PUNE: India Mortgage Guarantee Corporation (IMGC), India’s first mortgage guarantee company, has announced a strategic partnership with Bajaj Housing Finance Limited (BHFL), India’s largest non-deposit taking HFC, offering the full suite of mortgage products to expand responsible access to home loans for underserved and first-time homebuyers across India.

The collaboration combines IMGC’s expertise in credit risk protection with BHFL’s strong distribution and last-mile lending capabilities to extend formal housing finance to borrowers often excluded due to limited credit histories or informal income profiles.

India’s affordable housing segment continues to face a sizeable credit gap, particularly among self-employed individuals and informal workers. Through this partnership, Bajaj Housing Finance will leverage mortgage guarantee-backed solutions to expand access to home loans — including through Sambhav Loans, its affordable housing offering designed specifically for customers with informal income profiles or limited credit history — while maintaining the risk discipline that underpins responsible lending. The partnership will also enable IMGC to deepen its presence in the affordable housing space, supporting the development of a more inclusive housing finance ecosystem and helping bridge the significant housing credit gap across India.

Speaking on the partnership, Mahesh Misra, MD and CEO, IMGC, said: “This partnership with Bajaj Housing Finance is a step forward in expanding access to housing finance for underserved segments. Mortgage guarantees play a key role in enabling lenders to extend credit with confidence, while maintaining strong risk discipline. With mortgage penetration in India still relatively low compared to global benchmarks, the opportunity to scale responsible lending remains significant, and risk-sharing solutions like mortgage guarantees are critical to unlocking it responsibly.”

India’s total outstanding housing credit stood at ₹43 trillion as of February 2026, yet mortgage penetration remains low at around 11-12% of GDP — compared with over 50% in several developed markets, highlighting the significant opportunity to deepen housing finance access across the country. EY estimates a 25% CAGR in India’s affordable housing segment between 2022 and 2027, with ten states, including Maharashtra, Karnataka, and Uttar Pradesh, accounting for over three-quarters of national demand.

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Recently, the brand launched its latest Diwali campaign, ‘Har Tarakki Mein Saath’, showing how KreditBee continues to enable individuals and families to move ahead without compromise. In Maharashtra alone, the platform has disbursed over Rs. 11,000 crore across all products, serving over 70 lakh customers. The 25-34 age group represents the most active demographic, underscoring how young professionals are embracing digital credit to fuel upward mobility and achieve their aspirations.

“As India’s digital lending ecosystem matures, we’re witnessing remarkable adoption in emerging cities where aspirations are rising rapidly. At KreditBee, we are proud to serve over 8 crore customers nationwide. The strong demand we see from Tier 2 and Tier 3 markets underscores how consumers are embracing responsible, tech-driven credit to meet both festive and long-term aspirations. As we continue to expand our reach, our focus remains on empowering individuals and families to celebrate progress without compromise,” said Madhusudan E, Co-founder and CEO, KreditBee.

The brand’s campaign is designed to connect with consumers through relatable humour over the theme of festive aspirations. The campaign underscores KreditBee’s role as a trusted financial partner, empowering families to upgrade their lifestyle, take meaningful steps toward achieving their dreams, and celebrate without compromise. It features KreditBee’s personal loan, two-wheeler, and business loan offerings, showing how these products support customers in meeting their financial needs during festivals and beyond.

In addition to its core lending offerings, the platform provides value-added services such as 24K Digital Gold and Credit Report solutions, catering to the evolving financial needs of its customers.

By leveraging its tech-based approach and deep understanding of India’s diverse demographic landscape, KreditBee reaffirms its mission to provide fast, secure, and trusted credit access to millions of Indians, helping them celebrate life’s milestones with confidence.

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The event witnessed the presence of several distinguished dignitaries, including:

• Sri S. K. Majumdar, Executive Director, Canara Bank
• Dr. Vishal R, Secretary to Government (FR), Finance Department, GoK
• Smt. Sonali Sen Gupta, Regional Director, RBI
• Dr. Surendra Babu, Chief General Manager, NABARD
• Sri Bhaskara Chakravarthy M, General Manager, Canara Bank, and Convenor, SLBC
• State Controlling Heads of various banks and senior officials from the line departments.

