India Financial Daily

Research evidence excerpt

India Financial Daily

& Group SBI Life 1,832 3%

Bottom Performers Price %1d

Head, Institutional Client Coverage), Vikas Shinde (former Head, Debt Capital Markets), and Spandana Sphoorty Financial 296 -4%

Jimmy Tavadia (Group Head, Trading). The departures are reportedly linked to the bank’s SammanBANK OF CapitalMAHARASHTRA 16983 -4%-4%

reorganisation of its corporate banking and related teams. Agarwal and Shinde had been Paisalo Digital Ltd 70 -4%

associated with Axis Bank for ~20yrs, while Tavadia spent ~7yrs with the bank. Axis has not .Source:Groww Bloomberg, Jefferies; Universe covers193financials with-3%

yet commented on the matter. mkt cap > US$200mn

RBI’s free SMS alert mandate may hit banks’ fee income. RBI's directive barring charges on Exhibit 4 - Key events to watch out for in

Jul-26compliance, awareness and promotional SMS alerts could reduce fee income by up to Rs3bn Calendar Events/results

CPI Y/Yfor large banks. While lenders can stop SMS alerts for sub-Rs500 transactions to save costs, 10-Jul-2612-Jul-2614-Jul-26 Foreign Reserve Monthly

15-Jul-26 Exports YoY, Trade Balance NSA, Imports YoYmajor private banks are likely to continue them for customer experience & fraud monitoring, WPI NSA Y/Y 17-Jul-26 Foreign Reserve

1QFY27 Results: IDFCFwhile gradually shifting to lower-cost channels such as app notifications, WhatsApp, Google 18-Jul-2619-Jul-26 1QFY27 Results: HDFCB, ICICBC, AXIS

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

24-Jul-26

Global/HSBC India Services PMI (Flash), Foreign Reserve

RCS & email. (8 Jul, ET) 28-Jul-26 Industrial Production NSA Y/Y

. 31-Jul-26 Foreign Reserve

Source: Bloomberg, Jefferies

ECLGS 5.0 guarantee cover crosses Rs1.55trn. The Finance Ministry said ECLGS 5.0 has