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September 4, 2026
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Money laundering allegations over fraudulent marriage-assistance disbursements prompted investigation into false credentials and ineligible beneficiary payments.
Alleged money laundering arose from fraudulent disbursement of marriage-assistance funds intended for daughters of registered construction workers. The allegations include approvals and releases for suspicious marriage cases, use of bank accounts opened or misused on false credentials, multiple cash withdrawals, and extension of benefits to ineligible persons. Investigation under the Prevention of Money Laundering Act followed an economic-offences FIR concerning suspected misuse of the welfare scheme.
September 4, 2026
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Money-laundering allegations: discharge plea attributes airline's financial collapse to macroeconomic conditions and denies loan siphoning through sales agents.
Money-laundering proceedings arising from alleged bank fraud concern claims that loans advanced to an airline were siphoned off. The discharge application attributes the airline's financial collapse to adverse macroeconomic conditions rather than fraudulent conduct or laundering, denies diversion through General Sales Agents, and maintains that related payments were board-approved and disclosed. It also contests the treatment of the bank's outstanding claim as funds received by the founder, while the investigating agency alleges systemic fraud, loan diversion and laundering.
September 4, 2026
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Foreign exchange market conditions supported rupee appreciation, while oil prices and geopolitical tensions limited potential gains.
Foreign exchange market conditions supported the rupee's appreciation by 8 paise to 94.43 against the US dollar, aided by positive domestic equity markets, improved risk appetite, foreign capital inflows and foreign institutional buying. Reserve Bank of India intervention was also cited as support. Elevated crude oil prices, safe-haven dollar demand and United States-Iran tensions were identified as factors limiting further gains. India's foreign exchange reserves increased to a new all-time high during the relevant reporting week.
September 4, 2026
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Offer-for-sale IPO clearance enables existing exchange shareholders to monetise holdings, while sale proceeds remain outside the exchange.
Regulatory clearance permits the National Stock Exchange to proceed with an initial public offering structured wholly as an offer for sale by existing shareholders. The proposed issue does not raise fresh capital, and sale proceeds will accrue to the selling shareholders rather than the exchange. Revised offer documents were required after addition of a selling shareholder, triggering a fresh public-feedback period. The offering follows settlement of co-location and dark-fibre matters and governance and compliance measures addressing regulatory concerns.
September 4, 2026
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Equity market resilience was tempered by profit booking, geopolitical tensions, global rate expectations and domestic liquidity.
Equity markets registered a recovery after four consecutive losing sessions, led by buying in metal, private banking, oil and gas, housing finance, telecommunication, insurance, commodities and financial services shares. The benchmark equity index closed higher, while the broader index recorded a modest gain after retreating from an intraday level above the psychological threshold during the newly introduced Closing Auction Session. Investor sentiment was supported by easing interest-rate concerns, strong earnings momentum, resilient economic growth and domestic demand, but was constrained by profit booking, geopolitical tensions and crude-oil price risks.
September 4, 2026
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Forex reserve management reflects rising foreign currency assets and gold holdings, alongside marginal declines in SDRs and IMF reserve position.
India's foreign exchange reserves increased to a fresh all-time high, supported principally by higher foreign currency assets and gold reserves. Reserve accumulation has continued after concessional foreign-exchange swap initiatives introduced amid local-currency depreciation. Foreign currency assets, expressed in United States dollar terms, also reflect valuation effects from movements in currencies such as the euro, pound and yen. Special drawing rights and the reserve position with the International Monetary Fund declined marginally.
September 4, 2026
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IPO regulatory clearance enables further public issue preparations, with existing shareholders proposing a complete offer for sale.
SEBI's final observations on the proposed initial public offering enable the National Stock Exchange to undertake further public-issue preparations, subject to applicable regulatory requirements. The proposed issue is structured entirely as an offer for sale, under which existing shareholders would divest a portion of their holdings rather than the exchange issuing new shares. The draft red herring prospectus contemplates sale of 14.89 crore shares, representing nearly 6 per cent of the exchange's stake.
September 4, 2026
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Personal security frameworks evolved from elite guards into intelligence-led protection systems, while VIP culture can distort their necessity.
Personal security evolved from elite guards into structured systems combining physical protection, intelligence, technology and specialised protocols. Prime Ministerial security in India was reorganised after the 1984 assassination of Prime Minister Indira Gandhi by her bodyguards. A commission recommended a single protective agency, leading to the formation of the Special Protection Group in 1985. Statutory parameters introduced in 1988 sought to rationalise and scientifically streamline protection arrangements. Advanced technology, training, intelligence and protocols do not eliminate personal-protection vulnerabilities, and security is characterised as a necessity rather than a status symbol.
September 4, 2026
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Rupee exchange-rate movement reflects foreign-currency deposit inflows, central-bank intervention, oil-price risks and changing market risk appetite.
Foreign-exchange liquidity measures, including a special central-bank programme for foreign-currency deposits, generated substantial inflows that supported the rupee. Inflows from foreign-currency deposits, overseas foreign-currency borrowings and external commercial borrowings strengthened market conditions. Rupee appreciation was also supported by foreign equity inflows and risk appetite, but remained vulnerable to higher crude-oil prices, US-Iran tensions, safe-haven demand for the US dollar and possible disruption to oil flows through the Strait of Hormuz.
September 3, 2026
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Trade agreement consultations safeguard farmer, worker, MSME and sectoral sensitivities while phased bilateral tariff negotiations continue.
India-US bilateral trade agreement negotiations are being pursued on the stated basis that Indian sensitivities will not be compromised. The agreement's text remains non-public, while the government position identifies farmers, fishers, micro, small and medium enterprises, workers, handloom and handicrafts sectors, and the automobile industry as protected considerations. The arrangement is described as a first tranche, with further engagement contemplated following changes in the United States tariff landscape.
