India edition · Macro & micro outlook · September 2026
India has already built the rails. The corridor turns them into a settlement and hedging channel.
India cut its gross NPA ratio from over 11% to roughly 2% in seven years. The stock did not disappear; it moved into state-backed vehicles that still need a productive exit. Meanwhile the rupee, the world's largest remittance corridor and a growing external-borrowing book carry an unhedged position no household or PSU can close alone. GIFT City and the India–UAE CEPA exist to solve exactly this class of problem.
GIFT City ↔ DIFC
IFSCA feeder · DFSA Cat 3C hub
Money Protects India Pvt. Ltd
Representation office (unregulated)
Professional Clients only
DFSA COB 2.3 & public-sector counterparties
Corridor proposal
DPIIT
India–UAE Asset Monetisation & Rollover Finance Corridor submitted (cc PMO, DEA); GoI interest in talks
First corridor capital partner
INR 1,000 Cr
SEBI Cat I Special Situation AIF with GIFT City feeder — in collaboration discussion
Products live
3 · live
DFSA-approved with IP registered in Berlin, Berne and the UAE Ministry of Economy
First hedge pair
INR–AED–USD
RBI–CBUAE local-currency settlement and India–UAE CEPA rails already built
The India thesis
The stock moved, it did not shrink. Loans sold to ARCs and NARCL at 60–80% discounts on government-guaranteed security receipts still need resolution — slowly, in NCLT, with the Centre carrying the guarantee. Co-ownership settlement inserts a step before that point: the borrower stays, the asset produces rent, the guarantee is never called. The headline hides the mortgage book. A 2.3% gross NPA ratio is a bank-book average. Beneath it sits ~INR 45 lakh crore of property-backed credit — housing loans, HFC books, loans against property, builder exposure — where RBI stability reports flag stress rising fastest. Even 2% of that pool is ~INR 90,000 crore. The rupee is the second problem: pooled hedging through a GIFT City unit facing a DIFC treasury is the hedge a single household cannot buy.
The ask of the Government of India
Authorisation and one nominated portfolio first; capital second. A programme perimeter agreed between DPIIT / DEA, RBI and IFSCA; one PSU-bank or ARC property-backed book and one HFC or PSU pool nominated under NDA; a GIFT City feeder facing the DIFC hub; audited weekly results published to the sponsor. NIIF-, EXIM- or SIDBI-anchored capital is a Model-3 choice, never a precondition.
Prepared for DPIIT · DEA · Ministry of Finance · RBI · IFSCA · SEBI · NARCL / IDRCL & ARCs · public-sector banks · NHB & housing finance companies · NIIF · EXIM Bank · SIDBI · infrastructure PSUs & municipal bodies · diaspora-facing institutions.
MPCL acts as originator, structurer, servicer and — where its DFSA-approved Regulatory Business Plan permits — guarantor. Never lender, never arranger of record, never retail-facing.
02 · India macro 2026–27
The Fastest Large Economy — with a Migrated NPA Stock and an Unhedged Rupee Book
India grows at roughly twice the global rate, with reserves near USD 700 billion and inflation below target. That strength is precisely why the residual problems are ignored: they sit in state-backed vehicles and in cross-currency positions that domestic statistics do not see.
FX reserves (indicative)
~USD 700B
A deep buffer — but not a hedge for any individual borrower
Inward remittances FY25
~USD 135B
The largest corridor in the world; the UAE is the second-largest source
India–UAE bilateral trade
~USD 100B
Under the 2022 CEPA — goods rails already clearing through Dubai
Indian nationals in the UAE
~4 million
The largest diaspora property-owning cohort in the Gulf
RBI repo rate (indicative)
5.25%
A cutting cycle — the best moment to lock floating books into fixed instalments
India CPI FY26 (indicative)
2.5%
Below the 4% target midpoint; global headline inflation forecast at 4.4% in 2026
- 1 · Easing cycle, external reflation — repo cuts have passed through to EBLR mortgages fast; MCLR books lag. If global inflation re-accelerates, the borrower who assumed one-way cuts is exposed. Fix while the window is open.
