The Pulse of India’s BFSI sector.
Data, Proprietary research and Executive perspectives across India’s BFSI sector. Tracking what is changing, who is driving it and what comes next.
Latest analysis
Latest from FoFiPulse.
Latest featured analysis
LIQUIDITY · CREDIT
Liquidity → pricing risk
India’s Lenders Are Flush With Liquidity. RBI Doesn’t Want It Turning Into a Credit Price War.
A record wave of foreign-currency deposits has transformed banking-system liquidity just as credit demand and lender risk appetite are strengthening. The question is no longer whether lenders have money to deploy — but where they deploy it, and at what price.
Read analysisMONEYVIEW
Valuation reset · ~41% lower
Moneyview opens its IPO this week at a valuation ~41% below its 2024 private-market mark
Moneyview is coming to market at roughly ₹5,985 crore even as revenue, disbursals and managed assets have expanded. The deeper question is how public investors will price a business that has become increasingly lending-intensive.
Read analysisUGRO · MAS · SBFC · FIVE-STAR
Peer divergence
Beyond the Giants: Four Mid-Sized NBFCs, Four Different Credit-Risk Curves
MAS Financial, UGRO Capital and SBFC ended Q1 FY27 with headline Stage 3 ratios within eight basis points of each other — yet their underlying risk signals look very different.
Read analysisFIVE-STAR BUSINESS FINANCE
Front-end recovery
Five-Star’s front-end delinquency indicators are improving — while GNPA has yet to turn
Early DPD, Stage 2 and slippages have begun to improve after FY26’s stress, while Stage 3 and credit cost still reflect the existing stressed stock.
Read analysisSBFC FINANCE
Upstream risk pressure
Beyond GNPA: SBFC Finance’s risk signal is moving upstream
Headline NPAs remain steady, but early delinquency, underwriting selectivity, credit cost and Stage 2 provisioning show pressure appearing earlier in the funnel.
Read analysisUGRO CAPITAL
Balance-sheet rebuild
UGRO Capital is rebuilding both sides of its balance sheet
UGRO is shifting toward newer growth engines while reducing transaction-led earnings, resetting costs and building a longer-tenor funding base.
Read analysisMAS FINANCIAL
Seasoning test
What MAS Financial’s delinquency curve says about the quality of its growth
Early stress has eased from its FY26 peak while deep delinquency keeps building. Seasoning, rather than headline Stage 3 alone, is the more important test.
Read analysisRigour and coverage across India’s financial sector
The information that explains India’s financial sector sits scattered — across disclosures, filings, rating actions, market moves and the people running these institutions.
FoFiPulse connects data and original analysis with perspectives from senior executives across the ecosystem.
The focus stays on what moves the sector: the institutions, shifts and decisions that decide where it goes.
Four principles
How FoFiPulse works
FoFiPulse combines evidence-led analysis with first-hand perspectives from the people shaping India’s financial sector.
Evidence-led
Analysis is grounded in regulatory disclosures, financial information, rating documents, company filings and other verifiable sources.
Analytical
FoFiPulse looks beyond reported numbers to identify changes, comparisons, underlying drivers and their implications.
Executive perspective
Relevant analyses bring in perspectives from senior industry leaders to add practitioner context, judgement and experience.
Attributed & approved
Executive contributions are published with the contributor’s name, title and institution, and their quoted perspective is reviewed before publication.
Seven areas
Across India’s BFSI ecosystem
FoFiPulse follows the institutions, markets, developments and decisions shaping financial services across India.
Banking & Lending
Business models, credit, underwriting, portfolio quality, pricing, growth, collections and risk appetite.
Insurance & Protection
Product design, distribution, underwriting, claims, customer trust and technology-led change.
Payments & Financial Infrastructure
Payments, financial rails, platforms, embedded finance, infrastructure and ecosystem economics.
Risk, Finance & Capital
Risk management, capital allocation, funding, liquidity, profitability, resilience and balance-sheet decisions.
Product, Distribution & Customer Experience
Product economics, channels, partnerships, service, inclusion and customer outcomes.
Technology, Data & AI
Architecture, decisioning, automation, data governance, cybersecurity and responsible AI adoption.
Governance, Regulation & Operations
Regulation, control, governance, operational resilience, compliance and leadership accountability.
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