India now makes faster payments than any other country, courtesy UPI: IMF note
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Hindustan Times
2 hours ago
- Hindustan Times
New Payments Regulatory Board can rewrite digital payment rules
The ink is still fresh on the formation of the Payments Regulatory Board (PRB)—a structural shift in how India governs its fast-growing digital payments ecosystem. Replacing the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS), the PRB introduces joint oversight by the Reserve Bank of India (RBI) and the central government, marking the first-time regulatory authority over a core financial infrastructure is shared at the top. UPI(MINT) India's regulatory journey has evolved alongside its digital payments growth. The Banking Regulation Act of 1949 laid the groundwork, while the Payment and Settlement Systems Act of 2007 granted the RBI direct oversight of payment systems. However, mass adoption of innovations like UPI, Aadhaar-enabled payments, and prepaid payment instruments (PPIs) has introduced new challenges around interoperability, fragmented oversight and the need for faster policy responses. The PRB builds on a legacy of robust governance—consumer protection through grievance redressal and KYC guidelines, resilience via cybersecurity frameworks, and risk oversight. In 2018, the RBI had emphasised the need to maintain continuity and technical expertise. That thinking has shaped the PRB's current 3+3 composition—three RBI nominees and three government appointees. The PRB aligns with India's broader payments vision of financial inclusion, innovation and risk management. India accounted for nearly half of global real-time digital payment transactions in 2024. As transaction volumes grow, risks evolve—from infrastructure strain to emerging security threats. The PRB's hybrid model offers agility, allowing innovation and safeguards to advance in tandem. Banks and payment networks face evolving compliance demands around tokenised payments, AI-driven fraud detection and digital currency pilots. FinTech firms can expect a participatory regulatory environment with clearer roadmaps for blockchain, programmable payments and cross-border innovations. The growing instances of UPI frauds have also been an area of concern, which clearly requires a differentiated approach to address the systemic risks being created. The PRB is expected to include technical experts in cybersecurity, data privacy and digital law—either as members or invitees. This is critical for tackling operational challenges like UPI outages, infrastructure bottlenecks and long-term systemic disruptions. In a move towards more inclusive policymaking, the board may engage external experts from sectors like telecom, e-commerce and retail. This wider representation—through ad hoc industry invitees—can strengthen alignment with sectoral priorities and promote a future-ready regulatory approach. Rules around prepaid instruments, QR code standards and merchant onboarding are also likely to be revised to strike a balance between innovation and consumer protection. Globally, Australia's Payments System Board offers a useful comparison—where the central bank chairs the board and the government appoints external members. India's PRB similarly blends public sector accountability with broader inputs from the private sector. As a result, policy discussions such as revisiting the MDR regime for large merchants or scaling the New Umbrella Entity (NUE) could gain renewed momentum. RBI's Digital Payments Index (DPI) reached 465.33 in September 2024, reflecting the expanding reach, adoption and quality of digital payment services across India. The PRB's creation is not just a response to this scale—it is a forward-looking move to reinforce the core of India's digital finance ecosystem. It is expected to accelerate policy decisions, support cash displacement efforts and continue the BPSS's push to enhance interoperability and mandate more open systems—offering consumers greater choice while evaluating the long-term sustainability of players, including those in the UPI ecosystem. Designed as both a regulator and a platform for collaboration, the PRB promotes trust—not just more transactions. Its consultative approach supports a model built for ambition, adaptability and inclusive growth. With joint oversight from the Reserve Bank of India and the central government, the PRB is expected to foster greater policy alignment—encouraging innovation while managing systemic risk. Banks and payment networks may adapt their compliance frameworks to better accommodate emerging payment modes and technologies. FinTech firms could benefit from clearer regulatory pathways in areas such as cryptocurrencies, tokenised assets and blockchain-based payments. Foreign players entering India's payments market may also gain enhanced regulatory clarity. Alternative modes of payments acceptance—be it through wearables or newer form factors like 'face' payments or palm payments—might also get a boost, helping drive innovation, provide additional security layers and bring wider choices to consumers. In the near term, the PRB may look to revise regulations around QR code-based merchant acceptance and prepaid payment instruments—strengthening consumer protection while preserving the rapid pace of innovation that defines India's digital payments landscape. This article is authored by Ranadurjay Talukdar, partner and payments sector leader, EY India.
