Fintech Brief — June 08, 2026

Today’s Top Stories

1. RBI Signs Cross-Border Digital Payments MoU with Vietnam; UPI International Network Expands

The Reserve Bank of India and the State Bank of Vietnam (SBV) have signed a Memorandum of Understanding to enhance cooperation in digital payments, fintech development, and payment system connectivity. Approved by the Union Cabinet, the MoU focuses on enabling cross-border QR code-based merchant payments between India and Vietnam, making transactions more seamless and cost-effective for businesses, tourists, and consumers. The agreement builds on India’s broader strategy of exporting its digital public infrastructure — UPI now has live linkages with Nepal, UAE, Singapore, Bhutan, France, Sri Lanka, Mauritius, Peru, and Cambodia (launched June 2). Economic Times PIB

Separately, India’s cross-border QR payment linkage with Cambodia — launched on June 2 via NPCI International (NIPL) and ACLEDA Bank — is now operational, allowing Indian tourists to scan Cambodia’s KHQR codes at over 4.5 million merchants. Phase 2, which will enable Cambodian visitors to pay at UPI-QR merchants in India, is expected later this year. Cambodia Investment Review

2. RBI Introduces Digital Payments E-Mandate Framework 2026

The RBI has introduced the Digital Payments – E-Mandate Framework, 2026, aimed at making recurring digital payments more transparent, secure, and customer-friendly. Key provisions:

  • 24-hour pre-debit notification with merchant name, amount, timing, and reason
  • Customers can modify, pause, or cancel e-mandates at any time
  • Ability to set spending limits for recurring payments
  • Additional authentication (OTP) required for cancellation requests to prevent unauthorised tampering

The framework strengthens consumer control over automated transactions — subscriptions, utility bills, insurance premiums — while maintaining safeguards. It applies to autopay services across banking and fintech platforms, and is expected to boost trust in digital recurring payments. The framework is part of RBI’s broader June 2026 regulatory package, which also includes relaxed approval norms for outward remittance tie-ups by non-bank entities. RBI Banking Finance

3. Revolut Begins India Beta Rollout with UPI Integration

British fintech giant Revolut has quietly begun rolling out its services in India as part of a controlled beta programme, marking a significant milestone in its years-long entry into the country’s digital payments market. A few thousand users from Revolut’s approximately 450,000-strong waitlist are now active on the platform.

Features available to beta users include UPI payments, e-money wallets, domestic prepaid cards, multi-currency cards, virtual cards, and disposable cards. The company acquired Arvog Forex in 2022 for its RBI PPI licence and has been building local operations under CEO Paroma Chatterjee since 2021. Revolut targets onboarding 20 million users by 2030 with a goal of processing at least $7 billion in transactions, specifically targeting 150 million “digitally native” Indians aged 25–45. TechCrunch

4. CBI Raids in ₹661 Crore Fraud at IDFC First Bank and AU Finance Bank

The CBI conducted searches at six locations in Chandigarh, Panchkula, and Delhi-NCR in connection with an alleged ₹661 crore fraud involving the siphoning of government funds from departments of the Haryana government and the Chandigarh administration. The probe involves collusion between public servants, bank officials at IDFC First Bank and AU Finance Bank, and Noida-based Vipam Consultancy Pvt Ltd.

Eight departments of the Haryana government and two departments of the Chandigarh administration — Municipal Corporation Chandigarh and CREST — were affected. The CBI has already filed its first chargesheet before a special court in Panchkula, and seized incriminating documents, digital devices, and property documents during the raids. Additional chargesheets against other accused are expected. The case highlights persistent vulnerabilities in government fund management and internal controls at banking institutions. Economic Times

Sources: RBI, NPCI, PIB, TechCrunch, Economic Times, Banking Finance, Cambodia Investment Review