Fintech Brief — July 28, 2026

RBI’s Dollar-Inflow Schemes Draw $32 Billion, Strengthen BoP

RBI Governor Sanjay Malhotra revealed in an interview with The Hindu Businessline that the central bank’s June-announced dollar-mobilisation measures have attracted nearly $32 billion in inflows. The bulk came via the Foreign Currency Non-Resident (FCNR(B)) deposit scheme, with an additional $7 billion entering government securities through debt FPIs following tax changes.

Malhotra noted that the rupee is “not undervalued” at current levels and the 5.25% repo rate remains appropriate. Critically, he acknowledged that the dollar inflows haven’t fully translated into rupee liquidity — partly because rising government cash balances are absorbing the domestic currency side. With the August 3-5 MPC meeting approaching, 95% of economists in a Reuters poll expect rates to remain on hold through 2026, citing Middle East war risks to growth.

The rupee posted its best single-day gain in over six weeks on July 27, aided by RBI intervention and a slump in oil prices. Indian Express · Reuters

UPI-Linked PF Claim Settlement Pushed to August

The much-anticipated integration of UPI with EPFO’s claim settlement has been delayed. The facility — which will enable faster credit of eligible provident fund claims directly via UPI — was being developed by CDAC as part of the CITES 2.01 modernisation project, with APIs being built with SBI and NPCI. EPFO has been expanding auto-settlement and simplifying withdrawal rules, but the UPI linkage won’t go live until at least August.

Meanwhile, NPCI continues to scale: biometric UPI transactions crossed ₹25,416 crore in value, and UPI processed 23+ billion transactions in May 2026, accounting for nearly 86% of India’s digital payments. Mint · Rediff

Wealthtech Veriqus Raises ₹387 Crore from Norwest Venture Partners

Mumbai-based Veriqus Group has raised ₹387 crore (~$40 million) in a funding round led by Norwest Venture Partners. Founded by former Julius Baer India CEO Ashish Gumashta and ex-HDFC AMC fund manager Roshi Jain, Veriqus is building an AI-powered integrated wealth and asset management platform combining wealth management, asset management, business advisory and lending under one roof.

The company serves HNIs, family offices, entrepreneurs and institutional clients. Norwest principal Nikhil Kookada highlighted that India’s wealth management industry is at an “inflection point,” driven by rapid wealth creation beyond major metros and the financialisation of savings. Veriqus plans to use the capital to expand its advisor network and grow in Tier II cities. Private Banker International · YourStory

Ashneer Grover Launches Fund My Staff — Employer-Backed Lending

Former BharatPe co-founder Ashneer Grover has launched Fund My Staff, a fintech platform that enables employers to act as guarantors for employees seeking small personal loans. The platform targets workers with limited or no formal credit history — delivery staff, domestic help, drivers — by leveraging the employer-employee trust relationship to underwrite credit.

Through Ash Grove Capital (his NBFC arm), Grover is positioning the venture in the regulated digital lending space. It’s a notable bet on employer-guaranteed credit as a distribution channel for financial inclusion, though execution risk and unit economics in small-ticket lending remain open questions. Elets BFSI · Ascendants