Fintech Brief — July 31, 2026

RBI Frees Up Bulk Deposit Pricing, Mandates Uniform Disclosure

The RBI issued the Commercial Banks — Interest Rate on Deposits — Second Amendment Directions, 2026 on July 30, giving banks greater flexibility to price rupee bulk deposits based on Liquidity Coverage Ratio (LCR) run-off characteristics. Banks can now offer differential rates on bulk deposits tied to their liquidity profile — a meaningful carve-out from the otherwise strict uniformity requirement.

At the same time, the central bank doubled down on transparency: interest rates on deposits must be uniform across all branches for similar amounts accepted on the same date, and banks must disclose bulk deposit rates on their websites daily at 10:00 AM IST. Separate Amendment Directions were issued for payment banks.

The rules take effect October 1, 2026 — giving banks a two-month runway to restructure deposit products and rate disclosure systems. The move balances competitive pricing freedom for banks with depositor protection through standardised disclosure.

Sources: RBI Press Release, ET BFSI, Moneycontrol, Business Standard

NPCI Orders UPI Apps to Mask Phone Numbers by September 4

NPCI has directed all UPI apps and partner banks — including Google Pay, PhonePe, and Paytm — to stop displaying users’ full mobile numbers during transactions. Only the last four digits will be visible to the counterparty. QR code payments will show no phone number at all.

The directive, issued under the Digital Personal Data Protection (DPDP) Act framework, comes after sustained complaints — particularly from women — about unsolicited contact and identity theft via phone numbers exposed through UPI transactions. NPCI has also instructed apps to make username-based UPI IDs the default for new sign-ups, shifting away from mobile-number-based VPAs.

The September 4 compliance deadline requires coordinated changes across account-holding banks, the NPCI backend, and customer-facing apps. Experts have warned that privacy concerns run deeper than phone numbers alone, touching on broader questions of identity exposure and data protection in India’s 550-million-user UPI ecosystem.

Sources: MediaNama, Moneycontrol, Storyboard18

Swiggy Narrows Loss 34% as Revenue Crosses ₹6,800 Cr in Q1 FY27

Swiggy reported a 34% year-on-year reduction in consolidated net loss to ₹791 crore for Q1 FY27 (quarter ended June 30), down from ₹1,197 crore in the year-ago period. Revenue surged 37% to ₹6,812 crore, driven by growth in both food delivery and its quick commerce arm Instamart.

The narrowing losses signal improving unit economics, though profitability remains a distance away. Instamart continued its expansion push, absorbing heavy investment even as its contribution margins improved. Swiggy’s results come amid a broader trend of listed new-age tech companies demonstrating a path toward profitability after years of cash burn.

Sources: Moneycontrol, LiveMint

UPI Goes Live at Burj Khalifa — First UAE Attraction to Accept Online UPI Payments

NPCI International Payments Limited (NIPL), in partnership with NEOPAY and Emaar Entertainment, has enabled UPI payments for online bookings at At the Top, Burj Khalifa — making it the first attraction in the UAE to accept UPI for e-commerce transactions. Indian tourists can now book tickets through the official website using any UPI-enabled app.

While QR-based UPI payments at physical merchants in the UAE have been operational since 2022, this marks UPI’s entry into online cross-border commerce in the region. NIPL CEO Ritesh Shukla framed it as part of a broader push to make UPI a familiar payment option for Indian travellers even before they arrive at their destination.

Sources: Passionate In Marketing, SarkariTel, India.com