Current Affairs - Finance

Carol Furtado was appointed as the interim Managing Director (MD) and CEO of Ujjivan Small Finance Bank after receiving approval from the Reserve Bank of India on September 1, 2026. She was serving as the bank’s Executive Director before taking the interim leadership role. Her appointment is for three months or until a permanent successor is appointed. She replaced Sanjeev Nautiyal, who resigned citing health reasons and will formally retire on November 30, 2026. Ujjivan Small Finance Bank is headquartered in Bengaluru and began operations as a Small Finance Bank in February 2017 under the Banking Regulation Act, 1949.

InsuranceDekho became the operating brand following its merger with RenewBuy on September 3, 2026, creating India’s largest AI-enabled insurance distribution platform based on Point of Sale Person (PoSP) premium. The combined business has a total premium book exceeding ₹6,600 crore and has issued more than 2 crore insurance policies since inception. Ankit Agrawal was appointed CEO of the merged entity. The platform offers more than 750 insurance products from 52 insurers across motor, health, life, travel, and commercial segments. It also plans to use AI-powered advisory, automated partner onboarding, and real-time plan recommendation tools.

PhonePe became the first major Third-Party Application Provider (TPAP) to launch UPI 123Pay on September 2, 2026. The service enables offline UPI payments for feature phone users, particularly in rural and semi-urban areas with limited internet connectivity. It uses an SMS-based architecture that allows transactions even in regions with weak 2G networks. Users can make peer-to-peer transfers, merchant payments, check account balances, and view transaction history. The service is also supported by a voice-first, AI-powered helpline in English and 12 Indian languages. UPI 123Pay was originally launched by RBI and NPCI in March 2022 for non-smartphone users.

Tata Capital signed a Memorandum of Understanding (MoU) with Japan’s Resona Bank on August 24, 2026, to promote business matching and strategic investment collaboration. As part of the partnership, Resona Bank committed US$20 million as a limited partner in the Tata Capital Growth Fund III LP. The fund is managed by Tata Capital and is registered as a Category II Alternative Investment Fund with SEBI. The collaboration aims to facilitate business opportunities and client introductions by leveraging Tata Capital’s network in the Indian market. Tata Capital is a diversified, systemically important non-deposit-taking NBFC and a subsidiary of Tata Sons Private Limited.

Razorpay launched its Multi-Currency EEFC Account solution on August 24, 2026, to help exporters receive international payments directly in foreign currencies. The solution allows earnings to be credited to Exchange Earners’ Foreign Currency (EEFC) accounts in the original transaction currency, including USD, EUR, GBP, AED and SGD. It helps businesses reduce foreign exchange conversion cycles, minimise FX leakage and lower associated costs. The service is integrated into Razorpay’s existing dashboard and settlement engine, so merchants do not need separate onboarding or additional setup. Razorpay, established in 2014 and headquartered in Bengaluru, operates as an omnichannel payments platform for businesses.