Fintech Brief — August 26, 2026

UPI Completes a Decade: 13,000x Volume Growth in 10 Years

The Unified Payments Interface turned ten on August 25. Launched in 2016 with just 21 banks, UPI now connects 741 banks and processes an average of 66 crore transactions daily. Annual volume surged from 1.78 crore in FY 2016-17 to over 24,162 crore in FY 2025-26 — a roughly 13,000-fold increase. Transaction value climbed from ₹0.07 lakh crore to approximately ₹314 lakh crore in the same period. UPI now accounts for 84% of India’s retail payment transactions by volume and 58% by value. PM Modi and Home Minister Amit Shah both marked the occasion, with the Finance Ministry releasing a 10-year digital payments report through NPCI.

Sources: CNBC TV18, Business Standard, Business Today

RBI Shortens CRR/SLR Exemption Window for FCNR(B) and NRE Deposits

The RBI issued five Fourth Amendment Directions on August 25, advancing the deadline for CRR and SLR exemptions on specified fresh FCNR(B) deposits (3–5 year tenor) and NRE term deposits (3+ years) from September 30 to August 31, 2026. The amendments cover commercial banks, small finance banks, local area banks, regional rural banks, urban co-operative banks, and rural co-operative banks. The temporary relaxation, originally introduced on June 17, 2026, was intended to incentivise longer-term foreign currency inflows — its early closure signals the RBI’s tightening stance on liquidity management. Simultaneously, the RBI’s net liquidity absorption stood at ₹3.71 lakh crore on August 24, and the August 2026 bulletin flagged inflation trends.

Sources: TaxGuru, CorpLawUpdates, RBI Notifications

Fasset Hits $1 Billion Valuation with SBI-Led $68M Series C

Stablecoin neobank Fasset has entered the unicorn club, raising $68 million in a Series C round led by Japan’s SBI Group at a $1 billion valuation. The platform, co-founded by Lahore-born Mohammad Raafi Hossain in 2019, serves over 3 million customers across 125 countries and processes more than $40 billion in annual transaction volume. Revenue has reportedly grown six-fold. The capital will fund expansion of Fasset’s own payment network and agentic AI-powered stablecoin settlement infrastructure.

Sources: The FinRate, FinTech Futures

SEBI Drops Axis Bank Probe on Max Life Shares

SEBI has closed its investigation into Axis Bank’s alleged irregularities in Max Life Insurance share transactions, according to exchange filings. The decision was noted in corporate disclosures on August 25. No further regulatory action was recommended.

Source: ScanX