Fintech Brief — June 14, 2026
RBI’s Payments Vision 2028: Single-Window Cross-Border Payments
The Reserve Bank of India is preparing a major simplification of cross-border payment approvals under its Payments Vision 2028 framework. According to an EY report released on June 13, the RBI plans to introduce a single-window application process for cross-border payment authorisations, consolidating approvals under both the Payment and Settlement Systems (PSS) Act and the Foreign Exchange Management Act (FEMA).
The focus marks a strategic shift from the previous vision, which concentrated on expanding domestic payment systems like UPI and RuPay internationally. The new approach prioritises efficiency for MSME exporters and businesses engaged in international trade, with a comprehensive ecosystem review to remove regulatory and operational bottlenecks.
This is significant for India’s growing cross-border payments market, where platforms like Payoneer, Remitly, and the NPCI’s UPI internationalisation efforts are competing for share.
Source: Economic Times
RBI Permits Direct Bank Lending to REITs & InvITs
In another regulatory move, the RBI has allowed banks to lend directly to Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) for the first time, effective October 1, 2026. Key conditions include:
- Overall bank exposure to a single REIT/InvIT (including SPVs and holding companies) capped at 49% of asset value
- At least 80% of underlying assets must generate positive cash flows for a minimum of one year
- Only SEBI-registered and listed trusts are eligible
- Banks must frame board-approved policies covering appraisal, underwriting, and monitoring
The framework is expected to deepen capital market participation and provide REITs/InvITs with cheaper bank funding versus traditional bond markets. For fintech platforms servicing the investment and wealth management space, this opens new structuring possibilities.
Source: Economic Times
Razorpay Gears Up for ₹5,700 Cr IPO
India’s flagship payments unicorn Razorpay is reportedly preparing to file a confidential DRHP with SEBI as early as next week, targeting an IPO in the range of ₹4,700–5,700 crore ($600–700 million). The fintech giant is eyeing a valuation of ₹50,000–60,000 crore ($5–6 billion).
The IPO is expected to comprise a fresh issue of approximately $300 million along with an offer-for-sale component. Razorpay’s last valuation stood at $7.5 billion (Series F, $375 million raised in December 2021). A successful listing would make it one of the largest fintech IPOs in India, following Paytm’s ₹18,300 crore offering and PB Fintech’s (PolicyBazaar) ₹5,710 crore debut.
Source: Business Standard, Free Press Journal
Startup Funding This Week: $243 Mn Across 25 Deals
Indian startups raised $242.6 million across 25 deals between June 8–12, marking a ~30% uptick from $187.4 million the previous week, per Inc42’s weekly funding tracker. Notable deals:
| Startup | Sector | Amount | Round |
|---|---|---|---|
| GPS Renewables | Cleantech | $66.4 Mn | Series C |
| Equal AI | AI | $30 Mn | Series B |
| Ethereal Machines | Hardware | $28.5 Mn | Series B |
| MyGate | Real Estate Tech | $23.6 Mn | — |
| Exponent Energy | EV/Cleantech | $21.1 Mn | — |
In M&A activity, ecommerce major Meesho entered into an agreement to acquire B2B commerce startup Kirana Club in an all-cash deal worth ₹202 crore, with completion expected in three tranches by March 2027. Meanwhile, quick commerce leader Zepto reported FY26 revenue doubling to ~₹12,600 crore, though losses widened to ₹5,905 crore as it continues expansion ahead of its planned IPO.