Around three-fourths of India’s digital payment-accepting merchants have never recorded a transaction of over Rs 2,000 and are insulated from a merchant discount rate on Unified Payments Interface (UPI), National Payments Corporation of India (NPCI) managing director (MD) and chief executive officer (CEO) Dilip Asbe said on Thursday.

India’s central bank carried out currency swaps worth at least $10 billion in recent weeks to reduce liquidity in the financial system, according to people familiar with the developments, as the authority seeks to curb inflation risks from surplus cash.
The Reserve Bank of India conducted the so-called sell-buy swaps with lenders over the past two weeks, including deals with maturities ranging from one month to about six months, the people said, asking not to be named discussing private matters.

Maruti Suzuki India on Thursday announced the commissioning of a 300 kW green hydrogen electrolyser plant at its Manesar manufacturing facility in Haryana, marking the automaker's first such plant as it looks to reduce fossil-fuel use in manufacturing.

The pilot plant will use surplus solar power generated at the Manesar facility during holidays to produce green hydrogen.

The Insurance Regulatory and Development Authority of India (Irdai) on Wednesday proposed a phased reduction in the expenses of management (EoM) limits for insurers, with life insurers required to bring company-level EoM down to 15 per cent of gross direct premium income (GDPI) within two years and 12.5 per cent within five years.

Traders and business associations across India have announced a “No UPI Day” on October 2 to protest the 0.4 per cent merchant discount rate (MDR) on Unified Payments Interface (UPI) transactions above ₹2,000 from October 15.

They plan to cover UPI scanners, QR codes, sound boxes and other related devices with black cloth as a mark of protest on October 2, which is also observed as Gandhi Jayanti across the country.

Today's market debut has propelled National Stock Exchange (NSE) among India's most valuable companies and firmly established it as the country's biggest listed exchange by market capitalisation (m-cap). Valued at ₹4.45 trillion on listing, NSE is now worth twice the combined m-caps of BSE, Multi Commodity Exchange (MCX) and India Energy Exchange (IEX), India's other listed exchange businesses.

Indian Railways has commissioned Kavach Version 4.0 for the first time on the South Central Railway (SCR), marking the next phase in its rollout of the indigenous Automatic Train Protection (ATP) system.

The upgraded automatic train protection system is now operational across 108 route kilometres on the Malkajgiri–Kamareddi section of the Hyderabad Division.

The Election Commission of India (ECI) on Wednesday said its internal notes, observations and differing views were part of its standard decision-making process and that its final decisions over the past year had been unanimous, after an investigation by The Indian Express claimed that two Election Commissioners had repeatedly objected to key steps concerning electoral rolls.

All banks, including Regional Rural Banks, will remain open on Sunday for the convenience of customers in view of a strike called by the United Forum of Bank Unions (UFBU), the finance ministry said in a statement on Wednesday.

The UFBU, which claims to represent 90 per cent of the banking workforce, is set to go on a three-day strike beginning September 28, primarily seeking a 5-day banking week, among other demands.

The Reserve Bank on Wednesday absorbed Rs 75,026 crore from the banking system through an overnight variable rate reverse repo (VRRR) auction amid surplus liquidity.

The central bank received bids worth Rs 87,993 crore for a notified amount of Rs 75,000 crore, but it accepted only Rs 75,026 crore, according to the notification.

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