UPI hits record high in Oct; PSBs eye global scale, tech upgrades

UPI hits record high in Oct; PSBs eye global scale, tech upgrades

UPI hits record high in Oct; PSBs eye global scale, tech upgrades; BC network set for overhaul & more UPI hits record high in October amid festive spending boost UPI logged its highest-ever numbers in October, processing 20.7 billion transactions worth ₹27.28 trillion, its best month since launch in 2016. The surge was driven by festive-season spending and relief under the new GST 2.0 rates. RBI signals concern as bond yield gap with US widens With the spread between India’s 10-year government bond and the US Treasury nearing 250 basis points, the RBI has signalled concern over elevated yields and is holding talks with market participants. PSB chiefs push for Indian banks among world’s top 20 At the recently concluded Business Standard BFSI Insight Summit, top executives of state-run banks said India needs at least two banks among the world’s top 20 to support its goal of becoming a developed economy by 2047. PSBs begin tech upgrade to boost efficiency and data management