September 3, 2026
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Unauthorised toll collection apps allegedly generated fake receipts, concealed non-FASTag collections, and triggered a money-laundering investigation.
Unauthorised digital applications allegedly enabled toll collection from vehicles without FASTag stickers outside the official reporting system. Mobdata and Any were allegedly used to generate unauthorised or fake toll receipts, conceal collections from NHAI, and monitor such collections through dedicated portals. A PMLA investigation followed an FIR alleging fraudulent toll collection, with digital forensic material indicating use of the mechanism across around 100 toll plazas. Searches resulted in seizure of financial and digital records and freezing of bank accounts.
September 3, 2026
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Economic offence investigations: cross-border training strengthens officers' practical skills in investigation, prosecution, procedures, and handling complex financial crimes.
Capacity-building training under the Indian Technical and Economic Cooperation programme equipped officers from member countries with practical skills for investigating economic offences. It covered varied forms of financial and economic crime, cross-border impact, challenges in investigation and prosecution, standard operating procedures, and investigative best practices. The specialised law-enforcement engagement aims to strengthen international cooperation and investigative capacity in economic-offence matters.
September 3, 2026
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Unauthorised Aadhaar credential use triggers blacklisting and procurement debarment following alleged post-termination enrolment and update transactions.
Alleged unauthorised use of Aadhaar Registrar/EA Code credentials after termination of an operational engagement led the Delhi Construction and Other Workers Welfare Board to blacklist MDS Solution Pvt Ltd. UIDAI communication indicated that Aadhaar-related activity allegedly continued after cancellation through the Board's credentials. The Board lodged a police complaint, barred the firm from its tenders, procurement processes, empanelment and contract awards, and recommended consideration of action under applicable rules and policies.
September 3, 2026
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FCNR(B) deposits strengthen foreign-exchange liquidity and support rupee appreciation alongside foreign portfolio inflows into government securities.
Foreign-currency inflows through FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings strengthened foreign-exchange liquidity and supported appreciation of the rupee against the US dollar. Foreign portfolio investment in government securities was linked to the abolition of withholding tax and long-term capital gains tax on such investment. Currency-market conditions were also influenced by foreign institutional equity purchases, global risk appetite, crude-oil prices and geopolitical tensions.
September 3, 2026
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Electric vehicle adoption can reduce transport import dependence while domestic battery manufacturing increases projected long-term savings.
Electric-vehicle adoption across road-transport segments is projected to reduce dependence on imported petrol and diesel, notwithstanding continuing battery imports. Accelerated electrification could reduce vehicle-related import expenditure substantially by 2050 because reduced oil imports are expected to exceed battery-import costs. Domestic cell-manufacturing capacity may further increase savings by combining rapid vehicle electrification with battery localisation.
September 3, 2026
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Women's livelihood credit access will extend beyond self-help groups through standardised loan formalities and coordinated banking support.
Women's access to credit for livelihood expansion is to extend beyond Self-Help Groups to individual women members. Loan accessibility concerns include distance from bank branches, repeated visits to complete formalities, and inconsistent banking procedures. Regular State Rural Livelihood Mission meetings, bank participation, training, helplines, process improvements and coordination with bankers are intended to reduce barriers. Loan formalities are to be standardised across banks through a uniform process involving RBI and NABARD.
September 3, 2026
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Industrial development facilitation prioritises infrastructure, services, policy utilisation, and dry-port trade connectivity for businesses and agro-based farmers.
Industrial development facilitation extends beyond allocation of industrial plots to infrastructure development, services, and a favourable business environment. Industry-support policies seek to encourage participation by entrepreneurs, promote growth across sectors, and improve investment conditions without distinction between small and large enterprises. Dry-port infrastructure strengthens national and international trade connectivity, supporting import and export expansion for industrial and agro-based businesses.
September 3, 2026
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Regulated fintech infrastructure recognition highlights integrated payment, identity and collections capabilities across embedded financial product delivery.
Decentro operates an integrated fintech infrastructure platform combining payment acceptance, identity verification, banking and AI-led collections through a unified integration layer. It holds Payment Aggregator authorisations for online and physical payments, a Payment Service Provider licence through its GIFT City entity, and certification for offline identity-verification workflows. These capabilities support embedded financial products, payment acceptance, lending collections and related financial workflows for enterprise users.
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Responsible NBFC and HFC growth requires technology-enabled inclusion, proportionate regulation, sound governance, liquidity discipline, customer protection and cyber resilience.
NBFCs and HFCs can complement bank-led credit delivery through last-mile reach, sector-specific expertise, digital infrastructure, consent-based data sharing and cash-flow-based underwriting. Sustainable growth requires strong liquidity risk management, governance, compliance culture, diversified funding, stress testing, early-warning systems, dynamic provisioning and sound underwriting standards. Proportionate scale-based regulation, digital lending standards and a substance-over-form approach seek to support innovation while preserving financial stability. Customer protection, responsible lending, grievance redressal, fair recovery conduct, cyber resilience and protection of customer data remain essential.
September 3, 2026
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Debenture trusteeship fee fixing constitutes cartelisation by constraining independent pricing and restricting service availability in the market.
Collective minimum-fee fixing for debenture trusteeship services prevented trustees from making independent commercial pricing decisions and constituted cartelisation. Prescription of a benchmark fee limited and controlled the supply or market for such services by directing association members and non-members not to serve debenture issuers below that fee. The conduct contravened Section 3(3)(a) and Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002.

