BANKING, FINANCE & BUSINESS

RBI's Mission SAKSHAM

• A capacity-building programme targeting Urban Co-operative Banks to strengthen governance and operations.
• Comes amid RBI's continued tightening of supervision over the co-operative banking segment after past failures.

Shift to Expected Credit Loss (ECL) Framework

• RBI's move from incurred-loss to forward-looking ECL-based provisioning takes effect from 1 April 2027.
• Aligns Indian banking norms more closely with global accounting standards (IFRS 9-style provisioning).
• Expected to make bank provisioning more proactive, potentially raising capital buffers ahead of stress events.

OTP-Free Biometric Card Payments

• Flipkart, Axis Bank and PayU jointly enabled OTP-free card payments using biometric authentication.
• Aims to reduce transaction friction while maintaining RBI's two-factor authentication requirement.

India Post Payments Bank (IPPB)

• A 100% government-owned payments bank launched in 2018, extending banking to remote rural areas.
• Leverages India's vast postal network of over 1.6 lakh post offices for last-mile banking access.

NARCL ('Bad Bank') Progress

• Established in 2021, NARCL had acquired 33 stressed-debt borrower entities worth ₹1,65,862 crore by March 2026.
• Continues to play a central role in cleaning up legacy bad loans from the banking system.
• Works alongside IDRCL (India Debt Resolution Company Limited) which handles resolution of acquired stressed assets.

JPMorgan Downgrades Indian Equities

• Cut its rating from Overweight to Neutral, citing valuation concerns amid global uncertainty.
• Reflects a broader trend of foreign brokerages turning cautious on Indian equities after a long bull run.

India's Forex Reserves Decline

• RBI's 46th half-yearly report showed reserves falling from USD 700.09 billion to USD 691.11 billion (Oct 2025–Mar 2026).
• Attributed to valuation effects and intervention to manage currency volatility.
• India's forex reserves are among the largest globally, providing significant import cover and external-stability buffer.

RBI's New NBFC Exemption Framework

• Effective 1 July 2026, exempts NBFCs with asset size below ₹1,000 crore from certain stricter norms.
• Part of RBI's scale-based regulatory approach, which tiers NBFC oversight by size and systemic importance.

Revised Credit Card 'Past Due' Rule

• Accounts are now marked 'past due' only 3 days after the due date, giving borrowers slightly more breathing room.
• Aimed at reducing inadvertent credit-score damage from very short payment delays.

SEBI's PaRRVA Framework

• India's first system to independently validate performance claims of market intermediaries and finfluencers.
• CARE Ratings was recognised as the validation agency under this framework.
• Comes amid a rise in unregistered social-media 'finfluencers' making unverified investment-return claims.

100% FDI in Insurance Sector

• Central Government notified 100% FDI under the automatic route for the insurance sector.
• LIC remains an exception, retaining a 20% foreign-investment cap under the automatic route.
• The FDI cap in insurance has been progressively raised from 26% (2015) to 49% (2021) and now to 100%.

Bank Loans Against Jewellery Surge

• RBI data shows such loans rose nearly fivefold to ₹4.6 lakh crore by March 2026, up from ₹93,301 crore two years earlier.
• Reflects growing use of gold-backed lending amid rising bullion prices.
• Gold loans are typically quicker to disburse than unsecured personal loans, driving their popularity among retail borrowers.

FEMA Relaxation for Chinese-Linked Investments

• Overseas entities with up to 10% Chinese shareholding can now invest in India via the automatic route.
• Follows a March 2026 Cabinet decision revising India's earlier stricter FDI-screening rules for neighbouring countries.

NPCI-Juspay Unified Switch for Net Banking

• NPCI Bharat BillPay Limited partnered with Juspay to launch a unified SDK for the Banking Connect platform.
• Aims to standardise net-banking workflows across multiple banks and payment aggregators.

Tata AIA's 'Shubh Health Criti' ULIP

• A new health-linked ULIP covering 60+ critical illnesses with a 30-year premium guarantee.
• Combines the Tata AIA Health SIP, Health Buddy and Comprehensive Protection Rider in one product.

SEBI Aligns Securitised Debt Rules with RBI Framework

• Proposes single-asset securitisation exemptions for RBI-regulated entities to remove regulatory overlaps.
• Aims to make it easier for banks and NBFCs to securitise standard assets without conflicting SEBI-RBI norms.