- 2 · Rupee drift — a managed float that has trended weaker against the dollar-pegged dirham. Every rupee-earning owner of a dirham liability — and every dirham-earner holding rupee assets — carries an open position.
- 3 · Credit growth with new stress pockets — double-digit bank credit growth; risk weights on unsecured retail tightened then re-calibrated; MSME and affordable-housing HFC arrears are the watch-list of 2027.
- 4 · Fiscal consolidation — a deficit glide-path toward ~4.4% of GDP leaves less room for recapitalisations or guarantee top-ups. Private-capital settlement with published results is the fiscally neutral option.
- 5 · Rails already built — CEPA (2022), the RBI–CBUAE local-currency settlement MoU (2023), UPI–AANI linkage, GIFT City / IFSCA — the plumbing exists; it has not yet been used for settlement and hedging.
Sparring note
The comfortable view in Delhi and Mumbai is that the NPA cycle is over and the rupee is someone else's problem. Both are half-true. The cycle is over for banks; it is not over for the vehicles the state guarantees. And the rupee is nobody's problem until a diaspora mortgage or a PSU's dollar bond resets — at which point it is the Finance Ministry's.
India: MoSPI / RBI (FY25 actual 6.5%; FY26–FY27 indicative). EMDE, global and UAE: IMF WEO June 2026 via CBUAE FSR 2025 / QER June 2026. Verify against the latest RBI MPC and MoSPI releases before circulation.
03 · India's NPA journey
From 11% to 2% in Seven Years — and Why the Mortgage Book Is Where the Stock Still Sits
SCB gross NPA ratio, Mar-2025
~2.3%
Net ~0.5% (RBI FSR) — a bank-book average, down from an 11.2% peak in 2018
NARCL / IDRCL mandate
INR 2 lakh Cr
GoI guarantee of INR 30,600 Cr on security receipts
Property-backed credit
~INR 45 lakh Cr
Bank housing ~30 · HFC books ~10 · commercial real estate ~5 (INR lakh Cr) — the largest secured pool in the corridor
Average IBC recovery
~32%
Share of admitted claims (IBBI) — the price of a courtroom exit
The 2.3% is averaged across ~INR 185 lakh crore of bank credit. Beneath it sits ~INR 45 lakh crore of property-backed lending where the RBI flags stress rising fastest — sub-INR 25 lakh housing loans, HFC and loan-against-property books, builder exposure. Even 2% of that pool is ~INR 90,000 crore: the largest secured distressed pool in the corridor, and the one Track A is built for. The 28 ARCs and NARCL hold roughly INR 3 lakh crore of security-receipt stock on top.
| Where the nine points went | Mechanism | Strength / weakness |
|---|---|---|
| IBC 2016 · NCLT | Creditor-led resolution; large-ticket corporate NPAs | Finality — but time and haircut; recoveries around a third of admitted claims, liquidation the modal outcome for small cases |
| ARCs · security receipts | Loans sold at deep discounts; 15% cash, 85% security receipts; bank retains SR exposure | Property-backed retail and SME pools sit here — the natural Track A counterparty |
| NARCL / IDRCL · bad bank | Aggregates large stressed accounts (INR 500 Cr+) from PSBs with a GoI guarantee on SRs | The guarantee is the fiscal residual — every rupee not recovered is a rupee the Centre pays |
| SARFAESI · DRT · OTS | Enforcement without court for secured loans; one-time settlements at discounts | Fast for the bank; the borrower loses the asset and the equity above the balance |
Anatomy of a security-receipt sale: (1) the bank classifies — SMA-0 → SMA-2 → NPA, provisions rise to 25–100%, capital is tied up; (2) sale at 20–40 cents — 15% cash, 85% security receipts, the rest written off; (3) for NARCL the Centre guarantees the SR shortfall and a contingent liability is born; (4) resolution through NCLT, SARFAESI or OTS over 3–8 years and the borrower loses the asset; (5) shortfall — guarantee called, tax base lost, asset idle. The state pays last and most.
