Bank unions have deferred a three-day nationwide strike after receiving assurances from the Indian Banks' Association (IBA) regarding their demands, including the implementation of a five-day work week and modifications to the PLI scheme for senior officers.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
75% of India's 60 million digital-payment merchants have never recorded a transaction above 2,000.
UPI transactions saw a 27% volume increase and 20% value increase in the first half of the current fiscal year. Despite a slight moderation in September, the digital payment system is set to implement a 0.4% merchant discount rate on transactions over Rs 2,000, aiming for a sustainable revenue model. Small merchants and person-to-person payments remain exempt, and UPI's global presence continues to expand.
Government sources clarify that the 0.4% merchant discount rate (MDR) on UPI transactions above Rs 2,000, effective October 15, will not be passed on to consumers. The charge, paid by merchants, aims to create a sustainable revenue framework for the digital payments ecosystem, with funds shared among banks and UPI entities. Small merchants using QR codes for up to Rs 1 lakh monthly are exempt.
If the strike materialises, banking services, especially in public sector banks, would be impacted for four days in many parts of the country. September 11 is a Friday, and the subsequent two days are bank holidays.
Indian boxers, including Olympic medallist Lovlina Borgohain and Commonwealth Games champions, face challenging draws at the Asian Games.
Banking services, particularly at public sector banks across India, were impacted by a nationwide strike called by the United Forum of Bank Unions (UFBU) to demand the immediate implementation of a five-day workweek and resolution of pending wage-related issues.
A high-level committee, including representatives from banks and payment associations, is set to decide on Merchant Discount Rate (MDR) for UPI transactions exceeding Rs 2,000 to merchants. While person-to-person and person-to-merchant transactions up to Rs 2,000 remain free, the move follows a recent amendment to the Payment and Settlement Systems Act, sparking debate and clarification from the Finance Minister that only certain high-value merchant transactions might incur charges.
The BJP has accused the Congress of spreading "fake news" regarding UPI transaction charges, asserting that the government has clarified that consumers will not be levied merchant discount rate (MDR) charges. This comes after the Congress criticised a government notification, alleging it paves the way for imposing fees on UPI transactions. The BJP has strongly refuted these claims, highlighting that most UPI transactions remain free and the government provides incentives to maintain a charge-free ecosystem for users.
India's markets regulator Sebi has launched 'Demat 2.0', a pilot project for tokenisation of corporate bonds, enabling atomic settlement through integration with RBI's wholesale CBDC. This new market infrastructure uses Distributed Ledger Technology (DLT) to make bond issuance, trading, and settlement faster and more efficient. India is the first country to issue corporate bonds natively on a distributed ledger with central bank digital currency settlement. Additionally, RBI Governor announced new UPI innovations: 'Tap & Pay' for faster POS transactions and MyUPI, an AI-powered customer support solution.
Unified Payments Interface (UPI) transactions in India reached Rs 29.8 lakh crore in August, approaching record levels. Volume also hit a new high of 24.51 billion transactions, driven by festive activities like Raksha Bandhan. The digital payment system continues its rapid growth, expanding its global presence to 11 countries, with further growth anticipated during the upcoming festive season and new use cases like credit on UPI.
India's Unified Payments Interface (UPI) recorded an unprecedented 24.51 billion transactions valued at Rs 29.8 lakh crore in August, largely propelled by the Raksha Bandhan festival. This surge marks a 22% annual increase in volume and 20% in value, highlighting the expanding reach and depth of the UPI ecosystem. Experts anticipate further growth during the upcoming festive season, while UPI's international acceptance now spans 11 countries.
NPCI International Payments Ltd (NIPL) and Maldives Monetary Authority (MMA) have successfully integrated the Maldives' instant payment system 'Favara' with India's Unified Payments Interface (UPI). This enables real-time fund transfers from Maldives to UPI-enabled Indian bank accounts, marking a significant step in cross-border digital financial connectivity and bilateral economic cooperation.
Unified Payments Interface (UPI) transactions moderated slightly in June from a record high in May, reaching Rs 28.9 lakh crore. Despite a month-on-month decrease in volume, the daily average transactions hit a new high, indicating UPI's strong adoption for low-value payments. The platform also demonstrated significant annual growth and expanding international presence.
