India Financial Daily

Research evidence excerpt

India Financial Daily

ctivities by representative offices, Bottom Performers Price %1d

including documentation support & cross-selling. Most Indian banks operate in the UAE BOBBSE 3,835260 -4%-3%

through representative offices other than BOB. This comes at a crucial time as Indian banks are KARNATAKA BANK LTD 268 -2%

heavily marketing FCNR(B) deposits & could slower deposit mobilisation, particularly among KARURRBL BankVYSYA BANK LTD 294355 -2%-2%

retail NRIs. (2 July, ET) HDB Financial Services 740 -2%

KFin Technologies 868 -2%

.

Our view: Banks are awaiting regulatory clarification, leading to some operational hurdles in the Source:mkt capBloomberg,> US$200mnJefferies; Universe covers financials with

interim. However, bankers expect a resolution soon through RBI–UAE Central Bank discussions.

FCNR(B) deposit mobilisation may remain slower until clarity emerges. ExhibitCalendar 4Events/results- Key events to watch out for

06/29/2026 Bank loan Y/Y, Deposit Y/Y

Bank loan Y/Y, Deposit Y/Y, S&P Global Composite PMI SA (Final), S&P Global/HSBC India Services

PMI (Final), Foreign ReserveBOB to pay US$600mn in out of court settlement with UAE-based NMC Health. Bank of 07/01/202607/03/2026 S&P Global PMI Manufacturing SA (Final)

07/10/2026 Foreign Reserve

07/12/2026 CPI Y/YBaroda has entered into an out-of-court settlement to pay US$600mn to settle the litigation

initiated by the administrators of NMC Health Plc, NMC Healthcare Ltd and NMC Holding Ltd. 07/14/202607/15/2026 MonthlyExports YoY,WPITradeNSA Y/YBalance NSA, Imports YoY

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

Global/HSBC India Services PMI (Flash), Foreign ReserveThis ends one of the largest cross-border banking disputes involving an Indian lender.