Commerce Secretary Rajesh Agarwal highlighted the critical need for India to diversify its services exports beyond the dominant IT/ITeS and professional services sectors. Speaking at the Global Fintech Fest 2026, he emphasised the vast potential in the global financial services market, where India currently holds a small share, and stressed how fintech solutions, like UPI, can drive growth, reduce remittance costs, and support MSME trade finance, ultimately leading to sustainable economic expansion.
Delhi Police have arrested a 32-year-old man in connection with a mobile phone theft case linked to fraudulent UPI transactions worth over Rs 1.2 lakh.
'It is a tradeoff between convenience and fraud prevention.'
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.
Do not share OTPs, PINs, authentication codes, card numbers, card verification values (CVVs), KYC details, security answers, Internet-banking passwords or Aadhaar-based authentication credentials through SMS, e-mail or phone calls.
The proposed facility seeks to simplify and speed up PF withdrawals by allowing Employees' Provident Fund Organisation (EPFO) subscribers to access up to 75 per cent of their balance through ATMs and UPI-based systems, while retaining at least 25 per cent in their accounts.
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).
RBI Governor Sanjay Malhotra stated that the central bank consistently views fintechs as 'valuable partners' in shaping India's future financial system, crediting the sector with expanding financial inclusion, enhancing customer experience, and streamlining credit delivery, particularly for MSMEs.
The Employees' Provident Fund Organisation (EPFO) is set to introduce UPI-linked withdrawals by the end of May, as it finalises testing for its Centralised IT Enabled System (CITES) 2.0 overhaul, aiming to streamline PF balance transfers and withdrawals.
Finance Minister Nirmala Sitharaman clarified that the Merchant Discount Rate (MDR) on digital transactions applies to merchants, not customers, and aims to support banks and fintech in infrastructure investment. She countered Congress leader Jairam Ramesh's claims, stating that a committee will decide on MDR only after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026, a process currently stalled by parliamentary disruptions.
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) transaction value and volume saw a slight month-on-month dip in April after record highs in March, but daily transaction volumes increased, indicating sustained growth in digital payments across India.
The CBI has registered a case against Arunachal Pradesh environmental activist and lawyer Bhanu Tatak for allegedly receiving Rs 20.94 lakh in foreign funds without mandatory FCRA registration or prior permission. The agency claims these funds were used to organise and sustain protests against two hydropower projects in the state. A preliminary enquiry indicated Tatak received foreign contributions directly into her personal account and did not file income tax returns declaring these funds.
Microsoft India and South Asia President, Puneet Chandok, discusses the company's strong belief in human-centric AI development, significant investments in India's cloud and AI infrastructure, and the country's pivotal role as an AI market, talent hub, and technology builder. He highlights AI's impact on jobs and the need for responsible innovation.
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.
Shabnam Sinha is set to take over as the Chairperson of Airtel Payments Bank for a three-year term starting October 1, 2026, succeeding Sunil Mittal, who concludes his tenure as non-executive Chairman.
Jio Payments Bank introduces UPI-based cash withdrawals at business correspondent touchpoints, enhancing financial inclusion and simplifying access to cash for rural and semi-urban customers.
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.
This would imply a 29 per cent year-on-year rise, significantly lower than growth rates seen in recent years.
Six individuals, including the alleged mastermind and a website developer, have been arrested for operating a sophisticated fake airline job racket. The fraudsters used social media ads and fake websites to solicit fees for aviation diplomas, promising jobs at Indira Gandhi International Airport, and duped numerous job seekers before being caught.
Nepal's Hindu groups have sought an all-party discussion on restoring Hindu-nation status within three months.
The Central Board of Indirect Taxes and Customs (CBIC) has enabled UPI, debit, and credit card payments for Customs duty on the ICEGATE portal, enhancing ease of doing business for importers and exporters.
RBI Governor Sanjay Malhotra stated it is "premature" to discuss the implementation of Merchant Discount Rate (MDR) for digital payments, advising a "wait-and-watch" approach. He emphasised that investment in public payment infrastructure is necessary and someone must bear the cost, whether through taxes or MDR. The government is currently working on amendments to relevant statutes, and the RBI is focused on strengthening this infrastructure.
Investigators probing the murder of Chandranath Rath, a close aide of West Bengal CM Suvendu Adhikari, have found a key lead in the form of a UPI transaction made at a toll plaza in Howrah.
