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News of the day: 14 July, 2025
News of the day: 14 July, 2025

The Print

timea day ago

  • Business
  • The Print

News of the day: 14 July, 2025

US trading giant Jane Street has deposited $567 million in an escrow account to resume trading in India after a Securities and Exchange Board of India (SEBI) ban. Former NITI Aayog CEO Amitabh Kant praised UPI, calling it a 'phenomenal 'achievement on a X post. Earlier, India was positioned as the world leader in real-time payments in an International Monetary Fund Fintech Note, titled 'Growing Retail Digital Payments: The Value of Interoperability'. Unified Payments Interface (UPI), which was developed by the National Payments Corporation of India (NPCI), has officially surpassed Visa to become the world's leading real-time payment system, processing over 650 transactions daily. SEBI accused the firm of market manipulation and put a freeze on $567 million of its funds, with the condition that Jane Street will only be allowed to resume trading if an equivalent amount was deposited in an account that gives the regulator rights over the money until the SEBI investigation is complete. India & China have 'made good progres s': Jaishankar External Affairs Minister S. Jaishankar Monday told his Chinese counterpart Wang Yi that New Delhi and Beijing had 'made good progress' in the last nine months towards normalisation of bilateral ties. 'It is a result of the resolution of friction along the border and our ability to maintain peace and tranquillity,' Jaishankar said Monday, in his opening remarks during a bilateral discussion with Wang. On a two-day China trip, Jaishankar Monday held bilateral talks with the Chinese leadership in Beijing. He will travel to Tianjin Tuesday to attend the foreign ministers' meeting of the Shanghai Cooperation Organisation. 3 ULFA-I leaders 'killed' in Myanmar, Army denies role Three top leaders of the banned insurgent group, United Liberation Front of Asom-Independent (ULFA-I), were killed in Myanmar, in what the group claims were 'drone attacks' by the Indian Army. Indian Army denies any involvement. According to statements by Paresh Baruah-led outfit, 19 cadres were killed and another 19 injured. Colonel M.S. Rawat, the Defence PRO (Public Relations Officer), in Guwahati said, 'There are no inputs with the Indian Army on such an operation.' 2 yrs after Nuh riots , Internet to be shut down before yatra The Haryana government has ordered the suspension of Internet and SMS services in Nuh district ahead of the Brij Mandal Yatra, scheduled for Monday. District Magistrate Vishram Kumar Meena Sunday issued an order under Section 163 of the Indian Civil Security Code, banning the carrying of all weapons, including licensed arms, firearms, swords, sticks, tridents, rods, knives and chains. Only the sheathed kirpan, worn as a religious symbol by members of the Sikh community, has been exempted. In 2023, Haryana saw communal riots incited during the Brij Mandal Yatra. Axiom 4 mission: Shubhanshu Shukla to return home Astronaut Shubhanshu Shukla and three others of the Axiom 4 mission are setting off for their return journey to Earth Monday, after an 18-day stay at the International Space Station (ISS). Shukla became the second Indian astronaut to travel to space after Rakesh Sharma's 1984 odyssey. Shukla will board the Dragon spacecraft at 2 pm IST and embark on the return journey two hours later. 6 Kerala districts on high alert after 2nd Nipah death In Kerala's Palakkad district, a 57-year-old man who passed away 12 July is suspected to have died after a Nipah virus infection, prompting the government to ramp up contact tracing and field-level surveillance in the area. This is the second Nipah death in the state. Health minister Veena George said in a statemtent that the patient's samples were tested at Manjeri Medical College, and the result came back positive for the Nipah virus. A list of 46 people who came into contact with the man has been drawn up. CCTV footage and mobile tower location data have been used to help identify the people on the list. Friend claims Radhika's murder was premeditated Tennis player Himaanshika Singh Rajput posted a video on her Instagram page Sunday, claiming that the murder of her friend, Radhika Yadav, was premeditated and planned for three days before her father 10 July shot her. 'Her life had become miserable over ten days before the murder. She had completely given up and was ready to live the way they wanted her to live. But her father had lost his mind. He had no expressions on his face. It was evident that he had psychological issues,' she has claimed in the video, a follow-up to her last video, in which she claimed tennis player Radhika 'felt suffocated at home'. 'Sexually harassed' student sets herself on fire A woman undergraduate student in Odisha's Balasore set herself on fire after her sexual harassment complaints against an assistant professor went unaddressed. The student attempted suicide during a protest over the inaction and was rushed to AIIMS, Bhubaneswar, where doctors found she had suffered 90 percent burn injuries. She suffered 90 percent burns after the self-immolation attempt. Assistant Professor Samir Kumar Sahu, who heads the education department at the Fakir Mohan Autonomous College, was later arrested. 'India should avoid rushing into US trade pact' India should avoid rushing into a trade deal with the US that compromises core sectors, such as agriculture, since Washington, D.C., currently is not sparing even key partners, such as the EU, Global Trade Research Initiative (GTRI), an economic think tank, has said. India must recognise it is not alone in facing U.S. pressure since the U.S. is currently negotiating with more than 20 countries and seeking concessions from more than 90, the organisation has added. 'Yet most are resisting because they see these MASALA (Mutually Agreed Settlements Achieved through Leveraged Arm-twisting) deals for what they are—politically driven, transactional demands, offering no lasting trade certainty,' GTRI Founder Ajay Srivastava has said. Saksham Thakur is an intern with ThePrint (Edited by Madhurita Goswami) Also Read: News of the day: 11 July, 2025

