Current Affairs - Finance

CARD91, an Issuance Platform-as-a-Service company, has launched ‘Blitz,’ a proprietary UPI Switch designed to provide banks and financial institutions with seamless and scalable digital payment solutions. Blitz supports UPI 2.0, Credit Line on UPI, Rupay Credit Card on UPI, AutoPay, and Delegate Payments, ensuring high reliability with 99.99% uptime and the ability to process over 2000 transactions per second (TPS). This initiative enhances the efficiency and security of digital transactions, strengthening the financial ecosystem and promoting wider adoption of UPI-based services in India.

In the Union Budget 2025, Finance Minister Nirmala Sitharaman introduced a significant reform where individuals earning up to ₹12 lakh will not be required to pay any income tax under the new tax regime. This move aims to provide relief to the middle class and stimulate economic growth by increasing disposable income and encouraging higher consumer spending. Additionally, salaried individuals have a slightly higher exemption limit of ₹12.75 lakh, considering the standard deduction of ₹75,000.

CRED introduced India's first fintech-led e-rupee wallet, enabling users to conduct Central Bank Digital Currency (CBDC) transactions. The wallet allows transactions of up to ₹10,000 per transfer and ₹50,000 daily, with the added benefit of zero-cost merchant payments. Future updates will enhance usability with features like programmable payments and PIN-less transactions for amounts under ₹500. This initiative marks a significant step in India's digital payment ecosystem, facilitating seamless and secure e-rupee transactions.

Skydo Technologies, a Bengaluru-based fintech firm, received in-principle approval from the Reserve Bank of India (RBI) to operate as a Payment Aggregator-Cross Border (PA-CB) entity. This approval allows Skydo to provide seamless and cost-effective cross-border payment solutions to Indian exporters. Skydo, which serves over 12,000 Indian exporters, is now poised to scale operations, expand its services globally, and diversify its offerings. The RBI's endorsement strengthens Skydo’s position in the competitive fintech industry and supports the international growth aspirations of Indian businesses.

Ashok Leyland has entered into a partnership with ESAF Small Finance Bank to provide customized vehicle financing solutions. This collaboration aims to offer flexible loan options with tailored monthly repayment plans, making vehicle ownership more accessible for customers. ESAF Bank will also provide a range of comprehensive financial services to Ashok Leyland’s customers, strengthening the partnership's value proposition and enhancing customer convenience.