Payment and Settlement Systems Act, 2007
On UPSC.wiki
Current affairsThree New Part-Time Directors on RBI Central Board: Annie George Mathew, Janmejaya Kumar Sinha, Syed Akbaruddin — RBI Governance and the Central Board's RoleThe Government of India appointed Annie George Mathew (former Special Secretary, Ministry of Finance), Janmejaya Kumar Sinha (Chairman, BCG India), and Syed Akbaruddin (former Permanent Representative to the UN, now Dean of Kautilya School of Public Policy) as part-time non-official directors on the RBI Central Board for four-year terms effective August 24, 2026. Former ISRO chief S. Somnath and industrialist Anand Mahindra were also appointed/re-appointed to the board in the same round. Current affairsPM Jan Dhan Yojana Turns 12: 59.09 Crore Accounts, ₹3.17 Lakh Crore Deposits — India's Financial Inclusion TransformationThe Pradhan Mantri Jan Dhan Yojana (PMJDY), launched on 28 August 2014, completed 12 years on 28 August 2026 with 59.09 crore active accounts, ₹3.17 lakh crore in deposits, and 78% accounts in rural/semi-urban areas — marking India's most transformative financial inclusion programme that has brought banking access to 55 crore previously unbanked citizens. Current affairsUPI Completes 10 Years: From 21 Banks in 2016 to the World's Largest Real-Time Payments PlatformThe Unified Payments Interface (UPI) completes ten years in August 2026, marking its evolution from a pilot with 21 banks in April 2016 to the world's largest real-time payments platform — processing 2,366 crore transactions worth ₹29+ lakh crore per month, accounting for 85% of India's digital payments and approximately 49% of global real-time transactions, with active acceptance in 9 countries. Current affairsTaxation and Other Laws (Amendment) Bill, 2026: Parliament Grants Tax Exemptions to FIIs, Diamond Traders, Data Centres and Investment FundsParliament has passed the Taxation and Other Laws (Amendment) Bill, 2026 — cleared by Lok Sabha on 6 August and Rajya Sabha on 10 August — replacing an Ordinance issued on 5 June 2026. The Bill grants income-tax exemptions to Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) on government securities, extends incentives for diamond and electronics manufacturing, removes restrictions on offshore investment funds, and expands data-centre tax benefits. Current affairsSupreme Court Issues Nationwide Directions on Digital Arrest Scams; Directs RBI to Frame Mule Account SOPThe Supreme Court of India, on August 5, 2026, issued a fresh set of nationwide directions to strengthen the response to digital arrest scams and cyber-enabled financial fraud. The bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and V. Mohana directed the Reserve Bank of India (RBI) to frame and circulate a Standard Operating Procedure (SOP) for dealing with mule accounts and money laundering-linked bank accounts within four weeks. Current affairsUPI Hits Record 23.66 Billion Transactions in July 2026 — ₹29.88 Lakh Crore in ValueIndia's Unified Payments Interface (UPI) processed a record 23.66 billion transactions worth ₹29.88 lakh crore in July 2026, according to data released by the National Payments Corporation of India (NPCI). This surpassed the previous monthly volume record of 23.20 billion set in May 2026. Transaction volume grew 22% year-on-year and 4.1% month-on-month, without any major festival or quarter-end activity to drive the surge.
In previous-year questions
- Consider the following statements about the MSME sector in India: 1. MSMEs contribute approximately 30% to India's GDP and 45% to total merchandise exports. 2. The Udyam Registration Portal, codified in the 2026 Amendment as the national digital platform, is mandatory and fee-bearing for all MSME categories. 3. TReDS (Trade Receivables Discounting System) platforms are licensed and regulated by the Reserve Bank of India. Which of the statements given above are correct?UPSC · Current Affairs
- Unified Payments Interface (UPI) was piloted on April 11, 2016 with 21 member banks. Who inaugurated this pilot?OTHER · Current Affairs