1. India's UPI Hits ₹81 Lakh Crore in Transactions, Leads Global Digital Payments
Tags: Reports Economy/Finance
According to Paysecure data, India's Unified Payments Interface (UPI) processed nearly ₹81 lakh crore in transactions from April to July 2024.
An Overview of the News
UPI's transaction volume has exceeded that of the world's leading digital payment platforms.
This represents a 37% Year-over-Year (YoY) increase in transaction volume.
UPI processed 20.6 lakh crore rupees in July 2024, setting a record for the highest transactions in a single month.
Global Leadership in Digital Transactions
India leads globally with over 40% of its payments made digitally.
UPI is the dominant platform for digital payments in India.
UPI processed an average of 3,729.1 transactions per second, a 58% increase from 2,348 transactions per second in 2022.
Comparison with Global Payment Platforms
Skrill (UK-based) ranked second with 1,553.8 transactions per second and 49 billion transactions in 2023.
Pix (Brazil-based) ranked third with 1,331.8 transactions per second.
About UPI
It is an Indian payment system, developed by the National Payments Corporation of India (NPCI) in 2016.
Function: Facilitates instant P2P and P2M transactions via mobile devices.
Requirements: Mobile number registered with the bank, recipient’s UPI ID.
Tech: Runs on IMPS, open source API.
Regulation: Overseen by the Reserve Bank of India (RBI).
Launch: UPI-enabled apps available on Google Play from 25 August 2016.
2. Bank of India Launches ‘Star Dhan Vriddhi’ FD Scheme
Tags: Economy/Finance
Bank of India (BOI) has introduced a Fixed Deposit (FD) scheme called 'Star Dhan Vriddhi' starting from 1 September 2024.
An Overview of the News
The scheme has a term limit of 333 days. Customers can deposit up to Rs 3 crore in this FD.
Loan against FD and premature withdrawal options are available.
This FD can be opened via BOI branches, BOI Omni Neo App, or internet banking.
Revised FD Interest Rates
BOI’s FD interest rates for general citizens range from 3% to 7.25% for deposits below Rs 3 crore.
Senior Citizens (aged 60-79) receive rates from 3% to 7.75%.
Super Senior Citizens (aged 80 and above) get rates between 3% to 7.90%.
Additional Benefits for Senior and Super Senior Citizens
Senior citizens receive an extra 50 basis points (bps) on Retail Term Deposits (RTDs) for tenures between 6 months and 3 years.
Super senior citizens get an additional 65 bps for the same tenures on RTDs (deposits below Rs 3 crore).
About BOI
Established: 1906
MD & CEO:- Rajneesh Karnatak
Headquarters:- Mumbai, Maharashtra
Tagline:- Relationship Beyond Banking
3. POP Unveils India's First Multi-Brand Co-Branded Credit Card with RuPay and Yes Bank
Tags: Economy/Finance
POP, a fintech start-up founded by former Flipkart employees, has introduced India’s first multi-brand co-branded credit card, the YEB BANK POP-CLUB RuPay Credit Card.
An Overview of the News
YEB BANK POP-CLUB RuPay Credit Card is developed in collaboration with RuPay and Yes Bank.
The launch took place at the Global Fintech Festival (GFF) with notable attendees including Mr. Nalin Bansal from NPCI and Mr. Amit Sinha from Yes Bank.
Features and Benefits
Multi-Brand Integration: The card features partnerships with brands like Zomato, Blinkit, Cult, Rapido, Cleartrip, and Pharmeasy, covering categories such as e-commerce, groceries, F&B, travel, and health & fitness.
Rewards Structure:
Users can earn rewards known as POPcoins.
The card offers 10% POPcoins on online transactions, 2% on offline transactions, and an additional 5% when used with POP UPI.
There is no joining fee, and cardholders receive exclusive benefits worth ₹5,000.
UPI Transactions: POP has surpassed 1 million UPI transactions and aims to leverage the RuPay network to enhance credit access on UPI.
User Interest: The pre-launch waitlist saw 32,000 customers sign up without any marketing efforts, demonstrating strong market interest.
About POP
Company Background:
Founded in May 2023, POP is an e-commerce enabler with a fintech component.
The platform has onboarded over 200 brands and aims to expand to 500 brands and 10 million customers by the end of the year.
Recent Developments: POP secured $2.4 million in seed funding and recently launched its UPI + e-commerce app platform, allowing users to earn POPcoins on each UPI transaction.
4. RBI Central Board Holds 610th Meeting in Mumbai
Tags: Economy/Finance
The 610th meeting of the Reserve Bank of India's (RBI) Central Board of Directors took place on September 4 in Mumbai. The meeting was chaired by RBI Governor Shaktikanta Das.
An Overview of the News
Shaktikanta also assessed various areas of RBI operations, including the functioning of Local Boards and activities of select Central Office Departments.
Deputy Governors present included Dr. Michael Debabrata Patra, M. Rajeshwar Rao, and T. Rabi Sankar.
