Yes Bank leads gains in Indian banks as brokerages flag UPI fee benefits

IndusInd Bank

16/09/2026 06:42

** Yes Bank YESB.NS rises 2.4%, Axis Bank AXBK.NS climbs 2.1%, Punjab National Bank PNBK.NS gains 2.05% and Bank of Baroda BOB.NS up 0.9%
** IndusInd Bank INBK.NS falls 0.3%
** Brokerages see India's new 0.4% MDR fee on select UPI merchant transactions benefit mid-tier banks better than others
** Citi sees Yes Bank as standout beneficiary
** Estimates UPI fee framework could add 5%-10% to its profit before provisions, helped by outsized UPI volumes
** Also sees ~2% PBT benefit for other mid-tier and state-run banks
** Expects less than 1% benefit for HDFC Bank, ICICI Bank, Kotak Mahindra Bank and AU Small Finance Bank
** JPMorgan estimates banks could receive about 117 billion rupees of a potential 170-billion-rupee annual revenue pool
** Commercial banks seeing up to 2.1% boost to FY26 net profit, brokerage says


 (Reporting by Surbhi Misra in Bengaluru)
 ((Surbhi.Misra@thomsonreuters.com |  X: https://twitter.com/SurbhiMisra_  |;))