Core Insights - MobiKwik has launched Forex payments on its mobile app in partnership with NPCI Bharat BillPay Limited, marking a significant step in providing digital foreign exchange services in India [1][3][6] - The initiative aims to support the Government and RBI's vision of a fully digital and inclusive financial ecosystem, making foreign exchange transactions more transparent and accessible [3][4][6] - MobiKwik's platform currently supports USD transactions, with plans to expand to additional currencies in future phases [5][10] Group 1: Product Launch and Features - The Forex category on Bharat Connect allows users to top up forex cards instantly using net banking or UPI, with same-day fulfillment [3][6] - The service is designed to cater to various user needs, including students paying for education abroad, families traveling internationally, and small businesses sending funds overseas [4][6] - MobiKwik emphasizes a digital-first experience, offering competitive USD rates and a safe, compliant platform regulated by RBI and NBBL [9][10] Group 2: Company Background and Market Position - MobiKwik, founded in 2009, is India's largest digital wallet, serving over 183.5 million registered users and 4.71 million merchants [8][10] - The company holds a 19% market share of the PPI wallet gross transaction value (GTV) as of September 2025, positioning it as a leading player in the digital financial services sector [10]

Core Points - State Bank of India will discontinue its mCASH service on OnlineSBI and YONO Lite effective November 30, 2025 [1] - Customers will no longer be able to send or claim money using mCASH [1] - SBI recommends users to transition to UPI, IMPS, NEFT, and RTGS for future money transfers, highlighting these as secure and widely adopted digital payment methods [1]

Core Insights - The incidence of digital frauds has shown a cyclical pattern, decreasing until July and then rising again, with the Reserve Bank of India (RBI) analyzing the reasons behind this trend [1][6] - In FY25, banks reported 13,516 cases of card and internet frauds totaling Rs 520 crore, primarily through digital channels, with private sector banks being the main contributors to digital frauds [1][6] - The banking system faces existential risks from digital currencies, which are not well understood or debated globally, and banks need to prepare for significant changes in their business models due to Central Bank Digital Currencies (CBDCs) [2][4] - Incremental digitization is deemed insufficient for banks to remain competitive, as they are structurally vulnerable due to monolithic IT systems and high fixed costs [5][6] - Modernizing core infrastructure is essential for banks to compete effectively with the fintech ecosystem [6]

Core Viewpoint - The State Bank of India (SBI) has announced a scheduled maintenance activity affecting its digital banking services, advising customers to utilize ATM and UPI Lite services during this period [1][13]. Group 1: Scheduled Maintenance - SBI's maintenance activity is set for October 25, 2025, from 1:10 AM to 2:10 AM (IST), during which services like UPI, IMPS, YONO, Internet Banking, NEFT, and RTGS will be unavailable [1][13]. - The maintenance was initially scheduled for October 24, 2025, but was postponed to the following day [1][13]. Group 2: UPI Lite Overview - UPI Lite is a payment solution designed for low-value transactions under ₹1,000, allowing for faster and pinless payments [6][12]. - The UPI Lite balance is treated as cash, and users are responsible for the balance loaded in their UPI Lite account [6][12]. Group 3: Activation and Usage of UPI Lite - Customers can activate UPI Lite through the BHIM SBI Pay app by loading funds into the UPI Lite section [2][8]. - UPI Lite transactions do not appear on bank statements as they are deducted directly from the wallet, with only the wallet load amount visible [4][5]. - No UPI PIN is required for UPI Lite transactions, facilitating quick low-value payments [5][12]. Group 4: Limits and Withdrawals - The per transaction limit for UPI Lite is ₹1,000, with a cumulative daily usage limit of ₹10,000 and a maximum balance of ₹5,000 in the UPI Lite account [10][12]. - Users can withdraw any amount from their available UPI Lite balance using the 'Transfer Out' functionality without disabling UPI Lite [11][12].

Core Points - Banks in Guwahati, Assam are closed today for Kati Bihu, while October 18 is also noted as Dhanteras, although not a declared bank holiday [1][4] - October 2025 has a total of 21 official bank holidays, which include various religious and regional festivities such as Diwali, Maha Ashtami, Dussehra, Durga Puja, and Chhat Puja, along with weekly offs [1][4] Bank Holidays Summary - October 18 (Saturday): Banks closed in Guwahati for Kati Bihu [5][7] - October 19 (Sunday): Banks closed nationwide for Sunday weekly off [5][7] - October 20 (Monday): Banks closed in multiple cities for Diwali and related festivities [5][7] - October 21 (Tuesday): Banks closed in several cities for Diwali Amavasya and related celebrations [5][7] - October 22 (Wednesday): Banks closed in various cities for Diwali and Vikram Samvant New Year [5][7] - October 23 (Thursday): Banks closed in select cities for Bhai Bij and related festivities [5][7] - October 25 (Saturday): Banks closed nationwide for fourth Saturday weekly off [5][7] - October 26 (Sunday): Banks closed nationwide for Sunday weekly off [5][7] - Additional closures for Chath Puja on October 27 and 28, and for Sardar Vallabhbhai Patel's Birthday on October 31 [7]