Other directors in attendance were Satish K. Marathe, Revathy Iyer, Prof. Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel, and Dr. Ravindra H. Dholakia.
Ajay Seth, Secretary of the Department of Economic Affairs, and Nagaraju Maddirala, Secretary of the Department of Financial Services, also attended the meeting.
About RBI
Established - 1 April 1935, Kolkata
Founder - British Raj
Governor - Shaktikanta Das
5. Cabinet Approves ₹3,300 Crore Semiconductor Facility by Kaynes Semicon in Gujarat
Tags: Economy/Finance State News
The Cabinet has approved Kaynes Semicon Pvt Ltd's proposal to establish a semiconductor unit in Sanand, Gujarat.
An Overview of the News
The aim is to foster a vibrant semiconductor ecosystem. The investment for this unit will be ₹3,300 crore.
The unit will have a production capacity of 60 lakh chips per day. The chips produced will serve various sectors, including industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones.
The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India, launched in December 2021, has a total outlay of ₹76,000 crore.
Construction of four semiconductor units is advancing rapidly, with a combined investment of nearly ₹1.5 lakh crore.
The total production capacity of these units will be approximately seven crore chips per day.
About Gujarat
Founded: May1, 1960
Previous State: Bombay State
Capital: Gandhinagar
Official Bird: Greater flamingo
Chief Minister: Bhupendrabhai Patel
Governor: Acharya Devvrat
6. NMCG Approves ₹265 Crore for Ganga’s Pollution Control
Tags: Economy/Finance Government Schemes
The National Mission for Clean Ganga (NMCG) has approved nine projects totaling ₹265 crore in its 56th Executive Committee meeting, chaired by Director General Rajeev Kumar Mital.
An Overview of the News
NMCG Approves Nine Projects: Faecal Sludge Treatment, Sewerage Works, Arth Ganga Centre, Stream Restoration, Canal Penstock Gates, Udhwa Lake Management, Crematorium Renovations, Munger Sewerage Network, Smart Laboratory for Rivers
Key Project Approvals
Faecal Sludge Management Project
Location: Dalmau Raebareli, Uttar Pradesh
Objective: Reduce pollution in River Ganga
Components: 8 KLD Faecal Sludge Treatment Plant, 15 KW Solar Power Plant, Solar Inverter
Cost: Rs. 4.40 crores (includes 5 years of O&M)
Sewerage Project in Gulaothi Town
Location: Bulandshahr district, Uttar Pradesh
Objective: Prevent pollution in East Kali River
Components: I&D of drains, 10 MLD Sewage Treatment Plant
Cost: Rs. 50.98 crores (includes 15 years of O&M)
Arth Ganga Centre and Branding Project
Location: Prayagraj
Objective: Create awareness and employment opportunities during Maha Kumbh Mela 2025
Cost: Rs. 1.80 crores
Restoration of Streams and Tributaries
Location: Upper Gomti River Basin
Objective: Rejuvenate lower-order streams through nature-based solutions
Cost: Rs. 81.09 lakh
Penstock Gates Installation and Renovation
Location: Beliaghata Circular Canal, Kolkata, West Bengal
Objective: Improve canal management
Cost: Rs. 7.11 crores (O&M by Kolkata Municipal Corporation)
Integrated Management Plan for Udhwa Lake Bird Sanctuary
Location: Sahibganj, Jharkhand
Objective: Conservation and sustainable management
Cost: Rs. 25.89 crores (includes 5 years of management)
Renovation of Electric Crematoriums
Locations: Santipur, Garulia, Chakdha municipalities, West Bengal
Objective: Modernize crematorium facilities
Cost: Rs. 2.89 crores (includes 5 years of O&M)
Munger Sewerage Network and STP Project
Location: Munger
Objective: Develop 30 MLD STP and 175 km sewerage network
Cost: Rs. 522.85 crores (O&M to state government after 15 years)
Establishment of Secretariat for Smart Laboratory on Clean Rivers
Location: Varanasi
Executing Agency: IIT (BHU)
Objective: Deploy global expertise to rejuvenate small rivers across the country
Focus: Balance between environment, economy, and society
7. MoPNG Approves ONGC’s Rs 10,501 Cr Capital Boost
Tags: Economy/Finance
The Ministry of Petroleum & Natural Gas (MoPNG) has approved ONGC's investment of up to Rs 10,501 crore in Oil & Natural Gas Corporation Limited (ONGC), Petro additions Limited (OPaL), Vadodara, Gujarat.
An Overview of the News
OPaL is a joint venture between ONGC, Gas Authority of India (GAIL), and Gujarat State Petroleum Corporation Limited (GSPC).
The approval includes:
Conversion of Compulsorily Convertible Debentures (CCDs) worth Rs 7,778 crore.
A balance payment of Rs 86 crore related to share warrants.
Total financial approval amounts to Rs 18,365 crore.
