Unified Payments System

India plans to expand UPI to 7-8 more countries by next year as DFS says the goal is to prioritise Middle East and East Asia, even as banking health strengthens and insurance remains a key focus

New fintech features at Global Fintech Fest 2025 enhance UPI payments, bank interoperability, and seamless credit usage

Festive season demand lifted UPI volumes in August, while IMPS declined; FASTag and AePS posted strong gains, reflecting India's deepening digital payments adoption

Cross-border UPI transactions rose 20 times to 7.55 lakh in FY25, with expansion to seven countries and over 1.5 million merchants accepting the platform

Finance ministry notification enables Central staff under the Unified Pension Scheme to shift to NPS once, not later than a year before superannuation

As many as 31,555 central government employees have opted for the Unified Pension Scheme (UPS) till July 20, and the last date to enrol under the scheme is September, Parliament was informed on Monday. In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said as on July 20, 2025, at least 7,253 claims have been received and out of which 4,978 claims have been processed for payment of benefits under UPS. From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for the central government employees. UPS will provide assured payouts to the employees. In reply to a separate question in the House, Minister of State for Finance Pankaj Chaudhary said, "as on July 20, 2025, 31,555 employees have opted UPS". Further, Sitharaman said based on the representations from employees and associations, the cut-off date to opt for UPS was extended for a period of three months up to September 30, 2025. "As per eligibility criteria,

Sector move towards data-based lending instead of 'judgement-based lending', it says

India and Ghana also discussed the potential of a Memorandum of Understanding (MoU) on digital transformation solutions and a local currency settlement system

Nigam said that being an early mover in the adoption of the United Payments Interface also played in their favour

The priority section of RRTS or RapidX will open between Duhai and Sahibabad, covering a total of 17 km and will include five stations, namely Sahibabad, Ghaziabad, Guldhar, Duhai, and Duhai Depot

G20 India app has been developed to provide information about the event calendar, give a virtual tour of the summit venue

The central bank had released a discussion paper in August that outlined existing rules for charges, while presenting other options through which these could be levied

UPI transactions hit an all-time high of 1.34 billion in June, with transactions of over Rs 2.61 trillion clocked in June alone

From being perceived as economic victims weighed down by bad loans, the finance sector has emerged as the villain in 2019

SBI to log on a month later

The ongoing push by the Reserve Bank to revolutionise banking through the Unified Payments Interface (UPI) will leave mobile wallets redundant, as mobile banking has jumped over threefold in February from the year-ago period, according to a report. The report, by city-based Centrum Broking, stated that mobile wallet services like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and standalone operator Paytm will be redundant with the massive adoption of the UPI. "Mobile banking has taken the country by storm, growing by 212 per cent growth in value terms in February 2016 over the same period in 2015 and by 131 per cent in volume. "If the UPI adoption continues mobile wallets like SBI's Buddy, ICICI Bank's Pockets, HDFC Bank's Chillr and Paytm will be redundant," a Centrum Broking said in a report titled- 'Banking Transactions - Technological Disruption'. The report attributed the RBI push to adopt UPI as an effort to lower the cash economy. Quoting RBI data, the report said ..

Document says mobile wallet services, such as Paytm, SBI's Buddy, ICICI Bank's Pockets and HDFC Bank's Chillr, will be hit