Fintech Brief — April 05, 2026

Today’s Top Stories

1. BHIM App Introduces Biometric Authentication for UPI Payments

NPCI BHIM Services Limited (NBSL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has officially launched biometric authentication for its BHIM Payments App. Available for both iOS and Android devices, the new feature allows users to approve Unified Payments Interface (UPI) transactions using their smartphone’s built-in fingerprint or facial recognition technology.

The feature is currently limited to transactions up to ₹5,000, marking a significant step toward password-free payments in India. “BHIM Payments App has always focused on making digital payments simple, secure and accessible for every Indian,” said Nataraj, adding that the update “reduces reliance on PIN entry while keeping payments closely tied to the user.”

This launch follows the broader NPCI roadmap to enhance UPI security and user experience. Biometric authentication adds a layer of convenience while maintaining security for small-value transactions—a segment that accounts for a significant volume of daily UPI payments across the country. ¹

2. RBI Intensifies Crackdown on Rupee Speculation; Banks Seek Relaxation

The Reserve Bank of India has intensified its crackdown on speculative activity in the rupee, targeting corporate arbitrage after its initial clampdown on banks failed to alleviate pressure on the currency. In a move that surprised market participants, RBI barred banks from offering clients rupee non-deliverable forwards (NDFs), sparking concerns about a potential $30 billion unwind.

banks are urging the RBI to rethink new rules for foreign-exchange transactions designed to shore up the rupee, saying the measures would saddle them with large losses. According to sources familiar with the matter, unwinding at such scale would trigger significant losses on their books. Analysts have described RBI’s bank measure as a “good move” to stem the rupee’s slide, with 95 potentially being the line in the sand for the central bank.

The rupee is closing the fiscal year with its worst annual performance in over a decade, battered by foreign outflows, an oil shock from the Iran war and fading investor conviction. By forcing banks to cut their positions, the central bank opened up arbitrage between the onshore and NDF market which corporates exploited, putting renewed pressure on the rupee and diluting the impact of the initial measures. ²³

3. Revolut to Base 40% of Global Workforce in India

UK digital bank Revolut plans to base roughly 40% of its global workforce in India by the end of 2026, as it grows its Global Capability Centre (GCC) in the country. The company will add 1,600 roles in India through 2026, taking its headcount there to 5,500 by year-end.

Revolut had previously committed £500 million (approximately $670 million) over five years to its India business and the GCC, with the investment announced in 2025. “Our India tech hub is central to our global scale… the technical calibre, ambition and excellence we see here make India a natural long-term home for Revolut,” said the company statement.

The GCC expansion is separate from Revolut’s consumer banking operations in India, which continue to serve Indian customers directly through its app. This massive talent investment underscores India’s growing importance as a global fintech engineering hub. ⁴

4. AI Wealth Startup Bachatt Raises $12M Series A

Bachatt, a Delhi-based AI-driven savings and wealth platform, has raised $12 million in its Series A funding round led by Accel, with participation from existing investors Lightspeed and Info Edge Ventures. The newly raised capital will be utilized to accelerate user acquisition, strengthen its core savings offerings, and introduce new AI-powered wealth and credit products.

The company is targeting the self-employed segment—a historically underserved demographic in India’s wealth management space. Looking ahead, Bachatt aims to significantly expand its reach, targeting a user base of 30 million over the next 12 to 24 months while broadening its suite of financial products.

With its focus on AI-led solutions and underserved customer segments, Bachatt is positioning itself to play a key role in reshaping how savings and wealth products are accessed by India’s self-employed workforce—a segment comprising gig workers, freelancers, and small business owners who often struggle to access formal financial products. ⁵

Quick Hits

• Airtel Nxtra Data: Bharti Airtel’s data center arm Nxtra Data raised $1 billion from Alpha Wave, Carlyle, and Anchorage Capital, targeting 1GW capacity and ~25% market share. ⁶
• Zetwerk IPO: B2B manufacturing marketplace Zetwerk plans a Rs 5,000 crore IPO, in discussions to raise Rs 500 crore pre-IPO funding at unchanged valuation of Rs 25,000-26,000 crore. ⁷

Daily brief covering RBI, SEBI, NPCI, UPI, and Indian startup funding. Subscribe at cashlessconsumer.in.