PNB MD discussed FCNRB deposit mobilization, MDR changes from October 15, RBI rate hike expectations, and NII/NIM growth guidance

Wed 7 Oct 2026

FCNRB deposits mobilized

2.7 billion USD

Leverage on FCNRB deposits

67 percent

Transactions below MDR threshold

96 percent

MDR rate above 2000 rupees

0.4 percent

Maximum MDR cap

300 rupees

Heard on business television between 09:35:51 - 09:38:51 IST.

• PNB mobilized 2.7 billion USD via FCNRB deposits against a target of 2.5 billion USD, with 67% leveraged and rest core deposits, helping reduce cost of deposits.
• MD clarified new MDR rules effective October 15: person-to-person and small merchant transactions remain free, higher-value merchant transactions above 2,000 rupees attract 0.4% capped at 300 rupees; regular payments capped at 5 rupees.
• Said 96% of PNB's transactions are below 2,000 rupees so impact will be minimal; proceeds from new MDR will be used for cybersecurity and resilience of UPI systems.
• Expects around 25 basis point rate hike from RBI; said 56% of bank's assets are linked to repo and rate changes get passed to customers by the next working day.
• Reiterated FY27 guidance of 7-10% NII growth and NIM improvement, citing Q1 NIM improvement of 4 basis points, and said bank has cushion on deposit rates due to 75% CD ratio.

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