Strong Credit Growth in FY 2025-26

• Non-food bank credit grew 15.9% year-on-year, up sharply from 10.9% the previous year.
• Aggregate credit outstanding reached ₹212.9 lakh crore in March 2026.
• Agriculture credit growth accelerated to 15.7%, while micro and small industries recorded a sharp 33.1% jump.

ADB's $70 Billion Asia Connectivity Plan

• Announced at ADB's 59th Annual Meeting in Samarkand, comprising a $50bn Pan-Asia Power Grid and $20bn Digital Highway.
• Aims to strengthen cross-border energy and digital infrastructure across Asia-Pacific.
• ADB, founded in 1966 and headquartered in Manila, has 69 member countries.

RBI's Domestic Gold Custody Push

• RBI moved 104.23 tonnes of gold reserves back to India in six months, taking domestic holdings to about 77% of total reserves.
• Reflects a strategic shift towards reducing reliance on overseas custodians like the Bank of England.
• Central banks worldwide have been repatriating gold amid geopolitical uncertainty around frozen foreign assets.

Record GST Collections in April

• Gross GST revenue hit ₹2.43 lakh crore, growing 8.7% year-on-year, driven mainly by import-based collections.
• GST, introduced in 2017 via the 101st Constitutional Amendment, comprises CGST, SGST/UTGST and IGST components.

ECLGS 5.0 Approved

• A new credit-guarantee scheme addressing liquidity stress from the West Asia crisis, offering 100% coverage for MSMEs.
• Implemented through the National Credit Guarantee Trustee Company Limited (NCGTC).
• Earlier ECLGS versions were rolled out during the COVID-19 pandemic to prevent MSME credit collapse.

Viability Plan 2.0 for Regional Rural Banks

• A three-year (FY26-28) reform plan covering 30 performance parameters across four pillars.
• Builds on the earlier Viability Plan (FY22-25) that focused on governance and performance monitoring.

NSE Launches Electronic Gold Receipts (EGRs)

• Dematerialised, exchange-traded instruments backed by physical gold in SEBI-approved vaults.
• Aims to formalise gold investment and improve price discovery in India's gold market.

SEBI Proposes Fast-Track AIF Approvals

• Alternative Investment Fund schemes can now launch and circulate PPMs 30 days after filing, down from longer earlier timelines.
• AIFs are privately pooled investment vehicles offering an alternative to mutual funds and public markets.

SBI Cards Sells Stressed Credit Card Pool

• Sold a ₹1,800 crore stressed receivables pool to NBFC Integro Finserv to clean up its books.
• One of the largest such bad-loan sales by SBI Cards in four years, reflecting rising credit-card delinquencies.

RBI's Revised UCB Lending Norms

• New Concentration Risk Management directions simplify credit rules and strengthen risk oversight for Urban Co-operative Banks.
• Issued under the Banking Regulation Act, 1949, focusing on unsecured lending limits and transparency.

NSE Crosses 13 Crore Registered Investors

• Reflects accelerating retail participation, with the latest 1 crore investors added in just 7 months.
• Total client codes reached 25.7 crore as of April 2026.
• NSE took 14 years to reach its first 1 crore investors after starting operations in 1992, showing how growth has since accelerated.

SEBI's Reforms for Online Bond Platform Providers

• Proposes expanding OBPP product scope to include government securities and IFSCA-regulated overseas debt.
• Also proposes allowing OBPPs to distribute Section 54EC tax-saving bonds.

SEBI's 'Cyber-suraksha.ai' Task Force

• Constituted to assess AI-driven cybersecurity risks in financial markets and develop mitigation strategies.
• Will include representatives from Market Infrastructure Institutions, RTAs and other regulated entities.

S&P Global Trims India's FY27 GDP Forecast

• Cut by 50 bps to 6.6%, citing trade and energy disruptions linked to the West Asia conflict.
• The report, 'India Forward - Emerging Perspectives', projects FY26 growth at a stronger 7.6%.

RBI Retail Direct Platform Gains Popularity

• Retail Direct Gilt accounts grew nearly 64% year-on-year to about 3.61 lakh, as investors seek safer government-securities returns.
• The scheme, launched in 2021, allows individuals to buy government bonds directly without intermediaries.

