Current Affairs - Finance

PayU, a fintech giant, has collaborated with NPCI to introduce the innovative 'Credit Lines on UPI' feature for merchants. This integration within the PayU application enhances digital payment acceptance by providing pre-sanctioned credit lines, offering financial flexibility to merchants and consumers alike.

One97 Communications, the parent company of Paytm, is exploring transitioning its payments service into a third-party payment app (TPAP) to ensure uninterrupted access to the Unified Payments Interface (UPI) for its customers.

Sri Lanka and Mauritius are poised to introduce India's UPI and RuPay card services on February 12, underlining efforts to bolster digital financial integration. This initiative aims to facilitate seamless digital transactions for Indian nationals in these countries and Mauritian nationals visiting India, emphasizing cross-border financial connectivity.

The Asian Development Bank (ADB) has signed a $200 million loan agreement with the Government of India to address flood and riverbank erosion risks along the Brahmaputra River in Assam, India, aiming to enhance disaster resilience and empower local communities.

Flywire has collaborated with the State Bank of India (SBI) to modernize international education payments for Indian students. This partnership aims to streamline transactions in Indian Rupees, providing convenience and compliance with regulatory guidelines like the Liberalized Remittance Scheme (LRS).