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.
A 57-year-old woman in Kozhikode allegedly lost Rs 1.35 crore to cyber fraudsters who posed as Mumbai Crime Branch officers. They threatened her with criminal cases and coerced her into transferring money for "verification" to the Reserve Bank of India, promising a return with interest. Police have registered a case and are investigating the incident.
India's net direct tax collection witnessed a robust 13.21 per cent increase, reaching approximately Rs 13.38 lakh crore between April 1 and October 14, primarily fuelled by a strong performance in corporate tax mop-up.
A health inspector from the Thiruvananthapuram corporation, Anuroop, has been arrested in connection with the alleged sexual assault of a 16-year-old girl from Andhra Pradesh at a spa in Kovalam. The arrest follows an investigation by a Special Investigation Team, which also led to the arrest of spa owners. The case involves cash transactions between the inspector and the establishment, and the girl's maternal aunt and her husband have also been taken into custody.
A 41-year-old man, Pawan Kumar Dugar, has been arrested in New Delhi for allegedly defrauding a garment trader of approximately Rs 2 lakh. Dugar posed as a supplier, shared fake documents, and took money for goods that were never delivered. Police apprehended him in Badarpur and recovered a mobile phone used in the crime.
The Indian Cabinet has approved Fairfax Financial Holdings' Rs 52,878 crore bid to acquire a 60.72 per cent stake in IDBI Bank, marking the country's largest foreign direct investment in the financial sector.
Delhi Police have apprehended three more individuals, including a couple, in connection with a drug supply network in Burari, North Delhi, where a minor was allegedly used to sell heroin. This brings the total arrests to six, with significant seizures of heroin, cocaine, and MDMA. The investigation is ongoing to trace the drug source and other involved parties.
UPI processed an average 802 million transactions a day in September, about 1 per cent more than the 792 million a day over the same period in August.
The Calcutta High Court on Thursday rejected the anticipatory bail plea of former West Bengal minister Indranil Sen in a cheating case. Sen is accused of commercialising Durga Puja by selling high-priced preview show tickets through an organisation allegedly linked to him and his family, diverting government funds. The court noted "trappings of corruption" and the Enforcement Directorate is also investigating.
Police in Thane district have arrested 10 individuals for allegedly operating a work-from-home scam. The fraudsters reportedly lured job seekers, collected their bank details and SIM cards, and then diverted their money into illegal online betting platforms. The racket was exposed following a complaint, leading to a raid in Mumbai where several electronic devices were seized and the accused apprehended.
A 41-year-old man, Pawan Kumar Dugar, has been arrested in New Delhi for allegedly defrauding a garment trader of approximately Rs 2 lakh. Dugar reportedly posed as a supplier, shared fake documents, and took money for goods that were never delivered.
Police have arrested Sakthivel, manager of Gem Granites, in connection with the alleged sexual abuse of minors by granite baron R Veeramani. This arrest is part of a widening probe that has seen multiple arrests and the registration of a seventh POCSO case against Veeramani, involving complaints from 11 minor girls.
Two builders have been arrested by the Mira-Bhayandar, Vasai-Virar Police in Maharashtra for allegedly constructing an illegal eight-storey residential building in Virar using forged construction permissions and cheating 113 flat purchasers. The developers used fake commencement certificates and fraudulent documents. They are currently in police custody until October 29.
The first thing cardholders should do after spotting a suspicious charge is block the card.
The Reserve Bank of India has opened a special dollar window for three public sector oil marketing companies (OMCs) to meet their daily dollar requirements, aiming to curb the rupee's depreciation amidst global economic uncertainty. Additionally, the RBI has introduced new regulatory measures for the foreign exchange market, including reducing the threshold for derivative transactions without underlying exposure and introducing a Foreign Exchange Risk Reserve (FERR).
Manipur police have arrested 13 individuals, including a juvenile, for allegedly circulating and monetising non-consensual sexually explicit content, including child sexual abuse material, on Telegram. The arrests were made across Bishnupur, Imphal West, and Kakching districts as part of 'Operation Dignity', with 14 mobile phones seized and over 150 channels identified.
Four individuals have been arrested by the Mira Bhayandar-Vasai Virar Police in Maharashtra for allegedly constructing approximately 2,000 unauthorised structures on land earmarked for the Virar-Alibaug Multi-modal Corridor project. The accused reportedly forged documents to illegally claim compensation, exploiting advance intelligence about state land acquisition between 2022 and 2023. The ongoing investigation has uncovered a wider criminal conspiracy, leading to severe charges under the Indian Penal Code.
Festival shoppers are increasingly turning to EMIs and other affordability options for high-value purchases, especially beyond metro cities.
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The Enforcement Directorate conducted raids at eight locations in Kolkata on Monday morning as part of an ongoing money laundering investigation. The searches targeted premises in Tollygunge and Sarat Bose Road, focusing on suspected financial fraud and the collection of funds from the public with promises of high returns, with money allegedly routed to real estate and other ventures.
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.