Bihar's $500 Million World Bank Loan

• Approved for urban transformation and infrastructure development under the Bihar Urban Transformation Programme.
• Chaired by Deputy CM Samrat Choudhary; the loan amounts to roughly ₹4,750 crore.

Three Jan Suraksha Schemes Complete 11 Years

• PMSBY, PMJJBY and Atal Pension Yojana were launched on 9 May 2015 to widen affordable insurance and pension access.
• PMJJBY offers life cover for under ₹2/day premium; PMSBY covers accidental death and disability.
• Together these three schemes form the backbone of India's mass social-security architecture for the unorganised sector.

SEBI Withdraws IRRA Platform

• Discontinued the Investor Risk Reduction Access platform, launched in 2023 as a broker trading-continuity backup.
• Withdrawal reflects a reassessment of its practical utility since introduction.

DFS Insurance Division Tops GRAI Rankings (March 2026)

• Secured first position in Group A category of the Grievance Redressal Assessment Index.
• GRAI is administered by DARPG via the CPGRAMS portal to track ministry-wise grievance-resolution performance.

SASCI Performance-Based Framework

• Rewards states showing fiscal discipline with priority access to a ₹3,000 crore incentive pool.
• Assessment weights: 50% debt management, 30% borrowing discipline, 20% fiscal transparency.
• States must prepare a Medium-Term Debt Strategy in consultation with RBI to qualify for higher incentives.

RBI-ECB MoU on Central Banking Cooperation

• Signed by RBI Governor Sanjay Malhotra and ECB President Christine Lagarde, updating a 2015 agreement.
• Signed on the sidelines of Bank for International Settlements (BIS) meetings in Basel, Switzerland.

RBI Penalises Yes Bank for KYC Lapses

• Imposed a ₹31.80 lakh penalty for failing to use the Central KYC Records Registry identifier properly.
• Penalty followed a statutory inspection based on the bank's financial position as of March 2025.

Mandatory Reporting of Offshore Rupee Derivatives

• Banks must now report all offshore INR-linked FX derivative contracts to CCIL's trade repository.
• Aimed at improving RBI's visibility into rupee-related derivative exposure outside India.

RBI Penalises Himachal Pradesh Gramin Bank

• ₹5 lakh penalty for deposit-regulation violations, following a NABARD statutory inspection.
• NABARD conducts statutory inspections of Regional Rural Banks on RBI's behalf.

Basel III Standardised Approach for Credit Risk

• RBI's final directions on this framework take effect from April 2027, based on the 2017 Basel III post-crisis reforms.
• The Basel Committee on Banking Supervision sets these global standards for calculating banks' risk-weighted assets.

PSBs Post Record ₹1.98 Lakh Crore Net Profit

• FY26 marks the fourth consecutive year of rising profitability for Public Sector Banks.
• Gross NPA ratio fell to a historic low of 1.93%.
• Reflects a marked turnaround from the high-NPA stress period of the mid-2010s.

SEBI's Educational Use of Market Data

• A uniform 30-day lag now applies for using stock price data for educational content, effective July 2026.
• Replaces the earlier inconsistent framework of a 1-day lag for sharing and 3-month lag for educational use.

SBI Research's Ecowrap on GDP Growth

• Projects Q4 FY26 growth at 7.2% and full-year FY26 growth at 7.5%.
• Ecowrap is SBI's flagship in-house economic research publication tracking macro trends.

RBI's Master Direction on Currency Exchange

• Mandates all bank branches to provide universal cash services, including exchange of soiled or mutilated notes.
• Also requires White Label ATM operators to ensure timely cash replenishment.

Delhi Metro's RuPay 'On-The-Go' Mobility Cards

• Launched with Airtel Payments Bank under the 'One Nation, One Card' vision for seamless multi-modal transit payments.
• Issued as both debit cards and PPI-MTS prepaid transit instruments.

India Post's Record FY26 Revenue

• Crossed ₹15,296 crore, growing 16% year-on-year — its first double-digit growth in years.
• India Post's network of nearly 1.65 lakh post offices makes it one of the largest postal systems in the world.

India-IFAD Country Strategic Opportunities Programme (2026-33)

• An eight-year rural-livelihoods strategy emphasising Self-Help Groups and Farmer Producer Organisations.
• IFAD has supported Indian rural-finance and women's-empowerment projects for over two decades.