Impact of Investment
The investment will increase ONGC's equity stake in OPaL from 49.36% to 95.69%, making OPaL a subsidiary of ONGC.
The government has allocated 50% of the annual gas production from ONGC's new wells or up to 3.2 Million Metric Standard Cubic Meters per Day (MMSCMD) of domestic natural gas to OPaL.
8. Pine Labs & Axis Bank Launch 'UPISetu' – India’s First UPI-Focused Payments Platform
Tags: Economy/Finance
Pine Labs-owned Setu, an API infrastructure provider, in collaboration with Axis Bank, has launched UPI-Setu, India’s first UPI-focused payments platform for businesses and developers.
An Overview of the News
The platform supports various UPI services including Third-Party Validation (TPV), Equated Monthly Instalments (EMIs), UPI Autopay, and basic QR code payments.
Offers enhanced dispute resolution, instant cashback and refunds, as well as bank and brand offers, all through API integration.
Merchants can create custom payment links or QR codes for both one-time and multiple payments.
Additional Highlights:
In May 2024, Setu introduced Sesame, India’s first Large Language Model (LLM) specifically designed for the Banking, Financial Services, and Insurance (BFSI) sector.
Company Overview: Pine Labs is an Indian company specializing in point-of-sale and payment systems, headquartered in Noida, Uttar Pradesh.
9. RBL Bank Launches India's First RuPay Credit Card with UPI and NCMC Integration
Tags: Economy/Finance
RBL Bank (formerly Ratnakar Bank Limited), a leading Indian private sector bank, has launched a new RuPay Credit card.
An Overview of the News
The card integrates Unified Payments Interface (UPI) and National Common Mobility Card (NCMC) features.
RBL Bank becomes the first private sector bank to offer these comprehensive payment capabilities in a single card.
Key Features:
Instant and Secure Payments: Credit cardholders can make instant and secure payments through UPI.
Hassle-free Travel: The NCMC features enable seamless travel.
Significance:
New Benchmark in Digital Payments: The integration of UPI and NCMC features with the RuPay card sets a new benchmark for the digital payments industry.
Flexibility and Ease of Payments: Users can enjoy flexibility and ease of making payments for daily expenses or during travel.
Vast Acceptance: The wide acceptance of the RuPay card network enhances the utility and usability of these cards across various platforms and services throughout India.
About UPI:
Instant Real-Time Payment System: The Unified Payments Interface (UPI) is an instant real-time payment system launched by the National Payments Corporation of India (NPCI) in 2016, facilitating inter-bank transactions through mobile phones.
Growth in Transactions: According to the Worldline India Digital Payments Report H2 2023, UPI transaction volume in the second half (H2) of 2023 (July to December) increased by 56%, reaching 65.77 billion transactions, up from 42.09 billion in H2 2022.
About RBL Bank:
MD and CEO: R. Subramaniakumar
Headquarters: Mumbai, Maharashtra
Tagline: Apno ka Bank
Established: 1943
About NCMC:
Launched by Prime Minister Narendra Modi on March 4, 2019, in Ahmedabad, Gujarat.
An interoperable transport card conceived by the Ministry of Housing and Urban Affairs (MoHUA), enabled through the RuPay card mechanism.
10. IndusInd Bank Launches 'Wrestle for Glory' to Support Female Wrestlers
Tags: Economy/Finance
IndusInd Bank has introduced the 'Wrestle for Glory' initiative, continuing its collaboration with the Inspire Institute of Sport (IIS) in Vijayanagar, Bellary.
An Overview of the News
The program aims to empower 50 talented female wrestlers from across India with fully-funded scholarships for coaching at IIS.
CSR Focus
Inclusivity: The program aligns with IndusInd Bank's CSR commitment to inclusivity and sporting excellence, supporting individuals from diverse backgrounds, including different genders, persons with disabilities, and underprivileged communities.
Comprehensive Support: Beneficiaries will have access to top-tier training facilities, expert coaching, sports science resources, cutting-edge equipment, nutritional support, and educational assistance.
'IndusInd For Sports' Initiative
Establishment: The 'Wrestle for Glory' program is part of the 'IndusInd For Sports' initiative, a non-banking sports vertical of the Bank founded in 2016.
Philosophy: The initiative emphasizes diversity, differentiation, and domination, aiming to excite, educate, and engage stakeholders through sports.
About IndusInd Bank
IndusInd Bank started in 1994, serving consumer and corporate customers.
It has around 39 million customers as of March 31, 2024.
Operates 2,984 branches and 2,956 ATMs across 157,000 villages in India.
Has representative offices in London, Dubai, and Abu Dhabi.
Focuses on technology-driven multi-channel delivery.
Clearing bank for BSE and NSE; settlement bank for NCDEX; empanelled banker for MCX.
Founder: S. P. Hinduja
Headquarters: Mumbai, Maharashtra, India
Key Executives:
Sumant Kathpalia (MD & CEO)
Arun Khurana (Executive Director & Deputy CEO)
Gobind Jain (CFO)
