4.5/5
Currencies in News 2025
Currencies in News 2025
June – October 2025
-
The Reserve Bank of India (RBI), in partnership with the International Financial Services Centres Authority (IFSCA), has introduced the Foreign Currency Settlement System (FCSS). This new mechanism enables Indian banks operating in the Gujarat International Finance Tec-City (GIFT City) to clear and settle international trade transactions within India itself, reducing dependence on foreign clearing systems and strengthening India’s global financial infrastructure.
-
The Reserve Bank of India (RBI) has launched a retail sandbox for its Central Bank Digital Currency (CBDC). This initiative is designed to allow financial technology (fintech) firms to develop and test digital rupee applications in a controlled environment, encouraging innovation and ensuring the security and efficiency of the digital currency ecosystem in India.
-
The Department of Financial Services (DFS), in collaboration with various financial sector organisations, is set to launch a three-month nationwide awareness campaign on unclaimed assets titled “आपकी पूँजी, आपका अधिकार” (“Your Money, Your Right”). The campaign aims to educate citizens about claiming their unclaimed financial assets. Among the major institutions involved are the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), and Insurance Regulatory and Development Authority of India (IRDAI) — while the Pension Fund Regulatory and Development Authority (PFRDA) is not part of this campaign.
-
The Reserve Bank of India (RBI) has launched a new microsite – https://indiancurrency.rbi.org.in – to educate the public about Indian banknotes and their security features.
The new portal replaces the earlier microsite https://paisaboltahai.rbi.org.in. -
The Enforcement Directorate (ED) has, for the first time, secured an Interpol Purple Notice to flag a newly discovered Trade-Based Money Laundering (TBML) operating network.
-
The United States has introduced a legislative proposal named the Halting International Relocation of Employment (HIRE) Act, which proposes to levy a 25% tax on outsourcing payments made by U.S. companies to foreign entities whose work benefits U.S. consumers.
-
Bangladesh has released new currency notes that no longer feature the portrait of the country’s founding father, Sheikh Mujibur Rahman, marking a significant design change by the central bank.
-
Bulgaria is set to become the 21st member of the euro currency union, advancing the European Union’s goal of deeper economic and monetary integration among its member states.
-
The Eurozone currently includes 20 countries: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
-
The euro was introduced in 1999 as a shared accounting currency among 11 EU nations and replaced national notes and coins in 2002.
-
The European Central Bank (ECB) manages the monetary policy for euro-using countries, playing a role similar to the US Federal Reserve
-
Bhutan has become the first country in the world to implement a national-level crypto payment system specifically for the tourism sector.
-
Coinbase Global has become the first digital asset company to be included in the S&P 500 index.
-
India renewed a $75 billion bilateral currency swap agreement with Japan to enhance financial cooperation and global financial stability.
-
Tether (USDT) is not included in the newly announced United States ‘Crypto Strategic Reserve’, which comprises BTC, ETH, XRP, SOL, and ADA.
-
BHIM 3.0 launched ‘BHIM Vega’, an in-app seamless payment solution for merchants, enabling instant payments without switching apps.
-
Super.money acquired checkout financing platform ‘BharatX’ to offer checkout financing for D2C and e-commerce brands via credit lines on UPI.
-
MobiKwik and Cred have launched an e₹ wallet, becoming the first non-banks to offer CBDC (Central Bank Digital Currency).
-
Paytm Money Limited introduced India’s first solar-powered payment device for UPI and RuPay Credit Card payments via QR code.
-
Birla Institute of Management Technology (BIMTECH) has launched ‘BIMCOIN’, a blockchain-based digital currency designed exclusively for its campus ecosystem.
Additional Information:
-
Purpose: BIMCOIN facilitates secure, transparent, and instant transactions among students, vendors, and administrators through a permissioned blockchain platform.
-
Educational Integration: Beyond serving as a payment solution, BIMCOIN provides students with hands-on experience in blockchain technology and digital currencies, preparing them for careers in fintech.