The 2027 watch-list
Unsecured retail — personal loans and cards after the 2023 risk-weight tightening. MSME — the post-ECLGS cohort as guarantees roll off. The mortgage book — small-ticket housing, affordable-housing HFCs and loans against property: thin equity, rate-sensitive, and the largest absolute stressed pool in the system, exactly what Sleeping Period EMI India and co-ownership settlement are built for. State-DISCOM and municipal exposure — floating-rate, unhedged, sovereign-adjacent.
Reading for the Ministry of Finance
The ratio fell because loans left the banks, not because borrowers recovered. The exposure sits in vehicles the Centre guarantees, priced at 20–40 cents, resolving through courts. A counterparty that settles near par, keeps the borrower in the asset and publishes weekly results converts a contingent liability into a monitored programme — no new budget line. The mortgage book is where it starts: on an INR 40 lakh crore housing pool, even a low ratio is tens of thousands of crore.
04 · The unhedged rupee book
Performing Today, Invisible to NPA Statistics, One 10% Move from the Classified Column
| Book | Income / asset | Liability | Who carries it |
|---|---|---|---|
| Diaspora property | INR salary or rent | AED mortgage | ~4M Indians in the UAE; Indians are the largest foreign buyer group in Dubai property |
| Reverse diaspora | AED income | INR home loan / NRE-funded asset | UAE-based NRIs holding Indian property and rupee liabilities |
| Corporate & PSU ECBs | INR revenue | USD / AED bonds and loans | The unhedged share the RBI flags each year (indicative) |
| HFC / PSU / municipal | INR fixed revenue | MCLR / EBLR floating debt | Rate-reset exposure with no ISDA access |
Unhedged NRI mortgage, AED 2M
Instalment +~10%
A household at 45% instalment-to-income moves to ~50% — the classification threshold at many lenders
Same household, pooled & capped
No change
Instalment unchanged; hedge cost embedded; no reclassification; no reserve defence needed
PSU USD bond, USD 500M
~INR 400 Cr/yr
Added servicing cost unhedged; via pooled CCS the increase is nil and the spread is disclosed
HFC book, INR 2,000 Cr floating
INR 20 Cr per 100bp
A pooled swap fixes it for the book's life at institutional pricing
Why the market does not close it
Cross-currency and interest-rate swaps are priced and sized for banks and large corporates. An NRI household, an affordable-housing HFC or a municipal utility cannot enter an ISDA, cannot post collateral, and pays a punitive spread on a small ticket if it finds a dealer at all. Banks hedge their own book and pass the customer's risk straight through.
Why it matters to the Reserve Bank
Reserves smooth the rate; they do not hedge anyone's individual position, and every defence burns dollars. An aggregated, collateralised private hedge for the books the RBI already worries about — unhedged ECBs, NRI leverage, rate-reset risk at HFCs — is a supervisory gain, not a competing one. The RBI sees every pool through the authorised dealer and the IFSCA unit.
Illustrations only; re-run in MPCL's scenario engine on the sponsor's nominated pool. No return, spread or rate is stated or implied.