The Total Credit Plan outlay for 2025-26 has been set at Rs. 11,88,986 crore, which includes:

• Priority Sector Credit: Rs. 4,38,016 crore (36.84% of total credit)
  • Agriculture Credit: Rs. 2,22,204 crore (50.73% of priority sector credit)
  • Crop Production Loans: Rs. 1,40,108 crore
  • MSME Credit: Rs. 1,90,891 crore
  • Education Loans: Rs. 2,222 crore
  • Housing Loans: Rs. 11,678 crore
  • Other Sectors: Rs. 11,022 crore

During the meeting, Smt. Uma Mahadevan, ACS&DC, GoK, emphasized the need for universal coverage under social security schemes such as PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and PMSBY (Pradhan Mantri Suraksha Bima Yojana). She also urged all banks to onboard IIBF-certified NRLM SHG women as BC Sakhis, thereby enhancing the last-mile delivery of banking services.

She commended the efforts of SLBC, RBI, NABARD, and all participating financial institutions for their collaborative efforts in the formulation of the ACP. She encouraged effective implementation of the plan to achieve the credit targets and promote inclusive and equitable growth across Karnataka.

Sri S. K. Majumdar, Executive Director, Canara Bank, instructed banks to dispose of the pending applications of Government-sponsored schemes well within the timelines.

Dr. Vishal R, Secretary to Government (FR), Finance Department, GoK stressed the importance of coverage of all eligible population under the ambit of Jansuraksha schemes.

Smt Sonali Sen Gupta, Regional Director, Reserve Bank of India, congratulated all stakeholders on the timely conduct of DCC/DLRC meetings.

Dr. Surendra Babu, Chief General Manager, NABARD, appreciated all stakeholders for the launch of ACP in line with NABARD’s Potential Linked Plan.

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INDIA: The domestic passenger vehicle (PV) dealership industry will see revenue growth increase by ~100 basis points (bps) on-year, supported by a modest revival in sales volume even as realisations remain rangebound. While a tad better than last fiscal, growth has eased from the strong post-COVID-19 rebound seen up to fiscal 2024 as volume growth normalised.

The improvement in volume will benefit dealers in two ways. First, ancillary income will rise while promotions and discounts will reduce, lifting operating profitability to 3.2-3.4% after it fell 30-35 bps last fiscal. Second, elevated inventory levels from the last fiscal will moderate. That, and no major capex expected for showroom expansion, will reduce debt levels.

Consequently, the credit profiles of dealers will remain stable after moderating last fiscal from the healthy levels seen after the pandemic. A Crisil Ratings analysis of ~110 PV dealers, indicates as much.

Volume growth is pegged at 4-6% (chart 1 in annexure) this fiscal, with realisations expected to rise 3-4% backed by price increases by original equipment manufacturers (OEMs) and continuing tilt towards sports utility vehicles (SUVs). Consequently, dealers are expected to see high single-digit revenue growth with both the urban segment (constituting two-thirds of the annual demand) and the rural segment growing in tandem.

Says Himank Sharma, Director, Crisil Ratings, “Increasing urban disposable incomes backed by revision in tax slabs, interest rate cuts and a benign inflation, and sustained popularity of SUVs, will fuel urban demand for PVs. In the rural segment, sales of small cars could see an uptick on expectations of a normal monsoon and improved farm incomes amid higher minimum support prices. Consequently, we see the industry growing at 7-9% this fiscal.”

Higher volumes will also lift ancillary revenues from sales of motor insurance and accessories. Also, services and spares revenues will benefit from the high PV sales seen from fiscals 2022 to 2024. All these are relatively higher-margin segments and will cumulatively contribute 11-13% of total revenues, compared with ~10% or lower during the past few fiscals.

With improved revenue visibility and a push towards high-margin businesses, discounts and promotions will be limited to the non-peak seasons instead of year-round seen last fiscal. This reduction in sales promotion costs should provide a 15-20 bps uptick to operating profit margins to 3.2-3.4% this fiscal.

Dealers saw their inventory rise to 50-55 days last fiscal from the normal 30-35 days as retail sales slowed and OEMs sent stock aggressively to push sales numbers. This fiscal, while improved demand will result in inventory correction by 5- 10 days, it will remain higher than the average levels seen prior to fiscal 2024.