-
Pilot Success: BIMCOIN completed over 1,100 transactions in its pilot phase, addressing challenges such as technical integration and user onboarding through iterative testing and user training.
-
Future Plans: BIMTECH plans to incorporate BIMCOIN into its academic curriculum through courses on blockchain, fintech, and digital innovation, further reinforcing its commitment to advancing education in financial technologies.
NPCI in News 2025
September-October 2025
-
The National Payments Corporation of India (NPCI) has established a new subsidiary named NPCI Tech Solutions Limited (NTSL). The primary objective of this subsidiary is to promote experimentation, innovation, and technological advancements in the financial technology (fintech) sector, thereby strengthening India’s digital payments ecosystem and global competitiveness.
-
The National Payments Corporation of India (NPCI) has collaborated with Muse Wearables to introduce India’s first wearable payments ecosystem. This innovative initiative enables users to make secure digital payments through smart wearable devices such as watches and bands, enhancing convenience, speed, and accessibility in contactless payment solutions across the country.
-
India’s Unified Payments Interface (UPI), operated by the National Payments Corporation of India (NPCI) under the Department of Financial Services (DFS), Ministry of Finance (MoF), crossed 20 billion monthly transactions for the first time in August 2025, marking a new record in digital payment adoption.
-
National Payments Corporation of India (NPCI) has increased the UPI transaction limit to ₹5 lakh, applicable only for categories aligned with tax payments, to facilitate higher-value digital transactions securely.
-
NPCI granted Third-Party Application Provider (TPAP) approval to Viyona Fintech, enabling it to offer UPI services in partnership with banks, expanding the digital payments ecosystem.
-
NPCI International Payments Limited (NIPL), a wholly owned subsidiary of NPCI, in collaboration with Qatar National Bank (QNB), launched QR-based UPI payments for Indian travelers in Qatar, promoting cross-border digital transactions.
-
The Union Minister Jyotiraditya M. Scindia, holding charge of the Ministry of Communications and Ministry of Development of North Eastern Region (MDoNER), launched the “UPI-UPU Integration Project” at the 28th Universal Postal Congress in Dubai, UAE, marking a landmark initiative in global remittance interoperability.
-
Bank of Baroda (BoB) introduced an industry-first eRUPI Person-to-Person (P2P) Digital Gifting feature on its bob इ(e) Pay UPI app, leveraging the NPCI’s eRUPI system to enhance user convenience in digital gifting.
-
AU Small Finance Bank (AU SFB), in collaboration with KIWI, launched the ‘AU KOSMO Credit Card’ built on the RuPay Network, enabling credit card transactions via UPI for both online and offline merchants, catering to India’s growing UPI user base.
July-August 2025
-
National Payments Corporation of India (NPCI) International Payments Limited (NIPL) has signed a Network-to-Network Agreement with the Maldives Monetary Authority (MMA) to launch Unified Payments Interface (UPI) services in the Maldives.
-
PayPal, in partnership with NPCI International Payments Limited (NIPL) and others, has announced the launch of a new cross-border payments platform named PayPal World.
-
The Department of Posts and NPCI International Payments Limited (NIPL) have signed a Non-Disclosure Agreement (NDA) to collaborate on a groundbreaking initiative aimed at transforming inward remittances to India.
-
Slice has opened India’s first Unified Payments Interface (UPI) powered bank branch in Koramangala, Bengaluru, showcasing the growing adoption of digital payments.
-
The International Monetary Fund (IMF) has released a Fintech note titled “Growing Retail Digital Payments: The Value of Interoperability”, highlighting India’s global leadership in digital payments through UPI.
June 2025
-
NPCI & IDRBT Collaboration on Cybersecurity
The National Payments Corporation of India (NPCI) has signed a MoU with the Institute for Development and Research in Banking Technology.
The MoU aims to enhance cybersecurity and digital preparedness in the banking & financial services sector through certification programs, and threat intelligence sharing. -
NPCI to Launch NACH 3.0 for Faster SettlementsNPCI is set to roll out the National Automated Clearing House 3.0 (NACH 3.0) to streamline and accelerate the settlement of recurring debit transactions.