05 · Corridor architecture
GIFT City ↔ DIFC: Onshore Supervision, Offshore Market, One Return Leg
| Function | India-side authority | Hub-side authority | Instrument / mechanism |
|---|---|---|---|
| Programme authorisation | DPIIT / DEA (corridor MoU) · RBI (banking perimeter) · IFSCA (IFSC unit) | DFSA (MPCL licence, Regulatory Business Plan) | Programme perimeter letter; regulator-to-regulator cooperation |
| Capital feeder | SEBI (Cat I Special Situation AIF) · IFSCA (GIFT feeder) | DFSA (Holding or Controlling Client Assets) | AIF units → DIFC managed account or programme vehicle |
| Settlement & registry hold | Sub-registrar mortgage / CERSAI charge · SARFAESI interplay — legal map required | Dubai Land Department mandate hold (for UAE assets) | Borrower mandate; off-title co-ownership contract; irrevocable hold |
| Rate / currency hedging | RBI-authorised dealer · IFSCA unit (offshore INR derivatives permitted at GIFT) | UAE bank treasury under ISDA 2002 + CSA | Pooled IRS / CCS; fixed instalment or capped-rate pass-through |
| Settlement rails | RBI–CBUAE local-currency settlement · UPI–AANI | CBUAE · DIFC banks | INR / AED settlement without a USD leg where permitted |
| Insurance wrap | IRDAI-regulated insurer for onshore legs where required | International credit-insurance wrap on the instrument leg | Modelled on trade-finance credit insurance |
| Reporting | Sponsor, RBI and IFSCA receive the weekly pack | DFSA periodic reporting | System-driven live risk reporting under continuous human oversight |
Flow: (1) an onshore sponsor — a PSU bank, NARCL / ARC, NHB / HFC or PSU — nominates a portfolio or pool and DPIIT / DEA with RBI / IFSCA agree the programme perimeter; (2) an IFSCA-regulated unit and/or SEBI AIF feeder at GIFT City holds the onshore leg with an RBI-authorised dealer for INR settlement and hedging pass-through; (3) the DIFC hub runs the programme vehicle under DFSA supervision with the DIFC Client Wealth Account and ISDA/CSA lines at UAE bank treasuries; (4) international markets provide capital-protected instrument issuers, swap counterparties, sovereign investors and insurance wrap; (5) the return leg brings settled accounts, fixed rupee instalments and hedged cash-flows back onshore, with results published to DPIIT / RBI / IFSCA.
Why GIFT City is the mirror
IFSCA is a unified regulator for banking, capital markets and insurance in the IFSC — one door for the onshore leg. Foreign-currency operations inside Indian jurisdiction; tax neutrality for IFSC units; an established AIF and fund-feeder regime. GIFT was built so Indian borrowers and funds could reach foreign-currency markets under Indian supervision; the corridor runs the same logic outward.
Why DIFC is the hub
Common-law courts; ISDA/CSA enforceability; DFSA cooperation with Indian regulators; an AED 5.56tn banking system with AED 1tn+ of derivative notional at a single bank; the dollar peg as a reference leg; the largest Indian diaspora capital pool in the world; a two-hour flight and a 90-minute time difference from Mumbai.
06–08 · The package adapted for India
Three Products, Three Indian Problems — and How Each Track Runs
| Track | Indian problem | Adaptation | Status |
|---|---|---|---|
| A1 · NPA settlement & co-ownership | Property-backed retail, SME and small-corporate NPAs sitting with PSBs, ARCs and NARCL at 20–40 cent recoveries | Settlement at par or negotiated discount from programme capital; off-title co-ownership under Indian contract law; charge and hold via registered mortgage / CERSAI with SARFAESI interplay mapped; five-year no-instalment recovery; borrower keeps title and rent | RBP-defined · legal map required |
| A2 · Sleeping Period EMI India | Affordable-housing and HFC borrowers migrating from SMA-2 to NPA as guarantees and moratoria roll off | The Mortgage EMI Sleeping Period™ framework as a standing relief policy for a defined cohort — instalment paused while released equity in capital-protected instruments services the lender under coupon-first / springing-rental-second priority of payments; positioned to RBI / NHB as an authorised framework, not case-by-case restructuring | DFSA-approved framework · India variant |
| B1–B2 · Pooled rupee rate & currency hedge | HFC, PSU, DISCOM and municipal floating books; NRI cross-currency mortgages; unhedged ECBs | Fixed EMI for Life™ pooled IRS on MCLR / EBLR-linked pools; INR–AED–USD cross-currency swaps for diaspora and ECB books; onshore leg through an IFSCA unit and RBI-authorised dealer; fixed rupee instalment or capped-rate pass-through | DFSA-approved · corridor extension |
| India-specific adaptation register | UAE model | India mapping (to be confirmed by Indian counsel) |
|---|---|---|
| Registry hold | DLD mandate hold | Registered mortgage at sub-registrar + CERSAI charge; hold by contractual undertaking; SARFAESI interaction mapped |
| Co-ownership | Off-title contract | Contractual co-ownership / participation agreement; stamp-duty treatment by state |
| Rental evidence | Ejari / RERA index | Registered leave-and-licence or lease deed; municipal rental benchmarks |
| Instrument custody | DIFC Client Wealth Account | GIFT City feeder account; FEMA / LRS routing for individuals |
| Hedge execution | ISDA/CSA at UAE treasury | IFSCA unit ↔ RBI AD bank; offshore INR derivatives at GIFT |
- Settlement, not evergreening — the bank receives cash and closes the account; no fresh credit to an NPA borrower; no regulatory-forbearance dependence.
