New Delhi, March 30 -- Banking stocks declined on Monday after the Reserve Bank of India's (RBI) latest measures to support the falling rupee against the US dollar. The Bank Nifty index dropped over 2% in early trade, with all its constituents trading with heavy losses.

Axis Bank, IndusInd Bank, Kotak Mahindra Bank, IDFC First Bank and Yes Bank were the top losers on the index, falling over 2-3%.

The RBI on Friday directed banks to cap their net open rupee (NOP-INR) positions in the foreign exchange market at $100 million at the end of each business day. Banks have been asked to comply with this directive at the earliest, but no later than April 10, 2026.

"...it has now been decided that Authorised Dealers shall ensure that their NOP-I...