Bharat Maritime Insurance Pool (BMIP)

• A USD 1.5 billion pool backed by a USD 1.4 billion sovereign guarantee for maritime risk cover amid Middle East tensions.
• Covers Hull & Machinery, Cargo, P&I, and War Risk for Indian-flagged vessels.
• The first policy under BMIP was issued by New India Assurance for a vessel operating in high-risk maritime zones.

SEBI's GARUDA Green-Channel Mechanism

• Aims to fast-track AIF scheme launches, cutting approval time from 30 to 10 working days for non-accredited investor schemes.
• Angel Funds and Accredited-Investor-only schemes may begin fundraising almost immediately after filing.

GSTAT Principal Bench as National Appellate Authority

• Empowered to resolve disputes from divergent advance rulings across states, effective 1 April 2026.
• The GSTAT President will serve as the Presiding Officer of this National Appellate Authority.

Moody's Cuts India's CY26 GDP Forecast

• Reduced by 80 bps to 6%, citing weak consumption and elevated energy costs.
• Also cut CY27 growth projection by 50 bps, citing continued global uncertainty.

CMS Info Systems' ₹400 Crore HDFC Bank ATM Deal

• Five-year contract to manage around 6,000 ATMs using its AI-based 'HAWKAI' monitoring solution.
• Covers currency forecasting, cash logistics and AI-based operational solutions.

SEBI's IPF Income Usage Proposal

• Depositories may use up to 5% of Investor Protection Fund income for administrative expenses.
• Brings depositories in line with rules already applicable to stock exchanges.

RBI's Overhauled Forex Dealer Framework

• New Authorised Persons Regulations, 2026 streamline licensing; fresh FFMC licences will generally be discontinued.
• Allows AD Category-I and II entities to appoint Forex Correspondents under a principal-agent model.

RBI Cancels Sarvodaya Co-operative Bank's Licence

• Cited inadequate capital and inability to repay depositors in full.
• Action taken under Sections 22(4) and 56 of the Banking Regulation Act, 1949.

FPI Share in Indian Equities Hits 14-Year Low

• Fell to 14% by June 2026 amid sustained foreign selling, while DII stake rose to 18.9%.
• Reflects the growing dominance of domestic institutional and retail capital in Indian markets.

RBI Relaxes CET1 Capital Norms

• Banks can now include quarterly profits in Common Equity Tier 1 capital without the earlier NPA-variability condition.
• Applies to commercial banks, small finance banks and payments banks with immediate effect.

GSDP Base Year Shift to 2022-23

• MoSPI is aligning state GSDP estimates with the revised national GDP base year for better data consistency.
• Currently 34 States/UTs still use the older 2011-12 base year for GSDP estimation.

AU Small Finance Bank's New Credit Card Portfolio

• Launched four new cards — Ananta, Laksya, Tejas, Prathama — including complimentary airport lounge access.
• AU SFB was founded in 1996 and converted into a Small Finance Bank in 2017.

DGFT Tightens Duty-Free Gold Import Rules

• Caps gold import authorisations under the Advance Authorisation scheme at 100 kg per licence.
• Introduced five new compliance notes under SIONs M1-M8 to strengthen monitoring.

RBI Eases Bank-Fintech Tie-ups for Remittances

• Removed the earlier requirement of prior RBI approval for fintechs partnering with AD Category-I banks.
• Part of RBI's continuing effort to streamline outward-remittance facilitation.

SEBI's Physical Settlement Roadmap for Agri Derivatives

• Proposes a gradual transition from financial to compulsory physical settlement for select commodity contracts.
• Aims to revive illiquid agri-derivative contracts and support new delivery-based products.

Retail Inflation Hits 14-Month High

• CPI inflation rose to 3.48% in April, driven by surging food, gold and silver prices, though still below RBI's 4% target.
• MoSPI revised the CPI base year to 2024 in February, replacing the earlier 2012 base year.

CTBC Bank's First Taiwanese Branch at GIFT City

• Marks a milestone in deepening India-Taiwan financial cooperation.
• Received necessary approvals from the International Financial Services Centres Authority (IFSCA).

UDGAM Portal Integration Update

• RBI told the Supreme Court that 30 banks are now integrated with UDGAM, covering ~90% of unclaimed deposits by value.
• UDGAM stands for Unclaimed Deposits - Gateway to Access Information, developed by RBI with ReBIT and IFTAS.