- Third-party capital — never the selling bank's own funds; AIF, sovereign or institutional money through the GIFT feeder.
- Fair value — structured instruments are FVTPL under Ind AS 109 / IFRS 9 — designed on that basis.
- Title stays with the borrower — co-ownership is contractual; no transfer, no stamp-duty event on the property itself.
- Wholesale only — MPCL faces institutions; any retail pass-through is the Indian bank's or HFC's own customer plumbing.
| Outcome for an INR 2 Cr property-backed NPA | Sale to ARC / NARCL | SARFAESI / OTS | MPCL co-ownership settlement |
|---|---|---|---|
| Bank receives | ~30% — 15% cash, rest in security receipts | Auction proceeds after 12–36 months, typically at a discount | Par or negotiated discount in cash at settlement |
| Borrower outcome | Faces a distressed-debt buyer; asset usually lost | Loses asset and the equity above the balance | Keeps title and rent; five-year recovery clock |
| Government exposure | SR guarantee (NARCL) — contingent liability | None direct; social and tax-base cost | None; weekly audited results |
| Timeline to closure | 3–8 years | 1–3 years | Settlement on day one; recovery over five years |
Eligibility discipline
Property-backed only — residential, commercial, small industrial. A registered lease deed or municipal rental benchmark per file; never a blanket yield. Value-cushion test at entry; title clean or clearable; state stamp-duty regime mapped. Accounts in SMA-2 to NPA-D1 preferred: early enough to retain the borrower, late enough for the bank to want out.
Sparring note for a PSB board
"We already sell to NARCL." Yes — at 15% cash, 85% guaranteed paper, and a courtroom timeline. A near-par cash settlement with the borrower retained is worth more to the bank, the borrower and the guarantor. The only party it is worth less to is the distressed-debt buyer.
08 · Track B in India
Pooled Rupee Hedging: Fixed Instalments for HFC, PSU and Diaspora Books
| Pool candidate | Benchmark | Typical tenor | Block size | Pass-through | Onshore leg |
|---|---|---|---|---|---|
| HFC affordable-housing book | MCLR / EBLR (repo-linked) | 10–20 years, amortising | INR 500–2,000 Cr | Fixed rupee instalment for life of loan | IFSCA unit ↔ AD bank; HFC executes to borrower |
| PSU / DISCOM project debt | MCLR or USD SOFR | 7–15 years | INR 1,000–4,000 Cr | Fixed rate or capped USD-INR | PSU treasury via AD bank |
| NRI diaspora mortgages (UAE) | EIBOR (AED) vs INR income | 15–25 years | AED 100–500M | Capped INR-equivalent instalment | Partner bank in the UAE; LRS / FEMA via AD bank |
| Mid-size corporate ECBs | SOFR / term USD | 3–7 years | USD 50–300M | Fixed INR servicing cost | IFSCA unit; RBI ECB hedging norms |
| Hedge economics | Individual | Pooled via corridor |
|---|---|---|
| ISDA / CSA access | None | MPCL faces the DIFC desk; IFSCA unit onshore |
| Ticket | Sub-institutional | INR 500–4,000 Cr notional blocks |
| Pricing | Retail margin or unavailable | Bank curve + disclosed spread |
| Basis / prepayment | Borne by borrower | Monitored, rebalanced weekly |
| Fiscal cost | Interest subvention if any | Nil — inside the fixed instalment |
Regulatory routing
Structured for treasury, market-risk and derivatives desks under ISDA 2002 with Credit Support Annex; SA-CCR and CVA / XVA priced at institutional scale; deliberately kept out of credit-committee channels. Onshore: an IFSCA-regulated unit at GIFT City facing an RBI-authorised dealer. Every pool is visible to the RBI through the AD bank and to IFSCA through the unit.
