UPI Completes 10 Years: 66 Cr Daily Transactions, 49% Global Volume, Challenges of Monetisation & Next Frontiers

UPI Completes 10 Years: Transaction Volume Up 13,000-Fold to 24,162 Crore

UPI completes 10 years with explosive growth: transaction volume up 13,000-fold from 1.78 crore (FY17) to 24,162 crore (FY26). Value rose 4,000-fold to ₹314 lakh crore. UPI now accounts for 49% of global real-time payments. This milestone reinforces India's digital public infrastructure and is crucial for exams on digital economy, financial inclusion, and NPCI.

UPI@10 Years: 86% of Digital Transactions, Government Allows Merchant Fees Under PSS Act Amendment

UPI completes 10 years with 86% of India's digital transactions, but the zero-MDR model is ending. The government has amended the PSS Act to allow merchant fees, aiming to fund the next growth phase in rural areas and cross-border payments. Key challenge: balancing inclusion with sustainability.

RBI Dy Governor: CBDC and ULI Adoption Rising, 12 States Digitise Land Records for Faster Loans

RBI Deputy Governor Rohit Jain announced that CBDC (Digital Rupee) and ULI (Unified Lending Interface) are moving beyond pilot stages into real-world usage, with 12 states already digitising land records. This signals a major push for financial inclusion, faster credit delivery, and digital public infrastructure, making it a high-priority topic for banking and economy sections in exams.

SEBI Revamps SLB Scheme, Launches Setu Portal, Pilots Bond Tokenisation on Blockchain

SEBI is modernizing the Securities Lending and Borrowing (SLB) scheme to improve price discovery and link cash and derivatives markets. It also launches a single online portal (Setu) for intermediaries and a pilot project for tokenising corporate bonds using blockchain. These reforms are crucial for capital market efficiency and are highly exam-relevant for UPSC, Banking, and SSC.

Govt Proposes 0.25-0.5% MDR on UPI Transactions Above ₹2,000 via PSS Act Amendment

The government has proposed allowing a Merchant Discount Rate (MDR) of 0.25-0.5% on UPI transactions above ₹2,000 via an amendment to Section 10A of the Payment and Settlement Systems Act, 2007. This reverses a decade-long zero-MDR policy, potentially undermining financial inclusion, formalisation, and investment in UPI infrastructure. While only 5% of transactions by volume are affected, they account for 65% of transaction value, making this a significant policy shift.

RBI Subsidiary BRBNMPL Issues EOI for Polymer Substrate: 68,000 Reams for Rs 10 & Rs 20 Notes

India moves closer to introducing polymer banknotes in Rs 10 and Rs 20 denominations. Bidders for the polymer substrate must certify no animal tallow and firewall operations from China/Pakistan. The RBI subsidiary BRBNMPL requires 68,000 reams of substrate, with samples tested across climatic zones.

FM Urges RBI to Advance CBDC & Digital Rupee; India's First Tokenised Corporate Bond Pilot by REC

Finance Minister Nirmala Sitharaman urged RBI to accelerate CBDC and digital Rupee capabilities, highlighting the success of India's first tokenised corporate bond pilot by REC under SEBI's sandbox. This signals a major push towards tokenisation in financial markets, with implications for exam questions on digital currency, fintech regulation, and RBI-SEBI coordination.

Taxation Bill 2026 Allows MDR on UPI & RuPay; 23.6 Bn UPI Transactions in July

The Taxation and Other Laws (Amendment) Bill, 2026, passed in Lok Sabha, paves the way for reintroducing MDR on UPI and RuPay debit card transactions. This shifts India's digital payments policy from zero-MDR to a sustainable fee model, impacting 23.6 billion monthly UPI transactions and the largely duopolistic market of PhonePe and Google Pay.