UPI: India tops global digital payment speed charts; IMF highlights fall in cash and card use
UPI: India tops global digital payment speed charts; IMF highlights fall in cash and card use

Time of India

time5 days ago

  • Business
  • Time of India

UPI: India tops global digital payment speed charts; IMF highlights fall in cash and card use

India is ahead of all other nations in making faster payments, driven by the rapid growth of the Unified Payments Interface (UPI), while the use of debit and credit cards is declining, according to an IMF Fintech Note. UPI, an instant real-time payment system developed by the National Payments Corporation of India (NPCI), enables inter-bank transactions via mobile phones and has become the world's largest retail fast payment system by volume. The IMF's Fintech Note, titled Growing Retail Digital Payments: The Value of Interoperability, noted a sharp rise in UPI usage since its launch in 2016, accompanied by a fall in cash usage indicators. "India now makes faster payments than any other country. At the same time, proxies for cash usage have fallen," the note said. UPI now processes over 18 billion transactions each month and dominates the landscape of electronic retail payments in India. "Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India," the note reiterated. The IMF pointed to UPI's open and interoperable nature as a key factor in its success, contrasting it with closed-loop payment systems. Interoperability, the note said, allows users of different providers to transact seamlessly, encouraging broader adoption of digital payments. "Importantly, total digital payments also rise relative to a proxy for cash usage," it added, quoted by PTI. Acknowledging the challenges in tracking cash usage, the note said, "Estimating cash usage is difficult because cash transactions can occur anonymously and may not be recorded in any ledger, especially in the informal sector." "However, we can approximate cash usage with the value of automated teller machine (ATM) withdrawals in each district. When we measure the impact of integration on transaction values relative to cash withdrawals, we find a very similar picture," it said. The IMF found that digital payments saw a significant and lasting rise in districts where interoperability increased the most. This, it said, is clear evidence that interoperability helps promote digital payments and shift usage away from cash. The Fintech Note, authored by Alexander Copestake, Divya Kirti, and Maria Soledad Martinez Peria, also advised policymakers to remain alert as the UPI ecosystem expands. "As the interoperable platform matures and more providers join, policymakers should watch for the emergence of dominant private providers and be prepared to take action to maintain a fully open, interoperable and competitive system," the authors said. "Payment authorities should use a range of metrics to identify potential threats to this goal and tailor any responses to the specific underlying anti-competitive mechanism," they said. The note also advised that at every stage of development, the system operator should engage with both current and potential private sector players to ensure that design decisions support a healthy interoperable environment. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

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