A new report indicates that UPI has become the dominant payment method for lenders, accounting for over 90% of transactions. The report also highlights trends in investment amounts, diversification strategies, and geographic participation in peer-to-peer lending.
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.
The question for the next 20 years is not whether India can become a $5 trillion or $10 trillion economy. Those are attractive targets, but the real question is whether India can create enough productive jobs, educate its children properly, make its cities liveable, and give hundreds of millions of people a substantially better life, asserts Ramesh Menon.
Cyber intelligence firm CloudSEK reports that online fraudsters are using a new toolkit called 'Digital Lutera' to bypass security features of UPI apps and carry out fraudulent financial transactions.
Reserve Bank Deputy Governor S C Murmu has highlighted the "cash paradox" where currency in circulation continues to grow despite a significant increase in digital payments. This trend complicates the RBI's forecasting and planning for currency production and distribution, prompting the central bank to seek solutions and explore ways to extend banknote life and reduce the carbon footprint of the cash cycle.
Police in Himachal Pradesh have arrested five individuals for allegedly assaulting a man and forcing him to transfer money via UPI.
Karnataka Transport Minister Byrathi Suresh was asked to deboard a state-run BMTC bus by its conductor because he did not have exact change for his ticket. The conductor, unaware of the passenger's identity due to his mask, insisted on exact change or UPI payment, which the minister could not provide. This incident occurred during the minister's incognito inspection of the transport department's functioning.
Prime Minister Narendra Modi, in his Independence Day address, highlighted technology and innovation as central to India's goal of becoming a developed nation by 2047. He called for India to lead in emerging technologies like AI, quantum computing, and space, announcing a massive AI skilling initiative for one crore youth. Modi stressed the importance of becoming a global innovation hub, bolstering energy security with nuclear power, and strengthening cybersecurity.
Queen Maxima of the Netherlands, the UN Secretary-General's Special Advocate for Financial Health, visited Mumbai to understand India's digital public infrastructure, including UPI and AI, in improving financial health for salaried individuals. She interacted with healthcare professionals and SalarySe leaders, praising India's advancements in financial inclusion and technology's role in empowering individuals.
Flipkart-backed Scapic Innovations, operating as super.money, has launched splitStore, a credit-linked e-commerce platform targeting Gen Z. It allows customers to split payments into interest-free installments, with the goal of contributing 20% to total revenue by December and transforming how India shops by providing instant access to products for new-to-credit users.
Prime Minister Narendra Modi has introduced a 'Sapta Dhara' (seven-stream) reform framework, aiming to propel India into a developed nation by 2047. This comprehensive plan focuses on key sectors including manufacturing, agro-food processing, technology, logistics, defence, green and blue economy, and soft power, leveraging the nation's youth potential.
History-sheeter Arjun Ayanki has publicly challenged Kerala Home Minister Ramesh Chennithala, daring him to reinvestigate a case and warning him against intimidation. This comes as police intensify their search for Ayanki in connection with allegedly threatening a police officer. Ayanki, known for his involvement in a gold smuggling network, has multiple cases against him, including a recent one for his social media post against the minister.
A Delhi court has denied bail to Raj Kumar, an accused in an inter-state child trafficking racket, emphasising that child trafficking is a "heinous scourge" and an "onslaught on the moral conscience of civilised society." The court highlighted the vulnerability of children and the commercialisation of infants, noting that the complainant's newborn is still missing and the accused's wife has prior involvement in similar cases.
One 97 Communications Ltd, operating Paytm, is set to issue its first bonus shares, following a landmark year of achieving its maiden full-year profit and gaining significant market share. The board will meet on July 20 to decide on the bonus issue, reflecting confidence in its financial strength and aiming to improve stock accessibility for retail investors.
Zelle, a major US peer-to-peer payment service, is set to launch in India by the end of this year, marking its first international expansion. The move aims to tap into India's large remittance market, offering a service similar to UPI but integrated with bank apps. Zelle also introduced ZelleUSD, a stablecoin for future global payment capabilities.
Credit card adoption is rapidly expanding beyond India's major metropolitan areas into Tier-II and Tier-III cities, driven by increasing incomes, digital awareness, and the integration of RuPay credit cards with UPI, according to a new report by SBI Card.
