Current Affairs - Finance

PhonePe emerged as the most downloaded digital wallet application in the world in 2025, reflecting India's growing dominance in the digital payments ecosystem. India recorded more than 440 million digital wallet app downloads during the year, accounting for nearly one-fourth of global downloads. The country's rapid adoption of digital payment platforms has been driven by the success of the Unified Payments Interface (UPI), which processed 228.5 billion transactions worth ₹299.7 trillion in 2025. Along with Google Pay, PhonePe handled over 80% of UPI transactions, highlighting its significant role in promoting cashless payments, financial inclusion, and digital commerce across India.

Viyona Fintech India received certification as a Biller Operating Unit (BOU) under the Bharat Bill Payment System (BBPS) from NPCI Bharat BillPay Limited (NBBL). This certification authorises the company to facilitate bill payment collection for various sectors, including utilities, education, insurance, and financial services. As a BOU, Viyona Fintech can help expand the reach of the Bharat BillPay network by integrating regional and underserved areas into the interoperable payment ecosystem. The development supports the growth of digital payment infrastructure in India and contributes to greater financial inclusion and convenience for consumers and service providers.

The Indian Chamber of Commerce (ICC) proposed an investment of ₹1 lakh crore in West Bengal to boost regional economic growth and industrial development. The investment is expected to be facilitated through ICC member companies and aims to attract large-scale projects across key sectors. The initiative emphasises collaboration between the Central Government, the West Bengal state government, and industry stakeholders to unlock the state's economic potential. Founded in 1925 by Ghanshyam Das Birla and headquartered in Kolkata, the ICC is one of India's oldest industry associations and plays a significant role in promoting business and economic development.

Mobikwik, officially known as One Mobikwik Systems, received in-principle approval from the Reserve Bank of India (RBI) for a Payment Aggregator-Physical (PA-P) license on May 26, 2026. This approval allows the company to expand its services beyond online payments and facilitate offline merchant transactions as well. Payment Aggregators play a crucial role in enabling merchants to accept various payment methods from customers. Founded in 2009 and headquartered in Gurugram, Haryana, Mobikwik was co-founded by Bipin Preet Singh and Upasana Taku. The development strengthens the company’s position in India’s growing digital payments ecosystem.

The Asian Infrastructure Investment Bank (AIIB) launched a USD 10-billion financing facility on May 21, 2026, to assist member countries facing economic challenges arising from the West Asia conflict. Named the Energy, Food Security and Economic Resilience Facility, the initiative aims to strengthen energy security, food security, and economic resilience while supporting long-term infrastructure development and green transition efforts. The facility provides budgetary assistance, liquidity support, and financing for essential imports and critical expenditures. AIIB is a multilateral development bank headquartered in Beijing, China, with India as its second-largest shareholder. The initiative reflects AIIB's role in addressing global economic disruptions and promoting sustainable development.