This upgrade will benefit services like Equated Monthly Installments (EMIs) and Systematic Investment Plans (SIPs). -
NPCI Introduces PAN & Bank Account Validation API for Govt. DepartmentsNPCI has launched a new PAN and Bank Account Validation Application Programming Interface (API) tailored specifically for Government departments.
his API enables real-time verification of PAN details, bank account status, and accountholder name directly from the bank’s Core Banking System (CBS). -
NPCI International Signs MoU with Eurobank Cyprus
NPCI International Payments Limited (NIPL) has signed an MoU with Eurobank Cyprus to introduce Unified Payments Interface (UPI) services for cross-border transactions.
This initiative will benefit Indian tourists and businesses in Cyprus by enabling seamless digital payments through UPI.
January-May 2025
-
Razorpay, in collaboration with NPCI BHIM Services Ltd (NBSL) and Axis Bank, has launched the “Razorpay Turbo UPI plugin” on the BHIM Vega platform, aimed at enhancing seamless UPI payment experiences for businesses and users.
-
PCI extends deadline for 30% market share cap on UPI providers to December 31, 2026.
-
NPCI International Payments Ltd (NIPL) partners with Magnati to enable UPI payments for Indians visiting the UAE.
National Payments Corporation of India (NPCI) in News 2024
October-November-December 2024
-
NIPL Partners with Trinidad and Tobago: NPCI International Payments Limited (NIPL) partnered with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform like India’s UPI.
-
NPCI International Payments Ltd (NIPL) Signs MoU with Egov Jamaica: NPCI International Payments Limited (NIPL) signed an MoU with Egov Jamaica Limited to help Jamaica adopt India’s UPI technology for improved digital payment solutions.
-
NBBL Partners with PFRDA: NPCI Bharat BillPay Limited (NBBL) collaborated with the Pension Fund Regulatory and Development Authority (PFRDA) to integrate the National Pension System (NPS) as a biller category on the Bharat Connect platform.
August – September 2024
-
The National Payments Corporation of India (NPCI) has announced the introduction of ‘BBPS’ for Business, where BBPS stands for Bharat Bill Pay System.
-
According to the report ‘Enabling Digital Payments For Women in India’ by the UPI for Her initiative, 57% of 2,500 women entrepreneurs surveyed were unaware of UPI-based merchant offerings. The initiative is a collaboration between NPCI and Women’s World Banking (WWB), New York.
-
As per recent information shared by the National Payments Corporation of India (NPCI), C-Edge Technologies Ltd has potentially been compromised by a ransomware attack.
-
National Payments Corporation of India (NPCI) has launched a wallet for inbound travelers visiting India from across the world, named UPI One World.
-
NPCI has incorporated Bharat Interface for Money (BHIM) as a wholly-owned subsidiary, now known as NPCI-BHIM Services Ltd (NBSL), with Lalitha Nataraj appointed as the CEO.
-
NPCI has launched a new feature called UPI Circle on its Unified Payments Interface (UPI) platform to enhance convenience and security in digital transactions across India.
January to July 2024
-
NPCI International Payments (NIPL) signed an agreement with Qatar National Bank (QNB) to launch QR-code-based UPI payments across West Asia.
-
Ajay Kumar Choudhary has been appointed the non-executive chairman and independent National Payments Corporation of India (NPCI) director.
-
NPCI has partnered with the Indian Institute of Science (IISc), Bengaluru, to research blockchain and artificial intelligence (AI).
-
NPCI International Payments (NIPL) has partnered with the Fonepay Payment Service for cross-border UPI transactions between India and Nepal.
-
RuPay has collaborated with the National Payments Corporation of India (NPCI) to introduce the ‘Link it, Forget it’s campaign.
-
NPCI International Payments Limited (NIPL) has signed a pact with the Central Bank of Namibia to develop a Unified Payments Interface (UPI) like an instant payment system.
-
Peru has partnered with NPCI International Payments Ltd (NIPL) to become the first South American country to introduce a UPI-like real-time payments system.
0 like |
0 comment