Time of India
4 hours ago
- Time of India
NPCI shuts UPI pulls; Nykaa Q1 shows growth
Next NPCI shuts UPI pulls; Nykaa Q1 shows growth Want this newsletter delivered to your inbox? Also in the letter: NPCI orders end of UPI pull payments Driving the news: Understanding the context: Growth of UPI: Nykaa Q1 profit grows 79% on strong sales By the numbers: Operating revenue: Rose 23% to Rs 2,155 crore. Rose 23% to Rs 2,155 crore. Net profit: Climbed to Rs 24 crore. Climbed to Rs 24 crore. Gross merchandise value (GMV): Surged 26% to Rs 4,182 crore. Core operation: Qcomm focus: Also Read: Mamaearth Q1 profit rises 3% on record revenue By the numbers: Operating revenue: Grew 7% to Rs 595 crore. Net profit: Inched up 3% to Rs 41 crore. Total expenses: Rose 8% to Rs 563 crore. Employee benefit costs: Jumped 22% to Rs 60.4 crore. Quarterly performance: Mamaearth brand saw double-digit growth across ecommerce, modern trade and general trade The Derma Co's face cleanser became its third category to cross Rs 100 crore in annualised revenue runrate (ARR), after doubling sales. The company also expanded its retail footprint by 20% to over 2.4 lakh FMCG outlets. Also Read: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Cabinet clears four new semiconductor plants Driving the news: The cumulative investments in semiconductor projects now stand at Rs 1.6 lakh crore across six states. India already has six chip plants under construction in Gujarat, Assam and Uttar Pradesh, with the first 'made-in-India' chip expected soon. Roadmap: Also Read: Motilal Oswal invests Rs 400 crore in Zepto Tell me more: Recent transactions: But, why? ChrysCapital buys 85% of Theobroma Kimirica raises fresh capital for expansion, brand building Also Read: Keeping Count Other Top Stories By Our Reporters Pixxel & partners to build 12 satellites in PPP mode: Cognizant builds M&A muscle in India: Global Picks We Are Reading Happy Wednesday! To curb rising fraud, NPCI urges banks and fintechs to stop UPI pull transactions. This and more in today's ETtech Morning Dispatch.■ India's semiconductor push■ ETtech Done Deals■ PPP in spaceThe National Payments Corporation of India (NPCI) has instructed banks and UPI apps to halt all person-to-person (P2P) pull transactions as of October had already capped P2P pull payments at Rs 2,000 in 2019. Now, in a fresh letter to banks and fintechs, it has asked for the feature to be shut down decision follows a spike in UPI-related fraud, where scammers used the pull payment feature to trick unsuspecting bank customers. Sources told us NPCI may soon extend the ban to unverified merchant payments. As we reported on March 18 , this move was already in the remains India's preferred payment system, with NPCI logging 7 billion P2P transactions in July alone. However, banks say pull payments were never a significant driver, with only 3% of the transactions using this Nayar, CEO, NykaaFSN E-Commerce, parent of omnichannel beauty and lifestyle retailer Nykaa, reported a 79% rise in consolidated net profit for Q1 FY26 as its core business maintained momentum, according to its exchange beauty segment recorded a 26% GMV increase to Rs 3,208 crore, powered by robust growth in ecommerce, retail outlets, eB2B channels, and its in-house brands within the House of Nykaa House of Nykaa Beauty business now accounts for 18% of the company's overall beauty GMV, said Falguni Nayar, founder and CEO, Nykaa. Nykaa scaled its rapid delivery segment , Nykaa Now, to seven cities, including Mumbai, Delhi, and Bengaluru, delivering 1.3 million orders by the end of Alagh and Ghazal Alagh, founders, Honasa ConsumerHonasa Consumer, parent of Mamaearth, recorded its highest-ever quarterly revenue in Q1 FY26, pushing consolidated profit up by 2.7%.ETtech Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship Union Cabinet has signed off on four new semiconductor manufacturing units worth Rs 4,594 crore in Odisha, Andhra Pradesh and Punjab, bringing the total under the India Semiconductor Mission to ten SiCSem and US-headquartered 3D Glass Solutions Inc. will set up facilities in Odisha. New Delhi-based CDIL will establish a unit in Punjab, while Hyderabad's ASIP Technologies facility will be located in Andhra Pradesh. Together, these units will directly hire 2,034 skilled professionals and create thousands more jobs in allied electronic from these new plants will be used in missiles, defence equipment, electric vehicles (EVs), railway systems, fast chargers, data centre racks, consumer appliances, and solar power inverters, among other applications, IT minister Ashwini Vaishnaw said. These facilities are expected to be ready for production within three Oswal Financial Services has pumped Rs 400 crore into quick-commerce player Zepto, as the startup moves to increase Indian ownership ahead of a planned stock market a stock exchange filing, Motilal Oswal said it had bought 7.55 compulsorily convertible preference shares (CCPS) of Zepto. This part of a larger Rs 1,000-crore deal, which will value Zepto at