NSO Revises GDP Release Schedule

• Annual and Q4 GDP Provisional Estimates will now be released on 7 June each year, instead of end-May.
• Aims to allow more time for accurate data compilation before release.

SEBI Eases InvIT Borrowing Norms

• Allows greater flexibility for InvITs with net debt exceeding 49% of asset value, especially for road infrastructure.
• Permits refinancing of existing debt limited to the principal amount used for approved purposes.

WPI Inflation Hits 42-Month High

• Rose to 8.3% in April 2026, driven by rising input costs across manufacturing and primary goods.
• WPI's base year is 2011-12, with the basket dominated by Manufactured Products (64.23%).

GSTAT Operationalises Nationwide Benches

• Introduced a structured listing system for GST appeals to reduce the burden on High Courts.
• Division Bench scrutiny is now mandatory before matters can be assigned to a Single Bench.

ICICI Bank's First USD-Denominated Debit Card

• Launched with Visa to help NRIs manage offshore wealth, linked to a GIFT City-based USD savings account.
• Eliminates forex markup charges (2-3.5%) and GST typically applied on international transactions.

Central Banks Turn Net Gold Sellers

• First such instance in 10 months, led by Türkiye and Russia, per World Gold Council data.
• Türkiye alone sold 60 tonnes for reserve management and additionally swapped 80 tonnes for liquidity.

RBI Penalises IIFL Finance and Appnit Technologies

• ₹3.10 lakh and ₹5.80 lakh penalties respectively for regulatory non-compliance.
• IIFL's penalty related to failure to return surplus amounts from gold-auction recoveries to borrowers.

33rd FSDC Sub-Committee Meeting

• Chaired by RBI Governor Sanjay Malhotra to review financial stability risks; FSDC was set up in 2010 post the Raghuram Rajan Committee recommendations.
• FSDC-SC meets more frequently than the full council for continuous monitoring.

Emirates NBD's ~$3 Billion RBL Bank Investment

• RBL Bank received all regulatory clearances; Emirates NBD's stake could reach 51-74% post-transaction.
• First announced in October 2025, it's among the largest foreign investments in Indian banking.

Xflow's Stablecoin Cross-Border Payments Pilot

• Enables Indian businesses to receive USDC/USDT payments, compliantly converted to INR via AD banks.
• Stablecoin transactions are processed outside India, keeping only fiat currency flow within Indian regulations.

SEBI's 'Significant Index' Classification Framework

• Indices with over ₹20,000 crore in tracked AUM for six consecutive months qualify as 'Significant Indices'.
• Once classified, an index retains the status unless AUM falls below threshold for three consecutive years.

UPI Turns 10

• Launched on 11 April 2016 by NPCI, UPI processed about 24,162 crore transactions worth ₹314 lakh crore in FY26.
• Now the world's largest real-time payments system, handling around 66 crore transactions daily.
• From just 373 transactions in its first month, UPI has scaled nearly 12,000-fold in volume over a decade.

Slice Small Finance Bank's AI 'Phygital' Branch

• India's first AI-powered phygital banking branch was inaugurated in Guwahati, Assam.
• Combines physical infrastructure with digital technology for faster, more personalised service.

IDFC FIRST Bank's FD-Backed Business Credit Card

• A metal credit card for startups and founders, with limits linked to fixed deposits from ₹50,000.
• IDFC FIRST Bank was formed via the 2018 merger of IDFC Bank and Capital First.

Morgan Stanley Raises India's FY27 GDP Forecast

• Revised upward by 50 bps to 6.7%, citing improved domestic momentum.
• Projects India's FY28 growth at 7%, indicating continued strong medium-term expansion.

RBI Holds Off on Countercyclical Capital Buffer

• Decided current credit-to-GDP conditions don't warrant activating this macro-prudential tool.
• CCyB requires banks to build extra capital buffers during periods of rapid credit growth.

DFS Workshop on Insolvency and Bankruptcy (Amendment) Act, 2026

• Brought together banking, IBBI and legal stakeholders to discuss the amended IBC framework.
• Attended by representatives of NARCL, IDRCL and ASREC among other institutions.

SBI Ventures to Manage Maritime Investment Fund

• Appointed fund manager for the ₹20,000 crore MIF, part of a larger ₹25,000 crore Maritime Development Fund.
• Aims to catalyse private investment in India's maritime and shipping sector.

