Market Watch: SS Retail IPO, Glass Wall Systems, UPI MDR & FCNR(B) Inflows In Focus

India’s banking, digital payments and IPO markets face policy and liquidity changes as FCNR deposit inflows, RBI liquidity management and a proposed 0.4% merchant discount rate, or MDR, on select UPI transactions above ₹2,000 shape market expectations. Business Today experts examine how foreign currency deposits could affect bank credit growth, lending competition, hedging costs, deposit costs, net interest margins, asset-liability management and the rupee. The discussion assesses whether excess banking liquidity could increase retail lending and consumption while balance of payments pressures restrict the available buffer. It also identifies the implications for PSU banks, private lenders and banks with variable-rate loan portfolios. The analysis explains how UPI merchant fees could affect payment apps, issuing banks, acquiring banks, payment gateways, merchants and consumers, including whether transaction costs may be passed on to shoppers. Potential revenue implications for Paytm, PhonePe, Pine Labs, MobiKwik and Yes Bank are reviewed alongside payment-stock valuations and recent market rallies. The video also covers IPO listings involving Kanor Electricals, Glasswall Systems and Prasol Chemicals, as well as upcoming offers from Hero Motors, SS Retail and NSE. Investors receive analysis of listing gains, valuations, long-term opportunities, market risks and stock-market implications across India’s banking, fintech, digital payments and capital markets amid policy changes, market pressure and global uncertainty.