Fintech Brief — July 04, 2026
Today’s Top Stories
1. RBI Tells Parliamentary Panel: Crypto Should Not Be Legalised in India
The Reserve Bank of India has reiterated its hardline stance on cryptocurrencies, telling the Parliamentary Standing Committee on Finance (chaired by BJP member Bhartruhari Mahtab) that virtual digital assets (VDAs) pose a threat to India’s economy and should not be legalised at this stage. The central bank argued that digital money could be used for illegal activities such as terror funding and narcotics smuggling, and that tracking offshore crypto entities presents significant regulatory challenges.
The RBI also pointed to international precedents — China and Qatar have banned crypto activities outright, while Europe allows them only under stringent regulation. The Institute of Chartered Accountants of India (ICAI) submitted to the same panel that it supports a comprehensive VDA law and offered to develop guidance on recognition, measurement, and disclosure standards for virtual assets in financial statements. This intervention comes at a time when global regulatory momentum around crypto is accelerating, and India’s 30% tax on crypto gains and 1% TDS already effectively penalise the sector without an outright ban.
2. UPI Goes Live in Greece — Now Available in 10 Countries
India’s Unified Payments Interface has expanded to Greece, its 10th international market, further cementing UPI’s status as a global digital payments export. The announcement was made during a Commerce Ministry event, with Greek authorities enabling QR-based UPI payments for Indian travellers at participating merchants.
Back home, UPI continues to shatter records. In June 2026, the network processed 22.72 billion transactions worth ₹28.92 lakh crore, averaging 757 million transactions daily — a 23% year-on-year growth in volume. The global expansion now covers countries including the UAE, Singapore, France, Mauritius, Sri Lanka, Nepal, Bhutan, and others through various bilateral linkages.
Separately, NPCI has partnered with HSBC India and JP Morgan Payments to enable real-time foreign exchange conversion for international UPI transactions. Standard Chartered has also demonstrated the potential of this infrastructure by processing a real-time remittance to India in just 37 seconds using SWIFT’s new retail payments framework.
Source: DD India | Payment Expert | AOL / ET
3. Moneyview Gets SEBI Approval for ₹1,500 Cr+ IPO
Fintech unicorn Moneyview has received SEBI’s final observation — effectively a green light — to proceed with its Initial Public Offering. The IPO, as per its March 2026 DRHP filing, will comprise a fresh issue of shares worth up to ₹1,500 crore and an offer-for-sale (OFS) of up to 13.61 crore shares by existing shareholders. Moneyview, which operates a lending and personal finance management platform, is part of a wave of Indian fintech firms gearing up for public listings in 2026, alongside KreditBee, Fibe, and others.
Moneyview’s IPO will test investor appetite for digital lending platforms following a period of regulatory tightening by RBI on digital lending guidelines and NBFC governance. The company’s path to profitability and its asset quality metrics will be key watchpoints.
Source: Inc42 | Economic Times
4. SEBI Eases Broker Rules for Unpaid Client Securities
SEBI has introduced new rules for how stock brokers handle client securities that have not been fully paid for, a move aimed at aligning market practices with the direct payout system and reducing operational friction. Under the new framework, an auto-pledge will be created in favour of a separate account called the “client unpaid securities pledgee account” (CUSPA) when a client fails to pay for purchased securities.
Brokers must now inform clients via email or SMS about pending payment obligations and the client’s right to sell the securities. Importantly, while these pledged securities may count toward client margin reporting, brokers cannot give fresh exposure to the client based on these unpaid securities. The rule change addresses long-standing complaints from brokers about the complexity of managing unpaid securities under the T+1 settlement cycle.
Quick Hits:
- Paytm Europe secured a payment institution licence from Luxembourg’s financial regulator (CSSF), effective July 2, following a €9 million investment. The licence allows Paytm to offer payment services across the EU/EEA as part of its European expansion strategy.
- Fintech led H1 2026 funding in India with $1.3 billion raised across 48 deals, followed by e-commerce ($779M, 112 deals) and cleantech ($251M, 38 deals).
Published by CashlessConsumer — tracking India’s digital payments & fintech ecosystem.