The CBI has filed an FIR and conducted searches against a former Sashastra Seema Bal (SSB) assistant commandant, Amit, for allegedly colluding with smugglers to facilitate large-scale operations across the India-Nepal border. The officer, who was posted in Sitamarhi, Bihar, from March 2023 to January 2026, is accused of establishing a nexus with notorious smugglers and deriving undue benefits, with suspicious transactions found in his and his family's bank accounts.
Delhi Police have arrested 11 individuals involved in multiple "digital-arrest" scams, recovering over Rs 12 crore. The scams, linked to handlers in Southeast Asia, have affected 78 complainants nationwide, totaling Rs 73 crore. A retired scientist was defrauded of Rs 1.25 crore, with the entire amount frozen. The investigation uncovered a network arranging mule bank accounts and using cryptocurrency for commissions.
Your credit card may have security controls you rarely use. Here are seven settings that can help prevent unwanted or fraudulent transactions.
The All India Mobile Retailers Association (AIMRA) has announced a nationwide 'No UPI Day' protest on October 2 against the proposed 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000. Retailers argue that this charge will burden small businesses and impact their already thin profit margins, urging policymakers to withdraw the proposal.
A 62-year-old farmer from Dakshina Kannada district was digitally arrested and duped of Rs 1.31 crore by cybercriminals impersonating Mumbai police and ATS officers. The fraudsters coerced him into transferring money by falsely claiming he was involved in a terror attack. A case has been registered, and investigation is ongoing.
Three men, including one posing as a tantric, have been arrested in northeast Delhi for allegedly cheating a 79-year-old man of Rs 39.3 lakh. The accused promised to extract buried ancestral gold through occult rituals and also stole gold jewellery worth Rs 15 lakh from his home. The main accused, Tahsin, along with Shoaib Ali and Mahakader Khan, gained the victim's confidence through fake gold and staged rituals, leading to their arrest and recovery of cash and other items.
The Securities and Exchange Board of India (Sebi) has confirmed its interim directions against Rajesh Exports and its chairman, Rajesh Mehta, due to unresolved concerns regarding financial disclosures, consolidation of overseas subsidiaries, and alleged fund routing through related parties.
The Reserve Bank of India's recent measures, including a dedicated dollar window for state-run oil marketing companies and tightened foreign exchange derivative rules, are expected to provide near-term relief to the rupee's depreciation, but market participants believe global factors and balance of payment dynamics will continue to exert pressure in the medium term.
Finance Minister Nirmala Sitharaman clarified that the proposed Merchant Discount Rate (MDR) on select high-value UPI transactions is not a tax or cess, and its collections will not go to the government. She explained that MDR is a charge within the digital payments ecosystem, shared among participants to maintain infrastructure, and will not be passed on to consumers. The NPCI's new framework, effective October 15, applies a 0.4% MDR on person-to-merchant UPI transactions above Rs 2,000, with most transactions remaining free and small merchants exempt.
Economic think tank GTRI has urged the Indian government to withdraw the proposed UPI charges, set to begin on October 15, arguing that the digital payment system should remain free for merchants and consumers. GTRI warns that these charges could lead to higher prices, reduced earnings for small businesses, and weakened household demand, while also benefiting international card networks by eroding UPI's price advantage. The think tank also called for an independent audit of UPI's running costs.
A 22-year-old IT professional in Pune allegedly died by suicide, with his family suspecting harassment by cyber fraudsters involved in a digital arrest scam. Police are investigating the case and examining financial transactions.
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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.
State Bank of India (SBI) anticipates that the newly introduced Merchant Discount Rate (MDR) on person-to-merchant (P2M) UPI transactions above 2,000, effective October 15, will enable it to recover the costs incurred in processing and facilitating these transactions, potentially even generating a small surplus.
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Faridabad police have arrested six individuals in connection with a cyber-fraud case where Rs 50 lakh was swindled using a company CMD's photograph on WhatsApp. The police managed to freeze Rs 29 lakh of the defrauded amount. The accused, from Mumbai and Gujarat, were produced in court and sent to judicial custody.
Jared Kushner, former US President Donald Trump's son-in-law, has vehemently denied "outrageous and categorically false" allegations in a new book, "Princes and Thieves," which claims he accessed secret bank accounts linked to UAE, Saudi, and Israeli funds. Kushner stated on X that the author provided no evidence and that such claims never surfaced during his extensive past investigations.
Apple has officially launched its Apple Pay service in India, initially partnering with Axis Bank for Visa and Mastercard credit card users. The service allows secure, cashless transactions via iPhone, iPad, and Apple Watch using NFC technology, without requiring PINs or OTPs. This move is set to intensify competition in India's digital payments market, currently dominated by UPI and local players, with Apple planning to onboard more banks and expand merchant networks.
RSS chief Mohan Bhagwat stated that regime-change agitations do not resolve fundamental problems and can become instruments of political interests, fuelling divisions rather than delivering solutions. He also called for discernment in consuming information, especially from OTT platforms, and stressed the importance of national unity based on emotional bonds.