Says Ankita Gupta, Associate Director, Crisil Ratings, “With moderate reduction in inventory on-year and limited capital expenditure for new showrooms, debt levels for dealers are likely to decline marginally this fiscal over last. Gearing should improve to 1.0-1.1 times by March 2026 from the peak of 1.2 times seen as of March 2025. Interest coverage is expected to improve to 3.0-3.2 times from 2.9 times last fiscal. Consequently, credit profiles will be stable over the medium term.”

In the road ahead, recovery in retail sales volume, extent of further inventory push by OEMs and improvement in both urban and rural demand will bear watching.

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INDIA: CRISIL upgraded its rating on Vedanta’s long-term bank facilities and debt instruments to ‘AA’ from ‘AA-’ while reaffirming the short-term rating at A1+.

“The rating upgrade factors the expected material improvement in the consolidated operating profitability (earnings before interest, tax, depreciation, and amortization [Ebitda]) of Vedanta along with improved capital structure with a reduction in debt and leverage to below rating thresholds,” CRISIL said in its rating rationale.

CRISIL has noted that Vedanta’s consolidated operating profitability (EBITDA, excluding brand and management fees to VRL) is expected to increase to more than Rs 45,000 crore in fiscal 2025, mainly supported by volume growth in aluminum, zinc international, and iron ore segments, improved cost efficiencies in zinc and aluminum and healthy metal prices. EBITDA is expected to improve further in fiscal 2026, with the expected completion of ongoing capital expenditure (capex) for capacity increase and operating efficiency improvement, especially in the aluminum business, it added.

This is the second upgrade for Vedanta by a major credit agency in the last three months. In September, ICRA upgraded Vedanta Limited’s long-term credit rating to AA from AA-, citing the company’s strengthened credit profile.

In its rating rationale, CRISIL has also factored in Vedanta’s moves to deleverage its balance sheet and improve financial flexibility. “The promoters and group management have been articulating about increased focus on deleveraging balance sheets at VRL as well as at operating levels. This commitment has been reflected in recent fundraising events such as QIP and OFS by Vedanta, and stake sale by VRL which have resulted in cumulative fundraising of USD 1.9 billion by the group during April-August 2024.” the rating agency said, while expecting Vedanta’s net debt to continue declining further after FY 2025 as well.

Vedanta’s ability to withstand cyclicality in the commodity business and lower cost of production are other important factors highlighted by the rating agency. “The Vedanta group operates across various businesses spanning zinc, lead, silver, aluminum, oil and gas, iron ore, power, and steel. The group is among the largest producers in all these segments, thus commanding a strong position in the domestic market. A well-diversified business risk profile cushions the group from commodity-specific risks and cyclicality.” CRISIL said. 

CRISIL Ratings has taken note of the admission of the proposed demerger of Vedanta businesses into separate listed companies to the National Company Law Tribunal (NCLT), increasing the likelihood of successful completion of the demerger.

Vedanta’s UK-based parent – Vedanta Resources Limited – also recently received rating upgrades from an international credit agency. US-based Moody’s upgraded Vedanta Resources Ltd.’s (VRL) corporate family rating to B2 from B3 and the rating on the company’s senior unsecured bonds to B3 from Caa1. Further, last month Fitch also published Vedanta Resources’ first-time “B-” Rating with a Positive outlook.

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INDIA: ICRA has upgraded Vedanta Limited’s long-term credit rating to [ICRA]AA from [ICRA]AA-, reflecting the company’s strengthened credit profile. The short-term rating has also been reaffirmed at [ICRA]A1+.

This upgrade comes amidst significant developments at Vedanta Group that focus on long-term strategic growth and financial strength. Vedanta Ltd. has built a war chest exceeding Rs 22,000 crore, comprising mainly of existing cash reserves, stake sales, and dividends from its subsidiary Hindustan Zinc Limited (HZL). Over the past few quarters, Vedanta has deleveraged its balance sheet resulting in an improvement in the net debt to EBITDA ratio from 1.9X in Q1FY24 to 1.5X currently. Similarly, the mining major’s UK parent – Vedanta Resources Limited – has seen an improvement in the current group net debt to EBITDA 3.3X in FY20 to a current 2.2X.

