An estimated 3 million bottom-of-the-pyramid borrowers have lost access to formal financing over the past nine months, raising concerns that regulatory tightening is diluting India’s financial inclusion push. The shift appears to be hitting lower-income borrowers hardest, potentially reversing gains made by fintech and lenders in expanding credit access to underserved communities.
A surprising gap is emerging: India’s wealthiest states are moving to cashless payments more slowly, even as UPI adoption accelerates in many others. States such as Tamil Nadu and Andhra have led digital-payment growth, while Gujarat, Karnataka, and Delhi lag. The paradox points to how prosperity can shape payment habits differently than expected.
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Sebi has proposed a Gift PPI framework that lets people gift prepaid instruments usable only to buy mutual fund units. The regulator says this can broaden access, pull in first-time investors, and shift gifting away from consumption toward investment. However, the plan comes with tight limits and compliance requirements to keep the system controlled.
India’s government is considering the next wave of amalgamation among regional rural banks, entering a fourth phase of mergers. The move is intended to strengthen the banking network, improve efficiency, and make smaller lenders more resilient—while raising questions about how services and customers will be impacted in far-flung areas.
Suzlon Energy has signed an initial pact with Korean firm GS E&C to partner on India’s renewable energy push, targeting project development and optimization of solutions. The agreement also includes cooperation with Arie Energy LLP on wind farm repowering projects. Separately, AFINIT and Yes Bank inked an MoU aimed at improving financial inclusion.
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