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UPI transactions cross $100 bn for 1st time in October

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India saw a whopping Rs 7.7 lakh crore (over $100 billion by value) digital transactions via unified payments interface (UPI) in October for the first time, according to latest data released by the National Payments Corporation of India (NPCI) on Monday.

In the month of October that saw record festive shopping across e-commerce platforms, digital payments witnessed 4.2 billion UPI transactions in total.

In September, the NPCI recorded digital payments worth Rs 6.54 lakh crore via 3.65 billion UPI transactions.

Currently, PhonePe, Google Pay and Paytm are the leaders in the digital payments space. PhonePe registered digital transactions worth Rs 3.06 lakh crore and Google Pay Rs 2.5 lakh crore in September.

PhonePe currently has over 325 million registered users. The platform is also accepted at over 22 million merchant outlets across India.

A PhonePe Pulse study in September revealed that over 300 million Indians from 19,000 pin codes now use digital payments.

Four out of every five PhonePe monthly active users are from Tier 2 and 3 cities, and two out of every three users are from Tier-3 towns.

Over 63 per cent of first time transactions on the PhonePe app are to transfer money, confirming that this category acts as the initial hook for customers to download a UPI app.

PhonePe registered 182 per cent growth in transactions for this category and 72 per cent growth in customers between Q2 2020 and Q2 2021.

Business

SEBI warns of securities market frauds via YouTube, Facebook, X and more

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Mumbai, April 12: Alarmed at frauds related to securities market on various social media platforms, capital markets regulator SEBI has issued an advisory for investors to exercise caution and due diligence to verify the genuineness of social media handles of SEBI-registered entities while accessing them.

SEBI noticed an increase in frauds related to securities market on various social media platforms such as YouTube, Facebook, Instagram, X (previously Twitter), WhatsApp, Telegram, Google Play Store and Apple Store, etc.

“With increasing adoption of digital communication platforms, it is observed that scamsters are enticing victims by giving trading calls in the name of providing education. They also provide misleading or deceptive testimonials, promise or guarantee of assured or risk-free return etc. through various social media platforms,” according to a SEBI statement.

SEBI noticed unregistered investment advisory services being provided by entities that falsely claim to be registered intermediaries with SEBI or by showcasing fake certificates purportedly issued by the regulator.

It also observed impersonation of SEBI-registered entities by fraudulent trading platforms, WhatsApp, Telegram channels which deceptively claim or suggest affiliation with SEBI-registered entity claiming to provide assured or risk-free return.

“Scamsters are enticing gullible investors by claiming that they provide exclusive services on their platform (fake trading/advisory apps) facilitating securities trading that allow the subscriber to enjoy preferential services with regard to trade and share price — institutional trading account, IPOs at discounted price, block trade at discounted price and sure shot allocation of IPO,” said SEBI.

Also, misleading and manipulative contents have been designed by scamsters to entice investors to join private chat groups or channels on WhatsApp/Telegram, through fraudulent ads/posts on various social media platforms.

“Investors are advised to exercise caution and due diligence to verify the genuineness of social media handles of SEBI registered entities while accessing them,” the regulator noted.

Further, while investing in securities market, investors are advised to deal with only SEBI-registered intermediaries and authentic trading apps, it added.

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Business

PM Modi to hand over GI certificates for 21 products in Varanasi today

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New Delhi, April 11: Prime Minister Narendra Modi will visit his parliamentary constituency Varanasi on Friday, during which he will distribute Geographical Indication (GI) certificates for 21 newly registered products of Uttar Pradesh.

Of the 21 recipients, nine are artisans and producers from Varanasi, underscoring the city’s role as a vibrant hub of traditional craftsmanship and cultural heritage.

Padma Shri awardee and GI expert Rajni Kant, who has been instrumental in advancing GI registrations across India, shared his views ahead of the event.

“I am playing a small role in the progress of GI in Banaras and the whole of India,” he said.

“Since the GI Act came into force in 2003, this is the first time in the country that GI certificates will be distributed for 21 products in one event, and that too by the Prime Minister,” Kant said.

He highlighted that with these new inclusions, the total number of GI-tagged products from Uttar Pradesh will reach 77, placing it among the top states in India in terms of GI recognition.

“It’s a proud moment, Kashi alone has 32 GI-tagged products, supporting around 20 lakh people and generating an annual business of about Rs 25,500 crore,” he said.

Emphasising the national impact of the GI movement, he said: “The journey that started in Kashi has now reached Arunachal Pradesh and Andaman and Nicobar Islands.”

Apart from the GI event, PM Modi’s Varanasi visit includes inaugurating a transit hostel at Police Lines, new police barracks in Ramnagar, four rural roads, and beautification works along Shastri Ghat and Samne Ghat.

Additional urban development projects under the Railways and Varanasi Development Authority will also be launched.

A major portion of the Rs 3,880 crore development push will focus on upgrading the city’s power infrastructure, including the construction of 15 new substations, the installation of transformers, and laying 1,500 km of new power lines.

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National

PM Modi calls PM-JAY rollout in Delhi a ‘revolutionary step’ for health sector

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New Delhi, April 11: Prime Minister Narendra Modi on Friday hailed the rollout of the Ayushman Bharat Pradhan Mantri Jan Aarogya Yojana (PM-JAY) in Delhi as a “revolutionary step” for the national capital’s healthcare sector, enabled by the “double-engine” BJP government.

As the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM-ABHIM), of which PM-JAY is a component, was officially launched in the national capital on Thursday, 19 residents, including 11 women and 8 men, became the first beneficiaries to receive Ayushman Bharat cards under the scheme.

PM Modi praised the implementation and expressed happiness that the people of Delhi will now benefit from the health scheme.

Taking to X, PM Modi wrote, “A revolutionary step related to Delhi’s health sector! This mission of the double-engine government is going to be extremely beneficial for lakhs of my brothers and sisters here. I am very happy that Delhiites will now also be able to get their treatment under the Ayushman Yojana.”

The PM-JAY rollout in Delhi comes just days after a memorandum of understanding (MoU) was signed on April 5, enabling the implementation of the Modi government’s flagship health scheme in the national capital.

With this, Delhi has become the 35th state or Union territory to adopt the Ayushman Bharat scheme.

The AB-PMJAY is a key component of the broader PM-ABHIM framework, which aims to boost public health infrastructure and improve access to quality healthcare across the country.

Launched in 2018, PM-JAY provides an annual health coverage of Rs 5 lakh per family for secondary and tertiary hospital care, targeting economically vulnerable populations. The scheme is the world’s largest government-funded healthcare programme.

The inclusion of Delhi in PM-JAY marks a significant milestone in expanding healthcare access to low-income families in the capital and reducing their financial burden for critical medical treatments.

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