Context: In a major regulatory development, HDFC Bank, IDFC First Bank’s IFSC unit, and Stock Holding Securities IFSC Ltd have received approvals to act as corporate agents and distribute insurance products to over 35 million NRIs and PIOs globally. This move, enabled under the Insurance Act, marks a significant expansion of financial services at GIFT City, India’s first International Financial Services Centre (IFSC). Key Highlights Why This Matters for NRIs/PIOs GIFT City GIFT City, short for Gujarat International Finance Tec-City, is a smart city and India’s first International Financial Services Centre (IFSC), designed to be a global financial and IT services hub, offering tax incentives and a conducive environment for businesses.  Expanding the Insurance Ecosystem in GIFT City Standing Committee on Insurance – Strategic Roadmap Strategic Impact BL

Context: The Reserve Bank of India (RBI) has enhanced its public awareness outreach by integrating WhatsApp as a new communication channel under its ‘RBI Kehta Hai’ campaign. Background: New Feature: WhatsApp Integration Objectives: Significance: RBI

Key Highlights: Background: Current Draft – Key Provisions: Likely Revisions: Implications: Mint

Context: With the Reserve Bank of India (RBI) tightening norms on unsecured credit in late 2023, both banks and non-banking financial companies (NBFCs) have become cautious in extending personal loans and credit card debt. As a result, borrowers are now increasingly opting for secured alternatives such as: Key RBI Measures Data Trends: Shift to Secured Credit Why Borrowers Are Switching With the regulatory environment tightening around unsecured consumer credit, a paradigm shift towards collateral-backed loans is underway. This reflects not only a more cautious lending approach by financial institutions but also a changing borrower mindset focused on accessibility, affordability, and credit health. TET

Context: The Reserve Bank of India’s six-member Monetary Policy Committee (MPC) will convene its first meeting for FY26 starting Monday.A repo rate cut of 25 basis points (bps) is widely expected, with outside chances of a deeper 35 bps cut being discussed by analysts. Economic and Global Backdrop Growth and Inflation Insights RBI’s Recent Liquidity Actions Market and Policy Tools Outlook Previous Policy Action & Expectations BS

Introduction of UPS (Effective April 1, 2025) Contribution Structure Under UPS Investment Strategy for UPS Contributions: To Be Finalised Comparative Highlights: UPS vs. NPS and OPS Feature UPS NPS OPS Pension Formula 50% of avg. last 12 months’ basic pay Market-linked 50% of avg. last 10 months’ basic pay Min. Qualifying Service 25 years No minimum 20 years Govt Contribution 18.5% 14% Fully funded (non-contributory) Pension Start Age 60 years As per withdrawal Immediate post-retirement Risk Sharing Govt + employee Employee (market-driven) Fully govt-funded Equity Cap To be decided Max 50%, tapering with age Not applicable Employee Choice Deadline Broader Pension Reform Efforts A committee led by former Finance Secretary T.V. Somanathan is exploring ways to enhance NPS benefits without reverting to the financially unsustainable Old Pension Scheme (OPS) Building a Resilient, Globally Benchmarked Pension Ecosystem The finance ministry is taking a measured approach by studying both domestic expertise through EPFO and international practices. The UPS offers a guaranteed, sustainable pension model aimed at balancing fiscal responsibility with retirement security BS

Scaling Unified Payments Interface (UPI) – The 10x Vision Enabling Credit Access Through UPI Investing in Advanced Technology Global Expansion of UPI Technology System Resilience and Infrastructure Expansion Merchant Discount Rate (MDR) and System Optimization Diversifying the UPI Ecosystem BHIM App Hive-Off and Sovereign Positioning The Road Ahead for UPI and NPCI

Context: A recent IMF–World Bank joint report, following an assessment of India’s financial system, has stressed the urgent need to enhance the independence and authority of India’s financial regulators through legislative and institutional reforms. Key Concerns Highlighted Major Recommendations The global financial institutions argue that true financial stability in India hinges on granting regulators the autonomy and authority they need to act decisively—especially in the governance of public financial institutions. Legislative changes could be pivotal in safeguarding the credibility and integrity of India’s financial system. TH