VRL is also actively pursuing to refinance a substantial portion of its outstanding bonds, aiming to lower the consolidated entity’s interest costs further. All the deleveraging efforts are also expected to improve the overall financial flexibility of the Group. Notably, in July 2024, S&P Global upgraded the VRL’s credit rating to B-/stable from CCC+.

The Vedanta Group has some of the world’s largest mines in various categories. As per its annual report, it has the world’s largest underground zinc-lead mine in India’s western state of Rajasthan. Vedanta’s subsidiary – HZL – is the third largest producer of silver in the world, while its oil and gas unit operates the world’s longest continuously heated pipeline.

Vedanta has recently gone through fundraising initiatives such as a Qualified Institutional Placement (QIP) worth approximately $1 billion and an additional ~ $400 million from the sale of Hindustan Zinc Limited (HZL) shares. Furthermore, around $500 million raised by Vedanta Resources Limited (VRL) through a stake sale in VEDL in June 2024 will also aid in reducing the Group’s overall debt burden. This move is expected to improve the group’s leverage and lower its interest expenses, signaling a robust financial strategy focused on long-term stability and growth.

In addition to these financial improvements, Vedanta’s operational performance has also been a key driver. The company has reported solid results, especially in its aluminum and zinc businesses, where improved realizations and cost efficiencies have led to strong operational performance.  They together contributed over 80% to consolidated OPBITDA in FY2024 and Q1 FY2025. The company recorded the highest-ever alumina production at Lanjigarh and mined metal products at the Zinc India unit. It brought down the overall cost of production by 20 percent YoY due to structural changes and other initiatives.  Lanjigarh has a capacity of 3.5 MTPA, which is one of the largest refineries in the world.

Strategically, Vedanta continues to focus on strengthening its diverse portfolio. A key aspect of its strategy has been increasing the share of value-added products, particularly in the aluminum segment, which is expected to boost profitability and support long-term growth. The company’s efforts to streamline costs and focus on vertical integration will further contribute to improved margins and operational efficiency. The company’s investment in expanding its capacities and reducing operational costs ensures it is well-placed to maintain its market leadership.

The company is on track with its demerger after receiving a no-objection certificate from secured lenders and the stock exchanges. It has already filed the scheme with the National Company Law Tribunal (NCLT).

The de-merger, which is planned to be a simple vertical split, will enable value unlocking and attracting big-ticket investment into the expansion and growth of each of its demerged businesses. By further simplifying its corporate structure, the demerger will create sector-focused independent businesses that will provide investment opportunities to Indian and global investors, including sovereign wealth funds and strategic investors.

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PUNE: Bhandarkar Oriental Research Institute (BORI), a world-renowned pioneer institute of oriental studies, has taken one more step in enhancing its online platform ‘Bharatvidya’. In Maharashtra, BORI has received several frequent queries about the availability of IKS course content in Marathi. Given this need and demand of the student, BORI is launching a separate course on its online learning platform ‘Bharatvidya.in’ which will provide lecture courses in the Marathi language.

This was announced by Bhupal Patwardhan, Chairman of the Executive Board of BORI in a Press Conference held at the BORI Campus today. Mr. Pradeep Rawat – trustee, Prof. Pradeep Apte – Vice Chairman of the Regulatory Council, Dr. Gauri Moghe, Content Curator and Project Coordinator and Mr. Chinmay Bhandari &Mr. Mithilesh Kulkarni from the Digital Initiatives Team of BORI were present on the occasion.

Stating the objective behind this initiative Bhupal Patwardhan said, “We received a splendid response for some of our online initiatives undertaken during the pandemic. This prompted us to start ‘Bharatvidya’, a digital platform that can take the knowledge acquired by BORI over the past 100 years through its meticulous research work to the ones who value it. Currently, 14 courses are available on this platform and thousands are taking it.”

“As per the NEP 2020, a course of 2 credits on the Indian Knowledge System was made mandatory for undergraduate students. The State Government also issued the notification in this regard. So, for the benefit of the students we developed this course in English and offered it through our ‘Bharatvidya’ platform, which was well received and over 10000 students took this course up and completed it. Now, we are happy to launch this IKS course in Marathi”, Patwardhan added.

