PM Modi Shares Story of 30-Year-Old Gift in New Zealand Prime Minister Narendra Modi recounted a nostalgic tale during his visit to New Zealand, recalling a gift he received over 25-30 years ago. He shared that when he first arrived in the country, before entering public life, he was given three items—a scarf, a cap, and gloves—as a gesture of warmth during the cold weather. Modi, who brought these items back to India, revealed that he still keeps the scarf, which he described as a cherished possession, comparing its preservation to how one might safeguard a beloved relationship. Speaking at a cultural event in Auckland titled "Kya Ora Modi" for the Indian diaspora, Modi emphasized the enduring ties between India and New Zealand. He highlighted the foundation of their relationship on shared memories, lasting friendship, and mutual values. The event also featured New Zealand Prime Minister Christopher Luxon, who attended alongside Modi. Modi underscored India's remarkable economic growth, stating that the country is now the world's fastest-growing major economy. He positioned India as offering a new model for development, citing advancements like the Unified Payments Interface (UPI), which facilitates billions of digital transactions monthly. Additionally, he praised India's progress in emerging technologies such as drones and space exploration, noting its potential to reshape global industries. The visit included a tour of a state-of-the-art sports exhibition showcasing cutting-edge equipment developed in collaboration with New Zealand athletes. Modi highlighted how sports have historically served as a bridge between the two nations, celebrating the 100th anniversary of their sports relationship.#new_zealand #narendra_modi #unified_payments_interface #christopher_luxon #kya_ora_modi
SBI flags Rs 6,300cr banking frauds in 3 years; UPI biggest con gateway State Bank of India (SBI) has disclosed that over the past three years, from April 2023 to March 2026, more than 30,700 cases of fraud involving its customers resulted in the siphoning off of Rs 6,313.4 crore. The data, obtained under the Right to Information (RTI) Act, highlights a significant challenge for the bank as it strengthens its fraud detection systems. West Bengal emerged as the state with the highest number of fraud cases during this period, with 3,426 incidents totaling Rs 143.67 crore. While the total number of fraud cases declined from 14,717 in 2023-24 to 2,247 in 2025-26, the average amount involved per fraud rose sharply, indicating a shift toward fewer but higher-value incidents. The RTI response, provided to Nagpur-based activist Abhay Kolarkar, revealed that digital payment platforms, particularly the Unified Payments Interface (UPI), were the primary channels for fraud. UPI accounted for 12,868 fraud cases, followed by internet banking with 8,657 incidents. Together, these two channels accounted for over 21,500 fraud cases in the three-year period. Cyber frauds constituted a major portion of the total, with 23,580 cases involving Rs 166.73 crore between 2023 and 2026. Although cyber fraud figures have declined in recent years, experts warn that increasingly sophisticated techniques continue to pose risks to customers. The data also exposed vulnerabilities within the banking system, as frauds involving SBI employees totaled 303 cases, causing losses of Rs 311.08 crore over the three-year period. Employee-linked frauds decreased from 114 cases in 2023-24 to 89 in 2025-26, but the average loss per incident rose to over Rs 103 crore in the last fiscal year.#west_bengal #right_to_information_act #state_bank_of_india #unified_payments_interface #abhay_kolarkar
Bank Holidays in India: RBI Schedule and Additional Observances for Eid-ul-Adha and SBI Strike Banks across India will remain closed on Saturday, May 23, as part of the Reserve Bank of India’s (RBI) standard schedule, which designates the second and fourth Saturdays of each month as non-business days. This closure aligns with the broader calendar of bank holidays for the month, which also includes all Sundays from May 3 to May 31. Additional days off are scheduled for May 9, the second Saturday, and May 24, the fourth Saturday, further shaping the timeline for financial services. The month’s holiday calendar also incorporates religious and regional observances. Eid-ul-Adha, also known as Bakrid, will be celebrated on May 27, with some states granting an extra day off to mark the occasion. However, Jammu and Kashmir will observe the holiday on May 28, reflecting local variations in the calendar. These additional days off may impact customer access to banking services, particularly for those planning to conduct transactions during the festive period. A planned strike by State Bank of India (SBI) staff is expected to cause disruptions on May 25 and 26. The strike, which is tied to ongoing discussions over recruitment policies and job-related concerns, may affect operations at SBI branches. While the exact scope of the strike’s impact remains unspecified, customers are advised to plan ahead and consider alternative methods for managing their financial needs. Despite the closures and potential disruptions, digital banking services, including Unified Payments Interface (UPI) transactions and ATM access, will remain operational. Customers are encouraged to verify the holiday schedule and adjust their plans accordingly to avoid inconvenience.#jammu_and_kashmir #reserve_bank_of_india #state_bank_of_india #unified_payments_interface #eid_ul_adha
From scale to depth: Dismantling frictions within India’s financial inclusion juggernaut India’s financial inclusion journey has transitioned from expanding access to addressing deeper structural challenges that hinder the effective use of financial services. While the country has achieved significant progress in bank account penetration, the focus must now shift toward improving service quality, enhancing resilience, and dismantling systemic barriers that prevent marginalized groups from fully leveraging financial tools. This analysis explores the current state of financial inclusion in India, highlighting the gaps in service delivery and the need for policy reforms to drive inclusive growth. The 2024 World Bank Findex report reveals that 89% of Indian adults hold bank accounts, surpassing the 75% average for low- and middle-income countries and approaching levels seen in high-income economies. Average account balances have grown from $12 in 2015 to $50 in 2024, reflecting a 17% compound annual growth rate. This expansion has been driven by digital public infrastructure (DPI), particularly the Jan Dhan-Aadhaar-Mobile (JAM) framework and the Unified Payments Interface (UPI). UPI has revolutionized retail payments, reaching 260 million users and laying the groundwork for broader financial services. However, the shift from access to meaningful financial engagement remains incomplete. In 2023, 14% of adults—16% of account holders—remained inactive, more than double the global average. This suggests that for many, bank accounts function primarily as passive repositories for funds rather than active tools for managing finances. The design of the Direct Benefit Transfer (DBT) system exacerbates this issue.#india #world_bank #direct_benefit_transfer #unified_payments_interface #jan_dhan_aadhaar_mobile
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
