MARKETS | PAGE 6 NEWS POINT | PAGE 24 Not leaving everything to agents yet: Nitin Chugh INTERNATIONAL | PAGE 7 Nexttask:Diversifywithout weakeningNSE’score NEW DELHI, SATURDAY, SEPTEMBER 26, 2026 Bill Gates warnsAI can lead to ‘a billion deaths’ FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LII NO. 180, 32 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 73,895.74 ▲ 315.20 NIFTY: 23,140.50 ▲ 77.40 NIKKEI 225: 66,364.20 ▲ 850.21 HANG SENG: 24,510.09 ▼ 251.04 `/$: 95.82 ▲ 0.14 `/€: 109.15 ▼ 0.01 BRENT: $105.20 ▼ $1.40 GOLD: `151,377 ▲ `1,271 IN THE NEWS ECONOMY PAGE 3 ECONOMYSHOWS RESILIENCE, SAYS RBI BULLETIN DESPITE GEOPOLITICAL TENSIONS re-escalating in West Asia and rising energy prices, Indian economy continues to be resilient, the RBI staff said in the monthly Bulletin released on Friday. India’s financial and external sectors are drawing strength from the real economy,the RBI staff said, reports fe Bureau. COMPANIES PAGE 4 TATA MOTORS FACES FRESH MARGIN SQUEEZE TATA MOTORS PV expects rising commodity costs to put further pressure on margins, with the impact in Q2 estimated at around 3% of revenue, even as it looks to offset part of the increase via cost reduction and price hikes, reports Nitin Kumar. THE NEWBUILDERS-IV ELECTRONICS FROM ASSEMBLY LINES TO COMPONENTS PAGE 4 Forex reserves log sharpest decline in nearly 2 years THE RBI'S FOREIGN exchange reserves fell by $14.88 billion to $765.90 billion for the week ended September 18, marking the sharpest weekly decline since November 2024, according to data released on Friday. In the previous week, reserves had declined by $4.92 billion to $780.78 billion, reports fe Bureau. NEWRULES MAYKICK IN EITHER FROM JANUARY1 ORAPRIL1,2027 Distributionreformswon’t disruptchannels:Seth PRASANTA SAHU New Delhi, September 25 REFORM PUSH ■ Reforms THE INSURANCE REGULATORY aim to simplify distribution and expand consumer choice and Development Authority of India’s (Irdai) proposed overhaul of insurance distribution economics is not intended to dismantle insurers’ existing distribution networks, Chairman Ajay Seth said.“The objective is to simplify the distribution architecture and create greater choice and opportunities,while aligning remunerationwiththerangeofthechannel’s offerings and the effort involved,” Seth told FE in his firstmediainteractionsincethe regulatorunveiled its draft distribution reforms. Irdai on Wednesday proposed reintroducing commissioncapsandlinkingremuneration to the effort involved in selling and servicing policies. Seth said the regulator was consideringJanuary1,2027,or April 1, 2027, as the possible effectivedatesforthenewrules. The consultation paper proposes effort-based reduc- ■ Public ■ EoM limits should participate more actively in consultation process should reflect underlying insurance business economics ■ Closed-architecture agents deserve relatively higher commission limits »INSIDE« INSURERS SEEK SCALE-BASED LIMITS ON MGMTEXPENSES PAGE 6 tionsinproduct-wisecommissions across channels such as bancassurance, brokers and digital intermediaries. At the same time, it seeks to incentivise individual agents who are in closed architecture and limited to the products of one insurer in each class of business.Theproposedstructureof first-year and renewal commissions is intended to improve the quality of sales and policy persistency. Seth, however, said he would not characterise the reformsas targetinganysingle distribution channel. Anindividualagentoperating within a closed architecture faces restrictions on the BENCHMARK EQUITY INDICES fell about 0.88% during the week, marking their seventh consecutive weekly decline and the longest losing streak sinceApril 2020, during the Covid-19 pandemic.The decline was driven by a combination of global and domestic factors. Brent crude prices surged to $106.6 per barrel during the week before paring some gains on Friday. ITstocks were the biggest sectoral losers, followed by financial services and private banks.FPIs sold shares worth `4,238 crore during the week, while domestic investors bought shares worth `16,398 crore. Compiled by Kishor Kadam Sensex (weekly change) Dollar vs rupee (weekly change) 95.50 0.54% 0.06% 95.60 (inverted scale) 95.70 95.82 95.80 95.90 74,294.96 96.00 Sept 18, 2026 Nifty (weekly change) 23,400 Payouts under PLI schemes cross `36,750 crore 73,895.74 0.88% 23,500 23,300 23,346.40 23,200 Sept 25, 2026 23,140.50 Sept 18, 2026 Sept 25, 2026 10-yr govt bond yield (%) 7.16 4 bps 7.12 7.08 23,100 23,000 95.87 7.12 7. 