UPI transactions in India reached record highs in May, driven by summer travel and the IPL, with transaction value hitting Rs 29.90 lakh crore and volume reaching 23.2 billion.
The Indian banking sector is projected to experience a steady 9-13 per cent industrial credit growth in the first half of 2026, driven by capital expenditure, infrastructure development, and sectoral demand recovery, according to a Ficci-IBA survey.
UPI transactions reached 22.35 billion in April, marking a 25 per cent increase compared to April 2025. UPI now accounts for 85 per cent of all digital transactions in India and is live in eight countries.
The IOC has escalated its feud with the International Boxing Association by effectively asking member countries to de-recognize national federations that remain aligned to the suspended body, a directive that the IBA lambasted as "unacceptable gaslighting".
Finance Minister Nirmala Sitharaman convened a high-level meeting with bank heads to assess cybersecurity risks linked to advanced AI models, following concerns over Anthropic's Claude Mythos system and its potential impact on financial data security.
Unified Payments Interface (UPI) transactions in India reached a record high in March, driven by increased adoption and global expansion. The system now accounts for 85% of digital transactions in India and is live in eight countries.
Unified Payments Interface (UPI) transactions in India reached a record high in March, with 22.64 billion transactions, marking a significant increase from the previous year and highlighting the growing adoption of digital payments.
On May 7, WB held its first formal meeting with the IOC which signalled the start of a formal collaboration between the two organisations aimed at establishing a pathway for boxing to remain in the Olympic Games.
Unified Payments Interface (UPI) transactions reached a record high in March, driven by festivities and the financial year closure, according to the National Payments Corporation of India (NPCI).
The gender tests conducted by the International Boxing Association (IBA) on two female fighters at last year's world championships that led to their disqualification were illegitimate and lacked credibility
The IOC last year stripped the IBA of its status as boxing's governing body over governance issues, and took charge of the Paris 2024 boxing competition itself, but now finds itself at the centre of a row.
India and Russia are expected to sign a bilateral mobility agreement during President Vladimir Putin's visit to New Delhi, establishing a framework for legal migration, worker protection, and expansion of skilled Indian manpower in Russia.
USA withdrew from Russian-led International Boxing Association and is set to join the breakaway federation.
The IBA has also welcomed the presence of an IOC monitoring group, which would "see first-hand IBA's best practices regarding technical and competitions rules, specifically its heralded bout review process," the federation said.
Banking operations at public sector banks across the country were impacted on Tuesday as the United Forum of Bank Unions (UFBU) went on nationwide strike demanding the immediate implementation of a five-day work week.
Poland, Britain against allowing Russian, Belarusian athletes at Paris Games
India's Faizan Anwar won the World Boxing Association Intercontinental Championship, defeating Russia's Khuseyn Baysangurov by a split decision after a well-fought 10-round professional bout in Dubai.
Creditors took a haircut of around 67 per cent on their admitted claims on the realisation made till September 2025 under the corporate insolvency resolution process (CIRP) of the Insolvency and Bankruptcy Code (IBC), the latest data released by the insolvency regulator showed.
Kazakhstan's Gennady Golovkin will run as a candidate in the election for President of World Boxing, the former middleweight world champion said in a statement on Friday.
'Don't look at Russia only as a place to earn quickly and then leave.' 'Try to build experience in serious companies, skills and certifications that will serve you anywhere in the world.'
The IOC had stripped the IBA in 2019 of its involvement in last year's Tokyo Olympics due to governance, finance, refereeing and ethical issues. The sport was also not included in the initial programme for the 2028 Los Angeles Games.
The Election Commission has directed enforcement agencies and security forces to take proactive measures during the Bihar elections to prevent the use of drugs, liquor, and cash to influence voters.
Amid the impending rejig in the goods and services tax (GST) rates, an association representing the country's beverages industry has appealed to the Centre to not classify aerated beverages as sin/demerit good and bring it under the 18 per cent slab while citing their "mass consumption" as a reason.
While the women scripted history, delivering India's best-ever overseas showing, the men endured a humbling low, returning without a single medal for the first time in 12 years.
The IBA announced in a statement on Monday it was filing a complaint with Swiss Attorney General Stefan Blatter against the International Olympic Committee, citing safety concerns over gender eligibility.
