July brought a glimpse of what the next phase of Indian finance could look like: AI agents initiating payments, fingerprints replacing UPI PINs, regulators tightening control over data and conflicts, and the government reconsidering how UPI should be funded. Through EnFin, we bring these developments together so you can stay up to date with what matters.
EnKash Launches India’s First Meal Card With UPI Payments
EnKash has introduced India’s first meal card with UPI payments, allowing employees to pay for eligible meals by scanning any UPI QR code. The solution combines tax-efficient meal benefits with the convenience and acceptance of UPI.
Originally posted by The Hindu
NPCI Plans to Mask Phone Numbers on UPI Apps
NPCI is working with banks and UPI apps to mask users’ phone numbers during transactions. The move aims to strengthen privacy, reduce misuse of personal information, and improve user safety across the UPI ecosystem.
Originally posted by Moneycontrol
CKYC 2.0 to Introduce a Single Customer ID Across Financial Institutions
India is set to launch CKYC 2.0 with a unified customer ID that can be used across banks, insurance companies, and investment platforms. The upgrade aims to simplify onboarding, reduce repeated KYC submissions, and improve data consistency.
Originally posted by Outlook Money
Court Orders Winding Up of Paytm Payments Bank
A court has ordered the winding up of Paytm Payments Bank following the cancellation of its banking licence. The decision marks the formal closure of the payments bank after regulatory action initiated by the RBI.
Originally posted by Reuters
Polymer Currency Notes May Soon Be Piloted in India
The RBI is planning a trial of polymer banknotes as an alternative to paper currency. Polymer notes are expected to last longer, improve durability, and offer stronger protection against counterfeiting.
Originally posted by The Times of India
UPI-Based PF Claim Settlement Rollout Faces Delay
The launch of UPI-enabled provident fund claim settlements has been delayed beyond the earlier timeline. EPFO continues to work on the feature, which is expected to make PF withdrawals faster and more convenient once introduced.
Originally posted by Mint
One-Click UPI Checkout Proposal Faces Pushback From Payment Firms
Several payment companies have opposed the proposed one-click UPI checkout feature, arguing it could affect competition and limit consumer choice. Industry stakeholders have sought wider consultation before the proposal moves forward.
Originally posted by Reuters
Haryana Announces Full Road Tax Exemption for EVs Up to ₹30 Lakh
The Haryana government has approved a 100% road tax exemption for electric vehicles priced up to ₹30 lakh. The incentive is aimed at encouraging EV adoption and supporting the state's clean mobility initiatives.
Originally posted by NDTV
Payments Vision 2028 Continued to Shape the Policy Agenda
RBI’s Payments Vision 2028 outlines planned changes across fraud prevention, customer protection, business payments, cyber reporting, cross-border approvals, TReDS connectivity, card networks, and cheque systems. The roadmap focuses on making payments safer, more connected, and easier for users and businesses.
Originally posted by the Reserve Bank of India
Banks Asked to Use AI to Reduce Costs and Improve Services
RBI Governor Sanjay Malhotra has urged banks to use AI and other advanced technologies to reduce costs, improve operations, expand their reach, and offer better customer service. He also stressed the need for strong cybersecurity, internal controls, and safeguards against fraud and data misuse.
Originally posted by Business Standard
MDR on UPI May Return for Large Merchants
The government is considering restoring MDR on UPI payments for large merchants. The proposal may apply to businesses with annual turnover above ₹1–1.5 crore and transactions exceeding ₹2,000, while small merchants and peer-to-peer transfers are expected to remain exempt.
Originally posted by The Economic Times
SEBI Restricts Board Members From Fresh Stock Investments
SEBI has tightened ethics and investment rules for serving and former officials. The changes restrict direct securities trading, expand conflict disclosures and introduce stronger recusal and post-employment requirements.
Originally posted by The Hindu
New Data Governance Rules Proposed for Banks and NBFCs
RBI has proposed a data governance framework for banks and non-banks covering data quality, classification, lineage, security, and third-party sharing. Regulated entities would need board-level oversight, a senior data officer, and stronger controls throughout the data lifecycle.
Originally posted by Mint
Biometric UPI Payments Cross 600 Million in June
Biometric UPI transactions crossed 611 million in June 2026, with payments worth ₹25,416 crore. The feature allows users to approve P2P, merchant, and RuPay credit card payments using fingerprints or facial recognition instead of entering a UPI PIN.
Originally posted by The Economic Times
NPCI Develops Protocol for AI-Led UPI Payments
NPCI is developing a Unified Agent Protocol that could allow verified AI agents to make UPI payments on users’ behalf. The proposed framework would set authorisation limits, maintain transaction logs, and support interoperability, subject to regulatory approval.
Originally posted by Business Standard
FPI Registration Fees Shift From Dollars to Rupees
SEBI has replaced dollar-denominated registration fees for foreign portfolio investors with rupee-based amounts. The revised structure will take effect six months after the July 3 notification and is intended to simplify fee collection and payment.
Originally posted by The Hindu
Free SMS Alerts Could Reduce Banks’ Fee Income
RBI has directed banks not to charge customers for SMS messages relating to compliance, customer awareness or promotions. Industry estimates suggest the change could reduce the annual fee income of some large lenders, although the actual effect will depend on each bank’s alert volumes and charging model., although alerts for transactions of ₹500 or less are now optional.
Originally posted by The Economic Times
NPCI Adopts AI to Strengthen Digital Payment Fraud Detection
NPCI is deploying AI-driven systems to detect and prevent payment fraud more effectively. The initiative aims to identify suspicious transaction patterns in real time, strengthen fraud monitoring, and improve the security of India's digital payments ecosystem.
Originally posted by The Economic Times
Government Pauses WhatsApp Username Rollout Over Fraud Concerns
The government has asked Meta to pause the rollout of WhatsApp usernames, citing concerns that the feature could increase impersonation and online scams. Officials have sought further clarification before allowing the rollout to proceed.
Originally posted by The Times of India
Ravi Shankar Appointed RBI Executive Director
Ravi Shankar has been appointed as Executive Director of the Reserve Bank of India with effect from July 1. He will oversee key regulatory and supervisory functions as part of the central bank’s senior leadership team.
Originally posted by Moneycontrol
India Crosses 107 Crore Internet Connections as UPI Touches 75 Crore Daily Payments
India has crossed 107 crore internet connections, while UPI is now processing around 75 crore transactions every day. The figures highlight the rapid growth of digital connectivity and the increasing scale of the country's digital payments ecosystem.
Originally posted by NDTV
UPI Expands to Greece, Strengthening Global Payment Network
UPI has been launched in Greece, further extending India's digital payment infrastructure internationally. The expansion is expected to make payments easier for Indian travellers while strengthening UPI's presence across global markets.
Originally posted by ETBFSI
AI-Driven Cyberattacks Identified as Key Threat to Financial Stability
The RBI has warned that AI-powered cyberattacks pose one of the most immediate risks to India's financial system. The central bank has urged financial institutions to strengthen cybersecurity and improve resilience against evolving digital threats.
Originally posted by The Economic Times
That brings this edition of EnFin to a close. The thread running through July was clear: financial technology is becoming more automated, but regulators want stronger accountability around the data, decisions and payments that automation controls.. We’ll keep tracking these developments and bringing you the key updates in the weeks ahead.
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