Pradeep Rawat said, “This course has been developed in tune with NEP’s guidelines to provide education in the mother language. This also underlines the importance of native languages in propagating the ancient Indian knowledge among the young generation and to inspire them to conserve this knowledge in today’s modern world.”

“This IKS program in Marathi has been developed as per the century-old tradition of BORI which gives importance to facts and evidence while undertaking any research project. The program will be accessible to all those who are interested in IKS at just Rs.1999/- per person with lifetime access to the content. For those students who wish to enroll and opt for these courses to earn the credit to be credited to the credit bank as per the understanding reached by the respective college of the student and the fees would be charged accordingly.”, informed Prof. Pradeep Apte.

While sharing some highlights of this program Dr. Gauri Moghe said, “We have included some of the most important subjects related to the Indian Knowledge System in this program which will be made available for the students through pre-recorded videos. This 30-hour program has a total of 27 sessions. Well thought and logical order of the sessions, use of graphics for better understanding and effective presentation will make this course enjoyable.”

“It has subjects related to the Veda, Upanishad, Ramayana, Mahabharata, Purana, Indian Philosophy, Ancient Mathematics, Ayurveda, Yoga Shastra, Art and Architecture, Temple Architecture, Agriculture and Food tradition and important Dynasties from ancient India. The sessions are presented by renowned subject experts. The evaluation of the course is done with the MCQs at the end of the course and the certificate shall be awarded after the entire course”, Dr. Moghe added.  

She pointed out that this IKS program will not only help UG students to get the mandatory 2 credits but will also make them aware of our age-old rich cultural and knowledge tradition.

The experts whose sessions are part of this 2 credits IKS course in Marathi include Prof. Pradeep Apte, Dr. Mugdha Gadgil, Dr. Gauri Moghe, Dr. Vijaya Deshpande, Pranav Gokhale, Dr. Manish Walvekar, Rajas Vaishampayan, Dr. Yogesh Bendale, Dr.Girish Welankar and Dr. Bhagyashree Yargop.

Mithilesh Kulkarni from the Digital Initiatives Team of BORI said that a lot of Universities and large educational institutions are in talks with BORI for collaboration to offer this mandatory course at the institute level. Some of the reputed educational institutions and Universities that have already signed MoU with BORI include Maharashtra Education Society, MIT World Peace University, Gokhale Institute of Politics and Economics, Sri Balaji University Pune, and Veer Narmad South Gujarat University.  

For more information please check https://bharatvidya.in/

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MUMBAI: Mastercard announced a collaboration with Gramophone, a leading agritech platform, to enable 2 million smallholder farmers on the Mastercard Community Pass platform in India with access to agri inputs. The two entities will work towards powering offline payments for farmers in rural and remote areas through the Community Pass financial inclusion card. Gramophone is also expected to enable their existing five lac farmers with offline payments and credit.

Community Pass provides a digital ecosystem for buyers who are looking for sustainable sources of quality produce at favorable market prices and supply chain financing; and for smallholder farmers looking for reliable markets, fair prices, and access to credit. The platform brings together various agri-sector stakeholders in a centralized agricultural marketplace, amplifying the collective positive impact on farming communities. Community Pass services also include an offline payment card and input credit that will be rolled out in the coming months.

This collaboration with Gramophone will ensure that farmers can buy the right inputs at a fair price. The service will be rolled out later this year, starting with inputs and offline payments, while access to credit will be launched early next year. In addition, Gramophone plans to roll out innovative loyalty/cash-back schemes for its members via the offline-enabled card. Through this collaboration, Gramophone also seeks to enable easier access to working capital for their farmer-producer organizations and small retailers for driving inputs and scaling business.

“In line with the Government of India’s vision to digitize the agriculture sector, Mastercard has been working to bring key stakeholders in the agri ecosystem onto one platform to ease credit and input access for farmers and enhance their incomes. This collaboration with Gramophone will ensure that farmers can access quality inputs of their choice, on easy credit terms, as well as the benefits of digital payments even without internet connectivity or smartphone availability,” said Ricardo Pareja, Head of Community Pass Markets, Mastercard.