What Track B does not do
It does not guarantee coupons or capital — hedges are collateralised swaps carrying counterparty and basis risk. It does not speculate — every position mirrors an underlying liability, rebalanced weekly. It does not face retail — pass-through is executed by the Indian bank or HFC inside its own FEMA-compliant customer relationship. It does not replace RBI reserves policy.
09 · Engagement models
Five Ways Indian Institutions Work with the Corridor
| Model | Indian counterparty provides | MPCL provides | Best first mover |
|---|---|---|---|
| 1 · Corridor framework authorisation | A DPIIT / DEA corridor MoU; RBI and IFSCA agree a programme perimeter recognising co-ownership settlement and pooled hedging as permitted mechanisms for supervised institutions | Full documentation set, product rules, control regime, reporting template and audit trail; DFSA supervision as hub anchor; training for the onshore supervisor | DPIIT · DEA · RBI · IFSCA |
| 2 · Nominated-portfolio settlement | A PSB, NARCL / IDRCL or ARC nominates a property-backed classified book under NDA; release-on-settlement protocol; charge and hold cooperation | Screening, borrower mandates, settlement funding through the GIFT feeder, co-ownership contracting, five-year servicing, weekly audited results | PSB remedial vertical · NARCL · large ARC |
| 3 · Anchored programme vehicle | Anchor capital (debt or partial equity) from NIIF, EXIM, SIDBI or a state-backed fund into the AIF feeder / DIFC vehicle, or a guarantee that crowds in institutional and diaspora capital | Vehicle structuring, published audited NAV, 60–80% portfolio-backed release, mark-to-market and stop-loss controls, insurance wrap | NIIF · EXIM Bank · SIDBI · state funds |
| 4 · Hedging utility | Nomination of HFC, PSU, DISCOM, municipal or diaspora pools; AD-bank access; benchmark and settlement conventions | Pool aggregation, notional sizing, ISDA/CSA execution at a DIFC treasury, fixed-instalment or capped-rate pass-through, weekly basis monitoring | NHB · HFCs · infrastructure PSUs · AD banks |
| 5 · Housing-affordability policy tool | Adoption of Sleeping Period EMI India as a standing relief framework for a defined cohort — PMAY-linked, moratorium-sunset, disaster-affected regions | Eligibility engine, scenario builder, priority-of-payments rules, bank / HFC integration, published outcomes | MoHUA · NHB · RBI |
Asked first · not asked
Asked: a named sponsor and a named portfolio or pool; a programme perimeter, not a market-wide rule change; cooperation on charge / hold mechanics and the GIFT feeder; weekly audited results published to the sponsor, RBI and IFSCA. Not asked: no budget line, no guarantee call, no interest subvention; no retail-facing role for any Indian public body; no exclusivity beyond the nominated programme; no capital before evidence.
The commercial logic for a government-backed institution
A PSB, NARCL, NHB, NIIF or EXIM that sponsors the first programme gains three things no private competitor can buy: first-mover access to a regulator-authorised corridor framework, a published performance record to cite to its board, the CAG and Parliament, and a seat in the corridor before it scales to Saudi Arabia, Africa and the United States on the same hub.
