India's UPI captures 48.5% of global real-time payments

eznews.in

India's UPI captures 48.5% of global real-time payments

India's retail payment system experienced significant growth in transaction volume and value during the fiscal year 2024-25, driven largely by the success of the Unified Payments Interface (UPI). According to the Reserve Bank of India's annual report, UPI transactions surged by 41.7% in volume and 30.3% in value, capturing 84% of total retail payments. Additionally, National Electronic Funds Transfer (NEFT) transactions rose by 32.4% in volume and 13.4% in value. The Payments Infrastructure Development Fund (PIDF) played a crucial role in expanding digital payment acceptance, with point of sale (PoS) terminals increasing by 25% to 1.1 crore and UPI QR codes soaring by 92% to 65.8 crore. The RBI is also collaborating with NPCI International Payments Ltd to expand UPI's reach to 20 countries by 2028-29. Overall, India's payment systems recorded a 35% growth in transaction volume and a 17% increase in value during FY25.

Published:
May 29 2025, 9 pm

eznews.in

IndiGo to expand global network with 10 new destinations

IndiGo, India's leading airline, has announced plans to expand its international network by adding flights to 10 new destinations during the financial year 2025-26, increasing its total to 51 international locations. CEO Pieter Elbers revealed these developments at an event in New Delhi, coinciding with the airline's role as host for the 81st IATA Annual General Meeting, scheduled for June 1-3, 2025. New destinations will include London, Copenhagen, and Athens, with the airline set to deploy damp-leased Boeing 787 aircraft for most European routes. Additionally, IndiGo will reactivate flights to Almaty and Tashkent and enhance domestic operations by adding four new stations. The airline aims to surpass a fleet size of 600 aircraft by 2030, while also introducing new business offerings and loyalty programs to strengthen its market position. Elbers emphasized the importance of these initiatives in enhancing customer experience and ensuring profitability.

Published:
May 30 2025, 9 pm

eznews.in

India reduces crude edible oil duty to 16.5%, extends yellow peas import

The Indian government has announced a significant reduction in the import duty on crude edible oils, lowering it from 27.5% to 16.5%, effective May 31. This move increases the duty differential between crude and refined oils to 19.25%, a change welcomed by the edible oil sector, particularly by processors who have long advocated for a higher differential to counteract subsidies on refined oils from major producers like Malaysia and Indonesia. The Solvent Extractors’ Association of India noted that this adjustment will support domestic refiners and stabilize prices for consumers. However, the decision to extend duty-free imports of yellow peas until March 2026 has drawn criticism from traders, who argue it could negatively impact local pulse growers by driving prices down. The trade community is concerned that this could lead to increased imports from countries like Russia and Canada, exacerbating the bearish trend in pulse prices.

Published:
May 30 2025, 11 pm

eznews.in

IndiGo granted 3-month extension for Turkish Airlines operations

The Directorate-General of Civil Aviation (DGCA) has granted IndiGo a three-month extension until August 31 for the damp leasing of two Boeing 777 aircraft from Turkish Airlines, aimed at preventing flight disruptions for passengers. This extension is a one-time concession, with the DGCA mandating that IndiGo must terminate the lease within this period and not seek further extensions. The decision follows heightened scrutiny of the airline's leasing arrangements amid geopolitical tensions, particularly after Turkey's support for Pakistan and condemnation of India's military actions. Additionally, the Bureau of Civil Aviation Security (BCAS) recently revoked the security clearance for Turkish company Celebi Airport Services in India, citing national security concerns. IndiGo's CEO, Pieter Elbers, affirmed the airline's commitment to comply with government regulations regarding its operations with Turkish Airlines. The Civil Aviation Ministry is currently reviewing inputs from IndiGo and security agencies regarding the situation.

Published:
May 30 2025, 9 pm

eznews.in

Oil Minister predicts global crude prices near $65/barrel

At the CII Annual Business Summit 2025 in New Delhi, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri assured that the crude oil market is well-supplied, predicting prices to stabilize around $65 per barrel. He noted that increased production from countries such as Brazil, Guyana, and Canada would contribute to this stability. Puri also hinted at potential reductions in retail petrol and diesel prices if current trends persist. Emphasizing India's ambition to become a major refining hub, he stated that the country's refining capacity is set to grow from 260 million tonnes per annum to 309.5 million by 2028. Furthermore, he highlighted the opening of over 1 million square kilometers of previously restricted sedimentary basins for exploration, which has led to a significant increase in bids under the Open Acreage Licensing Policy. Puri also discussed recent reforms aimed at enhancing the ease of doing business in the sector.

Published:
May 30 2025, 9 pm

eznews.in

Household net savings may hit 6.5% of GNDI by FY25

The Reserve Bank of India (RBI) has reported a slight increase in net household financial savings, attributed to a rise in household financial assets. According to the latest RBI Annual Report, net savings in the household sector are projected to reach ₹22 lakh crore, or 6.5% of Gross National Disposable Income (GNDI), by FY25. In FY24, net savings rose to 5.1% of GNDI, up from 4.9% the previous year, highlighting the sector's financial resilience. This increase is vital for funding government and corporate deficits, as households are a key source of capital. Additionally, while household liabilities increased to 6.1% of GNDI, gross financial savings rose to 11.2%. The RBI also noted that interest rates on small savings instruments remain unchanged, which could pose challenges for bank deposit growth amid a potential easing of deposit rates.

Published:
May 30 2025, 9 pm

eznews.in

India's sugar consumption may fall under 28 million tonnes

The Indian government has announced a sugar quota of 2.3 million tonnes for domestic sales in June, a reduction of 0.25 million tonnes compared to the previous year. This decrease may lead to a decline in sugar consumption for the 2024-25 season, projected to fall below 28 million tonnes from a record 29.05 million tonnes in 2023-24. As of May 31, the notional stock is estimated at 13.43 million tonnes, with an expected increase in production from mills in Tamil Nadu and Karnataka. However, consumption during the June-September period is anticipated to reach at least 9.1 million tonnes, potentially lowering the closing stock to below 5 million tonnes. Industry experts cite various factors, including low international sugar prices and early monsoon rains, as contributing to the weak market sentiment. The Food Ministry has also indicated that non-compliant mills will not face quota deductions despite previous violations.