Daily Brief

Fintech Brief — April 05, 2026 Today’s Top Stories 1. BHIM App Introduces Biometric Authentication for UPI Payments NPCI BHIM Services Limited (NBSL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI), has officially launched biometric authentication for its BHIM Payments App. Available for both iOS and Android devices, the new feature allows users to approve Unified Payments Interface (UPI) transactions using their smartphone’s built-in fingerprint or facial recognition technology. ...

Fintech Brief — March 31, 2026 Today’s Top Stories 1. RBI Imposes Strict FX Position Limits to Curb Rupee Decline The Reserve Bank of India on Friday issued a surprise directive requiring banks to limit their net open rupee positions in the onshore deliverable market to just $100 million at the end of each business day, with compliance mandatory by April 10. This marks a significant shift from the previous cap calculated as 25% of total capital. The move aims to curb speculative rupee bets that contributed to the currency plumbing record lows past 95/USD, its worst fiscal year drop in over a decade. Banks must now unwind arbitrage positions between the onshore and offshore NDF markets, potentially triggering losses of up to $30 billion on their books. Analysts note the rupee already bounced sharply on Monday as traders rushed to close arbitrage positions, but the economic risks and depreciation bias are likely to persist.12 ...

Fintech Brief — March 30, 2026 Today’s Top Stories NPCI Cuts RuPay Credit Card UPI Fees; RBI Probes Autopay Issues In a significant move affecting India’s digital payments ecosystem, the National Payments Corporation of India (NPCI) has revised UPI fees for RuPay credit card transactions, effective April 1, 2026. The circular reduces third-party app provider (TPAP) fees from 8 to 6 basis points for non-industry apps and from 4 to 3 basis points for industry apps. This directly impacts consumer-facing UPI payment apps like Paytm, Google Pay, and PhonePe, potentially reducing their transaction costs and improving margins on high-volume payments.1 ...

Fintech Brief — March 29, 2026 Today’s Top Stories 1. RBI Caps Rupee Positions to $100 Million, Forcing Arbitrage Trade Unwind The Reserve Bank of India’s latest restriction on rupee positions is set to compel banks to unwind arbitrage trades between the non-deliverable forward (NDF) and onshore markets, exposing them to potential losses.Effective Friday (after market hours), banks must now ensure their net open rupee positions in the onshore deliverable market do not exceed $100 million at the end of each business day, with full compliance required by April 10. ...

Fintech Brief — March 28, 2026 Today’s Top Stories 1. RBI Issues Counterparty Credit Risk Amendments for Banks The Reserve Bank of India (RBI) issued a circular in March 2026 amendments to the framework for Counterparty Credit Risk (CCR), specifically focusing on the calculation of Potential Future Exposure (PFE). The circular clarifies requirements for banks acting as clearing members of SEBI-recognized stock exchanges in equity and commodity derivatives segments, mandating capital charges for CCR. It also aligns add-on factors for PFE calculation with international Basel Committee guidelines, aiming to enhance clarity and consistency in risk management across India’s banking sector. The amendment applies to various banking and financial institutions and emphasizes improved regulatory guidance on CCR and capital adequacy norms.1 ...

Fintech Brief — March 27, 2026 Today’s Top Stories 1. Revolut to Base 40% of Global Workforce in India by 2026 European fintech major Revolut has announced plans to have approximately 40% of its global workforce based in India by the end of 2026, as it expands its India Global Capability Centre (GCC). The company committed £500 million (~$670 million) to its India business and GCC over five years in 2025, and plans to fill 1,600 roles in its India centre through 2026, taking headcount to 5,500 by year-end. ...

Fintech Brief — March 26, 2026 Today’s Top Stories 1. RBI Likely Intervened to Support Rupee Amid NDF Pressures The Reserve Bank of India likely intervened in the foreign exchange market on Wednesday to support the rupee, as heavy dollar demand linked to maturing non-deliverable forwards (NDFs) offset relief from falling oil prices. The South Asian currency held above its record low of 93.98 per dollar, closing at 93.96, down 0.1% on the day. ...

Fintech Brief — March 25, 2026 Today’s Top Stories 1. SEBI Proposes Gift Cards for Mutual Fund Investments India’s markets regulator SEBI has proposed allowing gift cards or gift prepaid payment instruments (PPIs) for mutual fund investments to improve financial inclusion and onboard new investors. The proposal, outlined in a consultation paper released on March 23, aims to make mutual fund investments more accessible by enabling gifting of investment units through prepaid instruments. ...

Fintech Brief — March 23, 2026 Today’s Top Stories 1. NPCI Slashes RuPay Credit Card UPI Fees; PhonePe, Google Pay to Benefit The National Payments Corporation of India (NPCI) has announced a reduction in UPI fees for RuPay credit card transactions, effective April 1, 2026. The revised fee structure lowers third-party app provider (TPAP) fees from 8 to 6 basis points for non-industry players and from 4 to 3 basis points for industry players. This change impacts consumer-facing UPI apps like Paytm, Google Pay, and PhonePe, potentially improving their margins on high-volume transactions. PhonePe and Google Pay, which process combined billions of transactions monthly, stand to gain the most from reduced fee outflows to NPCI. The fee reduction does not affect offline small merchants, EMI transactions, or merchant MDR rates. 1 ...

Fintech Brief — March 22, 2026 Today’s Top Stories 1. PhonePe Shelves IPO Plans Citing Geopolitical Tensions Walmart-backed PhonePe, India’s largest digital payments platform, has put its Initial Public Offering (IPO) plans on hold, citing ongoing geopolitical tensions and volatile global stock markets. The decision marks a significant shift for the Flipkart-owned company, which had been preparing for one of the biggest fintech listings in Indian market history. Investment bankers working with PhonePe had recently suggested lowering valuation expectations to approximately $9 billion, down from earlier projections. The company currently leads India’s Unified Payments Interface (UPI) ecosystem in transaction volumes, surpassing Google Pay. In February 2026, PhonePe processed about 9.3 billion transactions worth roughly ₹13.1 trillion (approximately $141.9 billion), compared with Google Pay’s 6.8 billion transactions worth around ₹9 trillion (around $97.8 billion), according to data from the National Payments Corporation of India (NPCI). 1 ...