around $5.4 billion, or Rs 47,298 investment comes on the heels of smaller stake buys by Mumbai-based NBFC Elcid Investments and mapping firm MapmyIndia . All three have picked up shares through secondary transactions, pegging Zepto's valuation at Rs 51,000 crore (around $5.9 billion).Zepto cofounders Aadit Palicha and Kaivalya Vohra are courting domestic investors to sidestep listing hurdles. They are also raising Rs 1,500 crore in debt to buy back shares from foreign has acquired an 85% stake in bakery chain Theobroma Foods for an undisclosed amount. The remaining 15% will remain with the first reported on July 15 that the homegrown private equity firm is looking to buy a majority stake from Theobroma's founding family and existing investor ICICI Venture for Rs 2,410 crore, valuing the company lower than the Rs 3,000 crore they initially sought.(L-R) Rajat Jain, Mohit Jain (up), Rica Jain and Kimi Jain, cofounders, KimiricaPersonal care brand Kimirica raised $15 million in a new funding round led by Carnelian Asset Management. The fresh funds will be used for brand building, expanding the customer base, product development, and offline expansion. The Indore-based company plans to launch over 10 experiential stores across India and the Middle the next four years, space startup Pixxel and its partners Piersight Space, Satsure Analytics, and Dhruva Space will invest over Rs 1,200 crore in deploying 12 satellites equipped with optical, hyperspectral, and synthetic aperture radar (SAR) Technology Solutions has hired at least five executives from consulting firms such as PwC, Deloitte, and EY as part of the corporate development team, in its focus on inorganic growth for the year ahead, people in the know told ET.■ Lisa Su runs AMD—and is out for Nvidia's blood ( Wired ■ Trump screwed over Nvidia's Chinese sales, then let them happen ( The Verge ■ China's vision for a driverless future is miles ahead of everyone else's ( Rest of World
News18
4 hours ago
- News18
Bank Holiday Today: Are Banks Open Or Closed on August 13? Check State-Wise List
Last Updated: Banks in Manipur are closed today, August 13, for Patriot's Day, honoring freedom fighters. Digital banking remains available. Banks will also close on August 15 and 16. Bank Holiday In August 2025: Are Banks closed today? Bank Holiday Today: Banks are set to remain close today, August 13, in Manipur due to Patriot's Day. According to RBI's instrumental holiday list, the date is earmarked as a public holiday in Manipur state, meaning banks won't be opened there. During bank holidays, customers can continue to access services through net banking, mobile banking, UPI, and ATMs. While these digital platforms remain operational for transactions, cheque clearing and other physical banking activities governed by the Negotiable Instruments Act will not be processed on these days. What Is Manipur's Patriot Day? Manipur Patriot Day is observed every year on August 13 to honor the courage and sacrifice of Manipuri freedom fighters who resisted British colonial rule. The day particularly commemorates Bir Tikendrajit Singh, the crown prince of Manipur, and General Thangal, who were executed by the British on August 13, 1891, after the Anglo-Manipur War. The conflict arose when the British interfered in the internal affairs of Manipur, leading to armed resistance. On this day, people in Manipur hold memorial events, cultural programs, and public gatherings to pay tribute to these martyrs, celebrating their role in protecting the sovereignty and dignity of the state. August 15 (Friday) – Independence Day / Parsi New Year / Janmashtami India will celebrate its 78th Independence Day on August 15, 2025, commemorating the country's independence from British rule in 1947. August 16 (Saturday) – Janmashtami (Shravan Vad-8) / Krishna Jayanthi Holiday in Aizawl, Chennai, Hyderabad, Patna, Raipur, Ranchi, Vijayawada, Gangtok, Chandigarh, Jammu, Srinagar Janmashtami, also known as Krishna Janmashtami or Gokulashtami, is a Hindu festival celebrating the birth of Lord Krishna, the eighth avatar of Vishnu. It typically falls in August or September, on the eighth day (Ashtami) of the Krishna Paksha (dark fortnight) in the month of Bhadrapada, according to the Hindu lunar calendar. Stock Market Holiday 2025 The stock market exchanges including BSE and NSE will also remain close on August 15, 2025 on the account of Independence Day. Upcoming Bank Holidays In August 2025 August 19 (Tuesday) – Birthday of Maharaja Bir Bikram Kishore Manikya Bahadur Holiday in Agartala Holiday in Guwahati Holiday in Mumbai, Belapur, Nagpur, Bhubaneswar, Chennai, Hyderabad, Vijayawada, Panaji August 28 (Thursday) – Ganesh Chaturthi (2nd Day) / Nuakhai Holiday in Bhubaneswar, Panaji National Holidays (All Banks Closed Across India) In August August 17 (Sunday) August 24 (Sunday) August 30 (4th Saturday) August 31 (Sunday). About the Author Business Desk A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover More First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
