI Research

Exhibit 3 - Money market trends

HDFCB IN: HDFCB Chairman & CFO Appointments; CEO Renewal May Follow Money markets 29-Jun-26 25-Jun-26 25-May-26

Call rate (%) 4.9 5.4 4.9

3M CD rate (%) 6.7 6.7 7.5

How to Ride Potential Success of FCNR-B; NBFCs & Small Pvt Bks To Gain More 10yr Gsec (%) 6.8 6.8 7.0

1Yr AAA (%) 7.4 7.5 8.1

. 10Yr AAA (%) 7.5 7.5 7.7

CFO movements across private banks. Private sector banks have seen a flurry of Source: Bloomberg, Jefferies

resignations/ movements by CFOs and new appointments. Axis Bank's CFO (Puneet Sharma)

Exhibit 4 - Market performance: Indices &

will be moving to HDFC Bank as its next CFO. Table below has details. (29 Jun, BSE Filing) financials

Equity Markets Price %1d

Exhibit 1 - Recent exits by CFOs at Banks, NBFCs & Insurers Nifty Bank 57,727 -0.8%

Earlier NiftySensex 23,94676,728 -0.5%-0.5%

Company Name Top Performers Price %1d

Designation BANK OF MAHARASHTRA 94 6%

Axis Bank Puneet Sharma CFO CENTRALKARUR VYSYABANKBANKOF INDIALTD 29934 4%3%

Bandhan Bank Rajeev Mantri CFO AnandMULTI COMMODITYRathi Wealth LtdEXCH INDIA 1,9882,914 3%3%

Bottom Performers Price %1d

MMFS 316 -4% LIC Sunil Agrawal CFO

Tourism Finance Corporation of India 75 -4%