7.07 7.04 Sept 18, 2026 Sept 25, 2026 7.00 Top sectoral losers (weekly) IT Financial services Private banks % loss* Oil & gas 0.79 1.63 Auto 0.59 Sept 25, 2026 Brent crude prices ($ per barrel) 108 1.49 2.40 Sept 18, 2026 106 104 104.92 1.01% 103 103.87 102 100 98 *between September 19 and 25 Sept 18, 2026 as on 5:30 pm IST Sept 25, 2026 nuclear talks likely to follow ABBAS ARAGHCHI, FOREIGN MINISTER, IRAN IRAN HAS PROPOSED a seven- ■ Remuneration should reflect channel effort and services provided ● Comprehensive AGENCIES New York, September 25 (In life insurance),two-thirds of the market can manage at 11-12%,while the rest of the market operates at 22%.There is no level playing field here INDICES LOG LONGEST LOSING STREAK IN 6 YEARS ■ PAGE 6 THE CENTRE has disbursed `1,400 crore in incentives under the Production Linked Incentive schemes during April-June, taking the cumulative payout since its launch to `36,754 crore as fresh manufacturing capacities come on stream across priority sectors, reports fe Bureau. ■ PAGE 2 AJAY SETH, CHAIRMAN, IRDAI Iran offers 7-dayplan to endwar,reopen Hormuz range of products that can be offeredwhichrestrictshissales avenues,he said. According to Irdai’s consultation paper, bancassurance entities generate around 45% of private life insurers’ total premiums, while the average commissions paid to them range from 4% to 37% across insurers. Continued on Page 7 No external pressure in UPI MDR decision: FM PRESS TRUST OF INDIA New Delhi, September 25 FINANCE MINISTER NIRMALA Sitharaman has refuted the Opposition’s allegations that the new charges on large UPI payments were imposed by the government under external pressure, particularly the US, saying that the 0.4% Merchant Discount Rate (MDR) was a decisionofthepaymentsindustryandnot the government. Earlier this week,the minister had clarified that the new charge on person-to-merchant UPItransactionsabove`2,000, effective from October 15,will not be passed on to consumers. Further, customers can continue to make payments without an additional transaction charge,she said. Calling the Opposition claims as“absolutely baseless”, Sitharaman said the decision wastakenjointlybytheNational Payments Corporation of India (NPCI), payment banks and merchant banks. The minister also reiterated that the new MDR was a not a taxorcess.“Thisisnotatax,this is not a cess, this is not even a surcharge,”shesaid,addingthat thecollectionswouldnotaccrue to the government or the Consolidated Fund of India. Continued on Page 5 dayplan to halt hostilitieswith the United States, reopen the Strait of Hormuz and begin comprehensive negotiations over its nuclear programme, Foreign Minister Abbas Araghchi said on Thursday, according to a report in the New York Times. The proposal has been conveyed to Washington through intermediariesandisbeingconsidered by the Trump administration, according to officials familiar with the talks.Qatar is mediatingtheexchangesonthe sidelines of the United Nations General Assembly in NewYork, otherreports said. Araghchi said Iran was prepared to begin implementing the plan as soon asWashington acceptedit.UnderTehran’sproposal, hostilities would cease during the seven-day period, including attacks in Lebanon, whiletheUSwouldliftitsnaval blockade, ease sanctions on Iranian oil and release frozen Iranian assets estimated at at least $12 billion. Iran would reopen the Strait of Hormuz at the end of the seventh day, after which TEHRAN PROPOSES TO END TENSIONS... ■ Halt to hostilities ■ Lifting of US naval ■ Strait of Hormuz ■ Iran wants at and beginning of nuclear talks to reopen after seven days blockade and ease Iran oil sanctions least $12 billion in frozen assets freed ...BUT WASHINGTON REMAINS CAUTIOUS ■ Despite Qatar- mediated talks, US says it won’t be rushed into an agreement ■ President Trump threatened Iran with “annihilation” if the latter failed to reach a deal negotiations on its nuclear programme would begin immediately. “We have introduced a plan to the US through intermediaries under which, if certain conditions are met, the Strait ofHormuzwouldreopenatthe end of the seventh day and talks would restart,” Araghchi toldreportersattheUN.Hesaid it would be preferable to reach an agreement before the US midterm elections. A US official familiar with the discussions described the exchanges through mediators Chip plan on track, Tata assures govt RAJESH ROY September 25 INDIA’S GOVERNMENT SOUGHTand received reassurances from theTata Group that its $14-billion semiconductor and electronics projects will continue as planned, even as a courtroom battle looms over a leadership dispute at the conglomerate’s holding company. Tata Electronics’ plans to buildthechipfabricationplant in Gujarat and its broaderelectronics manufacturing expansion will remain on schedule, said people familiar with the matter,askingnottobenamed as discussions were private. Theassuranceoffersreliefto New Delhi, which has made semiconductorsandelectronics a central pillar to Prime Minister Narendra Modi’s industrial strategy. The government is relying on Tata to anchor a domestic manufacturing base in sectors long dominated by China,TaiwanandSouthKorea, and officials had been concerned the boardroom feud could disrupt timelines. The outreach, made last weekthroughaseniorofficialin the Ministry of Electronics and Information Technology,came NO DISRUPTION ■ Tata Electronics is building a $11-billion semiconductor fabrication plant in Gujarat, in partnership with Powerchip ■ $3 bn to be invested in Assam’s chip assembly plant ■ Govt flagged concerns that boardroom rift could delay projects as Tata Sons, the holding company of the Tata Group, was drawn into a dispute with majorityownerTataTrustsover Chairman Natarajan Chandrasekaran’sreappointment,as well as on a decision to comply with a regulatory directive on listing. A spokeswoman for Tata Electronicsandaspokesmanfor the ministry didn’t respond to requests forcomment. Continued on Page 5 MOVE COULDTRIGGER SIMILAR OFFERS FROM RIVALS,AS COMPETITION FOR CUSTOMERACQUISITION HEATS UP Viopensnewfrontintelcowarwithfreeglobalroaming URVI MALVANIA Mumbai, September 25 VODAFONE IDEA CUSTOMERS will now be able to access internationalroamingatzerocost,as the telco introduced free internationalroamingonselectpostpaid, prepaid and enterprise plans.The offering covers more than 170 countries and can resultinsavingsofupto`9,000 ayear,depending on theplan. The plans offerfree international roaming for up to three trips a year,with the data quota and outgoing calling minutes varying by plan.Postpaid plans with the benefit start at `501, whileannualprepaidunlimited data plans and enterprise plans startat`451.Theservicecanbe activated through theVi app. Forpre-paidconsumerswith annual packs,one trip a year of up to 5 days will qualify for the free international offering. The data buckets for postpaid users range from 5GB to 10GB. Customers on the `501 plan are eligible for one trip a year,while RedX users are eligible for three trips a year, and each trip must be at least seven daysapart.RedXusersuntilnow got 1 week international roaming free, which translated to a saving of `3,000 ayear. Family plans eligible for the offering start at `801.The data allowance for all family plans is 5GB. The move comes as Vi seeks tocontinueitssubscriberacquisition momentum.In Q1FY26, the telco reported its first sub- PREMIUM OFFERING Vi’sinternationalroamingfixedbenefitsforpostpaidusers `501 Data Outgoing SMS RedXplanof`1,251 1trip Free-trip window `601 2trips 3trips(Two10 days+one7days) 365days Tripsmustbe 1weekapart Tripsmustbe 1weekapart 5GB 7GB 10GB 25 25 25 Incoming SMS Free Free Free Voice (IC&O) 50mins 50mins 50mins 5days 7days 10days Validity scriber net additions since the merger of Vodafone India and Idea Cellular. “Vodafone Idea has a large postpaid base,and this offering could further help attract more users,” an analyst said.With its AGR woes resolved, and pro- moterAditya Birla Group committing capital infusion of `4,730 crore, the telco is now focussing on customer acquisition and retention. Currently, among competitorsRelianceJiooffersa`1,101 international roaming pack with a 28-day validity,which is its oldest offering.This pack is applicable globally. It also has packsstartingat`951with4GB data and a 10-dayvalidity. Bharti Airtel offers international roaming on a per day basis. For prepaid users, these packs start at `698 a day. Postpaidpacksstartat`2,999witha 10-dayvalidity. Industry experts said competitors like Airtel are likely to come out with their own offerings in the coming weeks.The telco’s management on the first-quarter earnings call had called out international roaming as a premiumisation lever. Vi onFridaysaidtheoffering ispartofits“ViPeSabHainVIP” proposition.The positioning is partofitsnewbrandcampaign, the first in sixyears.“AtVi,‘Vi Pe Sab Hain VIP’ is more than a campaign.It is a promisewe are bringing to life through meaningfulinterventionsofensuring inclusivity. Liberating international travel is the first among many,” Avneesh Khosla, chief We’veintroduced aplantotheUS viaintermediaries underwhich,if certainconditions aremet,Hormuz willreopenatthe endofDay7and talkswillrestart marketing officer,Vi,said. Khosla said the company was shifting the proposition from customers having to buy roaming when they travel to having their Vi number travel with them forfree. Inamessagetocustomers,Vi CEO Abhijit Kishore said the company was “solving a major consumer pain point” and described international roaming as a long-standing hassle. “We’re making international roaming free depending on the planyouchoose.YourVinumber now travels with you for free,” Kishore said. The proposition is being promoted through a new commercial featuring Shah Rukh Khan, continuing Vi’s latest brand campaign. New Delhi aspositiveandconstructivebut said Washington would not be rushed into an agreement. The proposal largely mirrors a memorandum of understanding reached by the two countries in June that quickly unravelled.The key difference is the compressed timetable: the earlierarrangement envisaged up to 60 days before the start of nuclear negotiations, while the latest plan seeks to complete the initial de-escalation within a week. Continued on Page 5 Govtkeeps restraint, pegsH2 borrowing at`7.86Lcr SHUBHAM RANA & PRASANTA SAHU New Delhi, September 25 THE CENTRE ON Friday announced a plan to borrow `7.86 lakh crore from the marketonagrossbasisinthesecond halfofthecurrentfinancialyear, in sync with market expectations,which will help ease pressure on bond yields.Gross marketborrowingforFY27hasbeen reduced to `16 lakh crore from `17.2 lakh crore announced in the Union Budget forFY27. After accounting for repayments, the Budget pegged the net market borrowing at ` 11.7 lakh crore. Economic Affairs Secretary Anuradha Thakur told FE that net market borrowings,which signifies financing of the fiscal deficit,iskeptattheBudgetlevels,“implyingthatinspiteofthe incipient fiscal pressures, the governmentiscommittedtothe path of fiscal prudence laid out in the Budget.” “Government is managing its debt in the most prudentmannerbyresortingto switches/buybacks etc and is aidingthemarketbynotadding anyadditionalpressure,”Thakur said.Therestraintisexpectedto help stabilise the borrowing costs of both the government and corporate India. Continued on Page 7 MANAGING DEBT Tenure (years) 3 5 7 8.1 6.9 15.4 12.1 8.1 9.1 29 26.3 10 14.5 17.6 15 30 40 50 G-sec borrowing (% share change) H1 FY27 H2 FY27 7.3 9.2 8.0 8.9 9.6 9.9