Time For India To Become Global Innovation Leader, Says Trivedi Rajya Sabha member Sudhanshu Trivedi addressed students at VNIT's AXIS festival, emphasizing India's need to transition from adopting technology to leading global innovation. He highlighted the country's digital payment system, stating it has surpassed the combined transaction volumes of the United States and China. Trivedi noted that India now accounts for 49% of global digital transactions, a figure that exceeds the combined totals of the U.S. and China. He cited the Unified Payments Interface (UPI) as a key achievement, explaining that it overtook Visa to become the world’s largest digital payment system in 2024. Trivedi pointed to international examples of India’s growing influence, such as Japan’s Prime Minister making a digital payment in a Delhi market and French President Emmanuel Macron using UPI at a roadside tea stall in Jaipur. He remarked that nations once considered advanced in technology are now surprised by India’s rapid digital transformation. The MP also attributed this progress to a significant decline in data costs, noting that 1 GB of data cost over Rs300 per month a decade ago, compared to Rs28 per month today. Trivedi emphasized the role of India’s national portal in expanding access to global research, stating that over 6,300 institutions now have access to international journals. In 2025 alone, more than 11 crore papers were downloaded through this platform. Looking ahead, he outlined government initiatives, including a Rs30,000 crore allocation for artificial intelligence and Rs6,000 crore for quantum technologies. National missions in green hydrogen and renewable energy were also highlighted as critical areas for future investment.#rajya_sabha #unified_payments_interface #sudhanshu_trivedi #vnit #axis_festival
EPFO 3.0 Launches in Mid-2026, Simplifying PF Withdrawals The Employees' Provident Fund Organization (EPFO) is set to roll out its third major overhaul, EPFO 3.0, by mid-2026. This update aims to streamline the process of withdrawing Provident Fund (PF) balances for salaried employees, allowing them to access up to half of their accumulated savings through ATMs or Unified Payments Interface (UPI) platforms. The change eliminates the need for traditional paperwork and in-person visits to EPFO branches, significantly reducing the time and effort required to access funds. A key feature of EPFO 3.0 is the introduction of a direct withdrawal mechanism. Under the new system, members can withdraw up to 50% of their PF balance instantly via UPI or ATMs. This shift from manual processing to digital transactions is expected to enhance convenience, particularly for those in urgent financial need. The initiative aligns with the government’s broader push to digitize public services, ensuring faster and more transparent access to financial resources. The update also includes an auto-settlement feature that accelerates claim processing. Previously, members had to submit physical forms and wait for manual verification, which often delayed the release of funds. With EPFO 3.0, the system will automatically approve claims for amounts up to ₹5 lakh, provided the member’s details are verified. This includes an active Universal Account Number (UAN), a verified mobile number, and completed Know Your Customer (KYC) documentation such as Aadhaar, PAN, and bank account details. The implementation of EPFO 3.0 relies on partnerships with 32 banks, which will facilitate seamless fund transfers. These collaborations are designed to reduce processing times and minimize errors, ensuring that members receive their money promptly.#unified_payments_interface #epfo #universal_account_number #know_your_customer
India Markets Regulator Proposes Gift Cards for Mutual Fund Investments India's securities regulator, the Securities and Exchange Board of India (SEBI), has proposed allowing gift cards or prepaid payment instruments (PPIs) for mutual fund investments as part of efforts to enhance financial inclusion and attract new investors. The proposal, outlined in a consultation paper published on its website, aims to simplify the investment process by enabling individuals to use gift cards or PPIs to purchase mutual fund units. Under the proposed framework, PPIs would be funded exclusively through electronic bank transfers or Unified Payments Interface (UPI) transactions from an Indian bank account. Each PPI would have a validity period of one year from the date of issuance, ensuring that the funds are used within a specified timeframe. The regulator emphasized that this measure is designed to make mutual fund investments more accessible, particularly for first-time investors who may prefer alternative methods of funding their investments. To ensure compliance with investment limits, registrars and transfer agents, acting on behalf of asset management companies, would track annual investments made through gift PPIs, e-wallets, and cash. Any transaction linked to a gift PPI that would cause an individual's total annual investment to exceed 50,000 rupees (approximately $535.38) would be rejected. This cap is intended to prevent excessive concentration of investments in a single instrument while promoting broader participation in the mutual fund market. The proposal also includes a note on the exchange rate, stating that $1 is equivalent to 93.3910 Indian rupees.#india #securities_and_exchange_board_of_india #mutual_fund #prepaid_payment_instruments #unified_payments_interface