“At Gramophone, we have consistently delivered top-tier agronomy advisory and quality products through our, in-house technology platform enabling Input Commerce. Now, we are excited to add Mastercard’s advanced technology stack and partner networks to further enhance India’s agricultural ecosystem. Starting with a pilot in Madhya Pradesh, we will aim to support farmers across India by increasing their incomes by 50-60%, through access to inputs and credit,” said Tauseef Khan, Co-founder, of Gramophone.

Mastercard Community Pass is a shared, interoperable digital infrastructure for rural populations that has benefitted over 2 million Indian farmers across 25 districts in eight states, to date. 

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BENGALURU: super. money, a credit-first UPI service platform, today officially launched its app, after a successful beta phase. During the beta phase, the app witnessed close to one million downloads, driving over 10 Million transactions, showcasing significant adoption of the app. super.money has also finished testing out a first of its kind, credit on UPI solution, and has started a waitlist program for the same. super.money’s first solution is a  RuPay credit card that operates like an interest-bearing wallet on UPI rails and is touted to be a global first.

super.money launched its UPI offerings with a strong focus on enhancing rewards & credit experiences for everyday transactions. The app offers up to 5 percent cashback on every merchant transaction and special offers from partner merchants including Flipkart and Myntra.

super.money is transforming payments into a social and engaging experience with its innovative rewards programs like superNameDrop, Raffle, and Meme-Money. superNameDrop is a construct where users can earn instant cashback by sending money to someone with the featured name of the week. Raffle, which is slated to launch soon, offers users the chance to win exciting prizes, while Meme-Money adds a social element to financial transactions, making them both engaging and rewarding.

Backed by the aim to tap into India’s growing consumer credit opportunity, super.money has integrated with NPCI’s RuPay infrastructure for its co-branded credit card. Since its inception, UPI QR codes have quickly surpassed POS systems while unlocking new payment and credit use cases that may not have existed before. As per recent reports, the cost of credit acceptance for merchants has dropped to zero on smaller-value transactions – a global first – which is expected to significantly boost UPI adoption in India.  Credit on UPI will materially change the borrower profile, and in turn, accelerate retail credit adoption in the country. This is also set to bring users from Tier 2 and Tier 3 India into the realm of formal credit.

In the coming months, super.money plans to introduce a range of financial products in partnership with leading financial institutions, including a co-branded credit card, fixed deposits (FDs), and instant pre-approved personal loans, catering to the diverse financial needs of Indian customers. super.money aims to democratize access to financial services by leveraging the UPI infrastructure, which is aligned to the Government’s larger vision of financial inclusion.

Prakash Sikaria, Founder & CEO of super.money, said, “The timing of super.money’s app launch is incredibly opportune, coming on the heels of UPI crossing ₹20 trillion in transactions for the third consecutive month. Our beta phase was instrumental in shaping the super.money experience, particularly in how we innovate at the forefront of credit on UPI. The digital payments landscape in India is brimming with opportunities but the real potential lies in integrating financial services on UPI rails in a simplified way. We have started with innovating on credit products as it does an important job of introducing millions of Indians to formal credit infrastructure. At super.money, our vision goes beyond being just a payment platform. We aim to redefine how users engage with financial services, making them more accessible, rewarding, and aligned with the government’s vision for a digitally empowered India.”

Currently, super.money has partnered with a wide range of financial institutions to power financial services. The super.money app is currently available to all Android users and is soon to be launched on the iOS platform.

As per NPCI, credit transactions on India’s flagship payments platform Unified Payments Interface (UPI) are reaching Rs 10,000 crore each month. This presents a vast opportunity for fintech companies to make credit more convenient for consumers.

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Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India.

“The measures announced in the Union Budget underscore the government’s commitment to empowering MSMEs, the backbone of our economy. The introduction of the credit guarantee scheme is an encouraging step towards making capital more accessible. Additionally, the provision of collateral-free term loans for purchasing machinery and equipment will tangibly enhance the operational capabilities of MSMEs by enabling technology upgrades.

Further, lowering the turnover thresholds mandatory for onboarding on the TReDS platform will allow more MSMEs to access the benefits of this system. The establishment of e-commerce export hubs is poised to further equip enterprises with the tools and support needed to expand into international markets. By making their products more accessible globally through e-commerce platforms, Indian businesses can tap into new opportunities with offshore customers across markets. DBS Bank India is well-positioned to support MSMEs given the focus on supporting the sector.“

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