Arunachal Pradesh Chief Minister Pema Khandu highlighted that the success of UPI, which handles nearly half of the world's real-time digital transactions, stems from a collaborative ecosystem including financial inclusion, digital identity, and affordable internet. He attributed this digital payments revolution to the vision of PM Narendra Modi.
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.
The Unified Payments Interface (UPI) has completed a decade since its launch, becoming the backbone of India's digital payments ecosystem. It has seen exponential growth in transaction volume and value, expanding financial inclusion and setting a global benchmark for real-time payments.
"Our endeavour is to bring headline inflation in line with the target over the medium term," said RBI Governor Sanjay Malhotra, addressing concerns about the central bank's policy stance and economic outlook.
The Indian government has approved the introduction of one billion polymer banknotes in Rs 10 and Rs 20 denominations for field trials, aiming to enhance durability. This move comes as the Finance Minister also addressed Parliament on declining retail inflation, GST reforms, and other fiscal measures taken to support the economy and household consumption.
India's foreign exchange reserves saw a significant increase of $10.512 billion, reaching $692.866 billion for the week ending July 31, driven by a rise in foreign currency assets and gold reserves.
Finance Minister Nirmala Sitharaman stated that India is likely to sustain economic growth of 7 per cent or more in 2026-27, continuing the pace recorded since the Covid-19 pandemic, despite geopolitical uncertainties and supply-chain disruptions.
The central bank is yet to consider actions such as a rate hike or mobilising dollar inflows from non-resident Indians to boost forex reserves as it cannot afford to continue with them for long when the rupee's internationalisation tops its agenda, explains Tamal Bandyopadhyay.
The Reserve Bank of India has imposed a penalty of Rs 41.8 lakh on Canara Bank for non-compliance with KYC norms and incorrect account classification, and Rs 3.1 lakh on Puran Associates Pvt Ltd for asset classification violations.
Prime Minister Narendra Modi celebrated the Unified Payments Interface (UPI) completing a decade, calling it a major turning point in India's digital payment journey. Launched in 2016, UPI has become the backbone of India's digital payments ecosystem, showing exponential growth in transaction volume and value, and is a key pillar of the Digital Public Infrastructure.
Former Chief Economic Adviser Krishnamurthy V Subramanian outlines India's strategy to become a USD 55 trillion economy by 2047. The plan hinges on leveraging its young demographic in AI, dominating sunrise sectors like space and defence tech, attracting FDI, and achieving sustained 8% GDP growth.
Equitas Small Finance Bank (SFB) Managing Director and CEO P N Vasudevan stated, "We may end up applying within a year" for a universal banking licence, while also targeting a nearly threefold increase in advances to Rs 1.2 trillion over the next five years.
Ahmedabad Cyber Crime Branch has uncovered a Rs 1.5 crore WhatsApp fraud, leading to the arrest of two key SIM and OTP suppliers in West Bengal. The investigation revealed a sophisticated international cybercrime network spanning China, Pakistan, India, and Hong Kong, operating a "boss scam" and utilizing a "Cybercrime as a Service" model. Police recovered a significant portion of the defrauded amount and secured thousands of devices.
While opening new accounts, banks can check if the name appears in any mule data. In case it does, the bank can conduct enhanced due diligence.
A data breach does not end when the headlines fade. For victims, stolen personal information can fuel fraud, identity theft and financial losses for years.
India's balance of payments (BoP) recorded an $8.1 billion deficit in the first quarter of 2026-27 (Q1FY27), a significant increase from a $4.5 billion surplus in the corresponding period of the previous year, primarily driven by a sharp reversal in portfolio flows.
'It's not about individuals operating the mule accounts being more or less skilled. Instead, 'lower-level' refers to the role the individual account plays in the broader mule network.'
Credit card spending in India has consistently topped Rs 2 trillion for three consecutive months, with July 2026 recording Rs 2.08 trillion, indicating a new normal for consumer expenditure, according to the latest RBI data.
RBI says polymer notes have a significantly longer lifespan, potentially reducing printing costs and replacement frequency.
Despite the Reserve Bank of India's (RBI) and the government's recent initiatives to attract foreign capital, which are expected to alleviate pressure on long-duration bonds, most debt fund managers are maintaining a cautious stance, favouring shorter-duration papers due to global uncertainties and potential future rate hikes.
Foreign Currency Non-Resident (Bank), or FCNR (B), deposits mobilised under the Reserve Bank of India's (RBI's) concessional swap facility may have already surpassed the amount raised during the 2013 scheme in just about 45 days, prompting SBI Research to sharply raise its estimate for inflows under the facility to $65-70 billion.
Indian benchmark indices Sensex and Nifty closed marginally lower due to profit-taking, following the Reserve Bank of India's decision to keep the repo rate unchanged while lowering its growth expectations for the current fiscal year and forecasting higher inflation.