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Address by Shri Sanjay Malhotra, Governor, Reserve Bank of India at the Inauguration of Digital Payments Awareness Week 2025, March 10, 2025, RBI, Mumbai

March 11, 2025

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Digital Payments – Background and benefits

1. Payments are the lifeblood of commerce, enabling the flow of goods and services in an economy. They connect people, empower individuals and businesses, and drive economic growth. Quick, secure and reliable payments at affordable prices are the bedrock for a vibrant economy. Payments through digital modes support economic growth. They also deepen financial inclusion by overcoming barriers like high transaction costs and geographical limitations1. In effect, digital payments are not just convenient but are also a powerful tool for economic empowerment and growth.

Digital Payments – Convenience : Bouquet of products

2. Over the years, the Reserve Bank has supported various digital payment products. This has enhanced choice and convenience to the customers. We started with ECS (electronic clearing service). We then introduced NEFT, RTGS, IMPS, NACH (this is for e-mandates, it has replaced ECS), AePS, UPI, NETC, etc. We have introduced many new features on UPI and expanded its scope to cater to different needs of customers. These include UPI123Pay, UPI Lite, linking RuPay credit cards to UPI, processing payment mandates with single-block-and-multiple-debits, enabling Credit Lines for UPI, linking PPIs with UPI, etc. UPI with its multiple features, allows us to transfer money, pay bills, and make purchases with a simple click, tap or scan. We will continue to proactively support the development of the payment ecosystem.

Digital Payments – Safety and Security

3. While promoting digital payment systems and innovations around them, we have been mindful of the needs of safety and security in payments. We have thus put in place various measures for this purpose:

  • Multi-factor authentication; security controls for internet and mobile payments apps and card payments; card tokenisation (to prevent storage of card details in merchants systems), etc. are intended to make our payments ecosystem robust.

  • We have enabled customers to have control over creating and terminating e-mandates for recurring transactions.

4. Enhancing safety and security of payments ecosystem is a work in progress. The recently released drafts on “Framework on Alternative Authentication Mechanisms for Digital Payment Transactions”, and on “Additional Factor of Authentication (AFA) for cross-border Card Not Present (CNP) transactions” are steps in this direction.

