Sumit Banerjee

The Reserve Bank of India’s recent annual report highlights the macroeconomic developments that moulded how the global economy performed. In the backdrop of the Covid pandemic, Russia-Ukraine conflict and the ensuing food and energy inflation accompanied by rate hikes in the West, India demonstrated remarkable progress during this period, displaying resilience in the face of global pressures.

In a move that is slated to benefit about 10 million Non-Resident Indians (NRIs), the National Payments Corporation of India (NPCI) is making the UPI interface accessible to NRIs from 10 countries. This development comes close on the heels of Unified Payments Interface (UPI) becoming an acceptable form of payment in many countries. UPI facilitated a massive 782 crore transaction worth ₹12.8-lakh crore in December 2022. This is set to increase with the new guidelines coming into effect this year.

In a move to bring more transparency and structure to the market, SEBI shared a consultation paper on the regulatory framework for index providers. Index providers are those institutions that formulate and manage indices.