The Reserve Bank of India (RBI) has debunked reports of gold sales, stating that its physical stock of gold remains unchanged at 880.52 tonnes, countering claims of selling approximately USD 12 billion to protect foreign-currency reserves.
The Reserve Bank of India (RBI) has reported a significant increase in the use of the Indian Rupee (INR) for import and export invoicing and settlement, highlighting its growing internationalisation and mutual benefits for trading partners.
The Allahabad High Court has ruled that investigating agencies cannot impose a blanket debit freeze on a person's bank account during cybercrime investigations. The court stated that restraint must be proportionate to the suspected proceeds of crime, directing banks to de-freeze accounts beyond the disputed amount. This ruling aims to protect innocent account holders from complete financial deprivation due to minor disputed transactions.
'You have to get private investment to somewhere between 35% to 36% of GDP. It is hovering about 30%-31%.'
Chandigarh is set to launch the Central Bank Digital Currency (CBDC), or digital rupee, for Direct Benefit Transfer (DBT) under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) on August 14. This initiative makes Chandigarh the first Union Territory to fully roll out CBDC-based DBT for food subsidy, enhancing transparency and efficiency in welfare delivery. The digital rupee, issued by the RBI, will be purpose-bound for purchasing foodgrains from authorised merchants.
Fintech company Cashfree Payments India Private Limited has significantly reduced its consolidated net losses to Rs 118.5 crore in FY26 from Rs 154 crore in FY25. The firm also saw a substantial revenue growth of over 51 per cent, reaching Rs 967.4 crore. Co-founder & CEO Akash Sinha highlighted achieving EBITDA profitability in March 2026 and outlined plans for full-year profitability in FY27, driven by growth in SMB and cross-border payments.
The Reserve Bank of India (RBI) and the central government have introduced a package of measures, including tax exemptions for FPIs on government securities and a concessional foreign-exchange swap facility, aiming to attract up to $50 billion in foreign capital. This initiative is designed to strengthen India's balance of payments and potentially cover the projected BoP gap for FY27.
The Lok Sabha has passed a Bill to amend the Payment and Settlement Systems Act, 2007, authorising the government to permit banks and service providers to levy charges on UPI and other electronic payment modes. This move aims to create a sustainable revenue model for the digital payments ecosystem, shifting from the current exemption of UPI transactions from such charges.
The Reserve Bank of India (RBI) has kept its key lending rate, the repo rate, unchanged at 5.25 per cent for the second consecutive time, citing concerns over rising energy prices, supply disruptions from the West Asia crisis, and potential inflationary pressures.
The Delhi High Court has ordered the winding up of Paytm Payments Bank Limited (PPBL) following the Reserve Bank of India's cancellation of its banking licence due to non-compliance and concerns over depositor interests.
Tamil Nadu Chief Minister C Joseph Vijay announced a comprehensive waiver of cooperative farm loans, providing full relief for loans up to Rs 75,000 and partial waivers for higher amounts, benefiting over 1.38 lakh farmers with an additional financial commitment of Rs 953.06 crore.
The UTT National Ranking Table Tennis Championships in Kanpur witnessed top seed Manush Shah narrowly escape an upset in the men's singles, while the women's singles draw experienced significant upheavals with several seeded players, including eighth-seeded Sayali Wani, making early exits after intense five-game battles.
India's banking system liquidity has fallen to its lowest level in over three weeks, driven by robust credit growth and potential RBI intervention in the foreign exchange market, according to the latest data from the Reserve Bank of India.
Indian companies, including NBFCs, filed proposals with the RBI to raise $6.08 billion through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs) in June, marking a significant increase from the previous month.
For millions of Indians, this number has become one of the most important financial indicators. It can influence not only whether a bank approves a loan but also the interest rate you pay, the credit limit you receive and, in some cases, how quickly your application is processed.
HDFC Bank's board has imposed a monetary penalty of Rs 1 lakh each on its Managing Director and CEO Sashidhar Jagdishan, CFO Srinivasan Vaidyanathan, and Group Head (Retail Assets) Arvind Vohra for divergence from RBI directions in the Maharashtra State Road Development Corporation (MSRDC) case.
State-owned enterprises in India are projected to significantly increase their overseas borrowings, potentially exceeding $15 billion in FY27, driven by the Reserve Bank of India's new concessional forex swap facility which offers a 3 per cent funding-cost advantage.
The Reserve Bank of India (RBI) reported a significant 52 per cent year-on-year increase in gains from foreign exchange transactions, reaching 1.69 trillion in FY26. This surge occurred despite the central bank selling a gross $195 billion in the spot market to manage rupee volatility, which saw a 9.85 per cent depreciation.
