Current Affairs - Finance

Navi, co-founded by Sachin Bansal, has achieved significant growth and has become the fifth-largest player on UPI in India. In September 2024, Navi processed an impressive 120.4 million transactions valued at ₹6,549.1 crore, surpassing Amazon Pay's UPI volumes. The company is closing in on the fourth spot, trailing Cred by just 20 million transactions. Navi's rise underscores its increasing influence in India's digital payments landscape, competing with established players like Paytm, Google Pay, and PhonePe. Its growth trajectory indicates a promising future in the fintech sector.

The Reserve Bank of India (RBI) has increased the wallet limit for UPI Lite transactions from Rs 2,000 to Rs 5,000. This enhancement allows users to store and transact larger amounts via UPI Lite, making it more convenient for everyday transactions. Along with this, the transaction limit through UPI Lite has also been raised from Rs 500 to Rs 1,000, further facilitating seamless and secure digital payments. These changes are aimed at improving the user experience and reducing fraud risks in the digital payment ecosystem.

India has demonstrated its commitment to global health initiatives by pledging a substantial amount to the Centre of Excellence for Traditional Medicine. This contribution is part of India's larger pledge of over $300 million to the WHO's core programs from 2025 to 2028. As the sixth largest global contributor to the WHO, India plays a significant role in addressing the organization's funding gap of $7.1 billion. This investment highlights India's focus on promoting traditional medicine and supporting global health initiatives, aligning with the WHO's efforts to bridge funding gaps and achieve its health objectives.