10–11 · Governance, risk, impact & roadmap
Who Supervises This, and What the Centre Saves
| Touchpoint | Indian authority | Hub authority | What each sees |
|---|---|---|---|
| Programme perimeter | DPIIT / DEA (corridor MoU) · RBI · IFSCA | DFSA | Product rules, control regime, reporting template, audit trail |
| Capital feeder | SEBI (AIF) · IFSCA (GIFT unit) | DFSA (client assets) | Units, NAV, investor register, custody |
| Settlement & charge | Sub-registrar · CERSAI · SARFAESI framework | — | Mandate, charge, hold, co-ownership contract |
| Hedging | RBI (AD bank, ECB norms) · IFSCA (offshore INR derivatives) | CBUAE (bank counterparties) | Pool notional, swap terms, collateral, weekly basis |
Three lines of defence
1st line — per-file eligibility, rental evidence, value cushion, mandate execution. 2nd line — mark-to-market (10% stop-loss), basis and prepayment monitoring, AML / sanctions, DFSA and IFSCA reporting. 3rd line — statutory audit, independent valuation, transaction advisory, weekly published results.
Accounting & prudential treatment
Ind AS 109 / IFRS 9: structured instruments with embedded calls and barriers fail SPPI → FVTPL for every holder. Basel III SA / RBI standardised approach for real-estate exposures; CRE22 collateral haircuts mapped; SA-CCR and CVA / XVA for Track B swaps. Priority of payments: coupon-first, springing-rental-second.
| Per INR 1,000 Cr of Track A settlement capital | Illustrative |
|---|---|
| Accounts settled at INR 2 Cr average | ~500 |
| Bank provisions released (50% coverage) | ~INR 500 Cr |
| Risk-weighted capacity freed (100% RW) | ~INR 1,000 Cr |
| Collateral value retained (~3× cushion) | ~INR 3,000 Cr |
| SR-guarantee calls avoided (~70% discount) | up to ~INR 700 Cr |
| Households / MSMEs kept in asset | ~500 |
Per INR 2,000 Cr pooled notional (Track B): 1,000–5,000 loans; rate certainty for the life of the loan; a 150bp move changes no instalment in the pool; fiscal cost nil. Roadmap — Day 0–90: DPIIT / DEA follow-up, RBI / IFSCA perimeter discussion, AIF feeder term sheet, Indian-counsel legal map. 90–180: GIFT feeder live, first PSB / ARC book screened under NDA, first HFC or PSU pool scoped, INR–AED hedge cohort defined. 180–365: first settlements and corridor hedges executed, weekly results to DPIIT / RBI / IFSCA, second capital partner at published NAV. No forward return is stated for any vehicle.
Honest boundary. Capital-protected / asset-secured instruments carry issuer, market and counterparty risk and are fair-valued; hedges are collateralised swaps with counterparty and basis risk; co-ownership interests depend on collateral values and on charge / hold enforceability that Indian counsel must confirm state by state before launch. Money Protects India Pvt. Ltd is an unregulated representation office; India deployment is subject to the programme perimeter and IFSCA / RBI / SEBI requirements. India figures are indicative public-release values to be refreshed and footnoted before circulation. Nothing here is a guarantee, a forecast or legal, tax or regulatory advice.
Next step
A forty-five-minute exploratory session under NDA with the sponsor's technical team — DPIIT / DEA, RBI / IFSCA, a PSB remedial vertical or NARCL — followed by nomination of one portfolio or one pool.
Mirza Ashraf Beg · +971 4 333 0181 · mirzabeg@moneyprotects.com · Park Tower B, DIFC, Dubai
Money Protects Capital Limited · DFSA Regulated · Category 3C · Licence CL7741 · DIFC, Dubai
Issued for information and discussion to Professional Clients, Market Counterparties and public-sector bodies as defined by the DFSA. Not an offer, solicitation or advice. All figures are indicative or sourced as stated. MPCL acts as originator, adviser and arranger; it is not a guarantor of any obligation.