Payment Systems – Way Forward

5. Apart from the RBI, the government and other important stakeholders such as the Banks and Payment System Operators have also taken a number of initiatives to encourage the adoption of digital payments. While these efforts have produced results, as visible in the huge growth of digital payments, there is still a lot more to be done. Going forward, we will work on three broad areas.

Payment Systems – Soft Touch Regulations to continue promoting innovation

6. First, we will continue to encourage innovation in payments, as also generally, while being mindful of risks and taking appropriate measures to mitigate them. We will promote innovation to facilitate payment systems that are fast, safe, secure, accessible and resilient. We have adopted a soft-touch approach to regulating the payments ecosystem and FinTechs. Through these regulations, the Reserve Bank attempts to balance these divergent set of expectations. Our approach has been to put in place regulatory guardrails within which all stakeholders are free to operate. We will continue to encourage innovation while promoting safety and security through soft-touch regulations.

Promote awareness generation

7. Second, though much progress has been made in the development, spread and adoption of digital payments, there is a lot of scope to further deepen and expand digital payments in the country. In January 2025, more than 20 billion payments worth almost 250 trillion rupees were made in India through digital modes. Digital payments have become the preferred mode of payment for many of us. However, surveys have shown that nearly 40% of our adult population still do not use digital payments. One of the main reasons for this is the lack of awareness or familiarity with using digital payments.

8. To create awareness of Digital Payments, the Digital Payments Awareness Week is being observed in March every year. As part of this endeavour, the “Har Payment Digital” mission was launched in 2023. The mission seeks to promote digital payments by enhancing awareness of digital payments among all citizens and making available the necessary infrastructure and solutions for people to make payments digitally. The objectives of Mission Har Payment Digital can be achieved only with the active participation of all stakeholders. Geographies and population segments, lagging behind in usage and awareness of digital payments need to be identified and suitable steps taken to expand awareness and improve usage.

9. We are now in the 3rd year of this mission. The theme for this year is “India Pays Digitally”. This year too, we will continue our awareness activities. By showcasing how digital payments have become a ubiquitous part of our lives, we will encourage those who haven’t adopted digital payments yet, to do so.

10. The Reserve Bank, as in the previous years, will be running multimedia campaigns around this year’s theme. To encourage active involvement of citizens, we will be conducting various competitions over social media with attractive prizes.

11. The Regional Offices of RBI too conduct Awareness Programs, called eBAAT, across the country covering various strata of society. We have been conducting these programs since 2012. In the last 8 years, more than 1800 such programs have been conducted. During this year, the content and method of delivery of eBAAT will be reviewed, and a pilot will be conducted (in a large State) with the objective to reach a very large number of people in the most efficient way.

12. I urge the Banks, Payment System Operators and other stake holders to contribute in their own innovative ways to take forward the mission of Har Payment Digital.

More efficient Cross border payments

13. Third, while in domestic payments, the success of UPI has propelled India to a leadership position with a share of 48.5 per cent in global real-time payments by volume2, we will endeavour to make cross-border payments more efficient. This assumes priority as India is the largest receiver of personal remittances globally. As per a World Bank3 report, it has been estimated that in 2024, India received remittances totalling approximately 130 billion USD. We need to address the challenges of high cost, slow speed, and insufficient access and transparency in cross border payments.. We will continue to expand the reach of UPI bilaterally by linking UPI with Fast Payment Systems of other countries. We will also explore the possibility of linking payment systems other than UPI for facilitating efficient cross-border payments. We will continue our engagement in a multilateral project called Project Nexus, to enable instant cross-border retail payments4.

14. As we observe the 5th Digital Payments Awareness Week, I am happy to note that this year marks the 20th year of the establishment of the Department of Payment and Settlement Systems (DPSS). I congratulate the department on this key milestone. The work carried out by this department in association with all stakeholders has established India as a pioneer in digital payments. The revolution in India's payment systems is, however, far from over. We are just beginning to unlock the true potential of digital payments. I am confident that we will continue to work with renewed vigour to ensure that India remains at the forefront of digital payments globally.

Thank you.

---

1 World Bank, Digital Financial Services, April 2020.

2 ACI Worldwide, 2024

3 https://blogs.worldbank.org/en/peoplemove/in-2024--remittance-flows-to-low--and-middle-income-countries-ar

4 Nexus, conceptualised by the Innovation Hub of the Bank for International Settlements (BIS), aims to connect the Fast Payment Systems of four ASEAN countries (Malaysia, Philippines, Singapore, and Thailand); and India, who would be the founding members and first mover countries of this platform.

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