RBI's 5 Billion USD-INR Swap Auction

• A three-year tenor swap to inject durable liquidity into the banking system.
• RBI buys dollars from banks against rupees and sells them back after the tenor, smoothing systemic liquidity.

RBI's Founding Background

• Established 1 April 1935 under the RBI Act, 1934, based on the Hilton Young Commission; nationalised in 1949.
• Originally headquartered in Kolkata before permanently shifting to Mumbai in 1937.

Atal Pension Yojana Felicitation Programme

• APY crossed 9 crore gross enrolments with AUM exceeding ₹54,000 crore; a record 1.35 crore subscribers added in FY26.
• PFRDA honoured top-performing service providers and bank branches.
• APY guarantees a fixed monthly pension between ₹1,000 and ₹5,000 depending on contribution and age of joining.

Bajaj General Insurance's MHCP EDGE+ Plan

• A health-indemnity plan offering coverage from ₹5 lakh to ₹5 crore, with unlimited reinstatement benefits.
• Includes modular add-ons, global treatment coverage and wellness-linked services.

NCDEX Launches 'RAINMUMBAI'

• India's first exchange-traded weather derivatives contract, marking entry into regulated weather-risk trading.
• Allows businesses exposed to rainfall variability to hedge financial risk through the exchange.

ICRA Cuts FY27 GDP Forecast to 6.2%

• Cited elevated crude oil prices linked to the West Asia conflict.
• Reduction of 30 basis points from ICRA's earlier estimate of 6.5%.

Nirmala Sitharaman's GIFT City Review

• Chaired a high-level meeting reviewing progress of GIFT City's international financial services ecosystem.
• GIFT City in Gandhinagar is being developed as India's answer to global financial hubs like Singapore and Dubai.

PFRDA's New Asset Classes Committee

• Chaired by Narayan Ramachandran to explore new investment options for improving NPS returns.
• PFRDA Chairman S. Ramann noted the regulator is studying global pension-fund investment models.

ZikZuk Technologies Gets PPI Issuer Authorisation

• Final RBI approval to operate as a Prepaid Payment Instrument issuer under the PSSA, 2007.
• Follows the company's earlier in-principle approval received in May 2025.

RBI Penalises City Union Bank

• ₹10.10 lakh penalty for non-compliance with priority-sector loan and SHG data-reporting norms.
• Imposed under provisions of both the Banking Regulation Act and the Credit Information Companies (Regulation) Act.

Revised Loan Recovery and Recovery Agent Regulations

• Effective October 2026, restrict recovery-agent contact hours to 8 AM-7 PM and ban harassment tactics.
• Only agents certified through institutions like IIBF can be engaged.
• Comes after growing public complaints about aggressive and abusive loan-recovery practices.

AIIB's $10 Billion West Asia Resilience Facility

• Supports member countries affected by the Middle East conflict over two years.
• India is AIIB's second-largest shareholder after China, at about 7.58%.
• AIIB, headquartered in Beijing, began operations in 2016 and holds a AAA credit rating.

RBI's Record ₹2.87 Lakh Crore Surplus Transfer

• Approved for FY26, higher than the previous year's ₹2.69 lakh crore, though below the Budget estimate.
• Decided at the 623rd meeting of RBI's Central Board of Directors, chaired by Governor Sanjay Malhotra.

Unincorporated Establishments Cross 9 Crore

• Per NSO's Quarterly Bulletin on Unincorporated Sector Enterprises, reflecting a large informal economic base.
• Provides high-frequency data on India's non-agricultural unincorporated sector.

Karnataka Grameena Bank's National APY Award

• Honoured by PFRDA for outstanding Atal Pension Yojana enrolment performance.
• The bank was formed under the 'One State, One RRB' policy, merging two earlier Karnataka RRBs.

TEXPROCIL Export Awards 2023-24

• Chaired by Nirmala Sitharaman to honour excellence in India's cotton textile export sector.
• TEXPROCIL is the Cotton Textiles Export Promotion Council, sponsored by the Government of India.

Eurobank's UPI-Based Remittances

• Set to become the first European bank enabling India-bound remittances from Greece and Cyprus via UPI.
• Partnership with NPCI aims to make remittances faster and cheaper for the Indian diaspora in these countries.