Core Viewpoint - Banks in India will be closed for multiple days between October 13 and October 19, 2025, due to the festive season, including holidays for Diwali and other regional festivals [1][2]. Group 1: Bank Holidays Overview - In total, banks will close for up to 21 days in October 2025 due to official holidays such as Diwali, Maha Ashtami, Dussehra, Durga Puja, and Chhat Puja, along with weekly offs [2]. - The Reserve Bank of India (RBI) mandates bank holidays on the second and fourth Saturdays of each month, as well as all Sundays [2][7]. Group 2: Specific Holidays - On October 18, banks will be closed in Guwahati for Kati Bihu, and on October 19, they will be closed nationwide for the Sunday weekly off [5][6]. - Additional closures include: - October 20: Banks closed in multiple cities for Diwali and related festivals - October 21: Banks closed for Diwali Amavasya - October 22: Banks closed for various Diwali celebrations - October 23: Banks closed for Bhai Bij and other festivals - October 25 and 26: Nationwide closures for weekly offs [6]. Group 3: Banking Services During Holidays - Online and mobile banking services, including IMPS, NEFT, RTGS, and UPI, will remain operational during bank holidays [4][8]. - ATM services will also be available for cash withdrawals on bank holidays [4][8].

Core Insights - The Global Fintech Festival (GFF) 2025 showcased numerous digital payment innovations, emphasizing transaction security and support for new form factors [1][2] Group 1: New Features Launched - Small Value UPI Transactions via Wearable Glasses allow users to initiate transactions hands-free using smart glasses, powered by UPI Lite, which enables small-value transactions without internet or PIN [3][4][5] - UPI Multi-Signatory feature enables multiple approvals for a single UPI account, aimed at businesses requiring checks and balances before processing payments [6] - On-Device Biometric Authentication for UPI allows users to authenticate payments using smartphone security features, enhancing transaction speed and security [7] - Cash Withdrawal through Micro ATMs using UPI allows users to withdraw cash at local shops and business correspondent outlets by scanning a dynamic QR code [8][9] - Aadhaar-Based Face Authentication in UPI simplifies the process of setting or resetting UPI PINs, making it more inclusive for first-time users and senior citizens [10][11] Group 2: Market Context - Monthly UPI transactions surpassed 20 billion in August but slightly declined to 19.6 billion in September, with PhonePe, Google Pay, and Paytm leading the ecosystem [14]

Core Points - Banks in Bengaluru, Bhubaneshwar, and Chandigarh will be closed on October 7 for Maharishi Valmiki Jayanti and Kumar Purnima [1] - October 2025 has a total of 21 official bank holidays, including major religious and regional festivities such as Diwali, Maha Ashtami, Dussehra, Durga Puja, and Chhat Puja [1] - Banks across India, including the State Bank of India (SBI), observe holidays mandated by the Reserve Bank of India (RBI), which includes the second and fourth Saturdays and all Sundays [2] Bank Holidays Schedule - October 1: Banks closed in multiple cities for Navratri End / Maha Navami / Dussehra / Ayudhapooja, among others [3] - October 2: Nationwide closure for Mahatma Gandhi Jayanti and other festivals [4] - October 3-4: Banks closed in Gangtok for Durga Puja [4] - October 5: Nationwide closure for Sunday weekly off [4] - October 6: Banks closed in Agartala and Kolkata for Lakshmi Puja [4] - October 7: Banks closed in Bengaluru, Bhubaneshwar, Chandigarh, and Shimla for Maharshi Valmiki Jayanti and Kumar Purnima [5] - October 10: Banks closed in Shimla for Karva Chauth [5] - October 11-12: Nationwide closure for second Saturday and Sunday weekly off [5] - October 18: Banks closed in Guwahati for Kati Bihu [5] - October 19: Nationwide closure for Sunday weekly off [6] - October 20: Banks closed in multiple cities for Diwali and related festivals [6] - October 21: Banks closed in several cities for Diwali Amavasya and related celebrations [7] - October 22-23: Banks closed in various cities for Diwali and related festivities [9] - October 25-26: Nationwide closure for fourth Saturday and Sunday weekly off [10] - October 27-28: Banks closed in Patna and Ranchi for Chath Puja [10] - October 31: Banks closed in Ahmedabad for Sardar Vallabhbhai Patel's Birthday [11] Online Banking Services - Online and mobile banking services remain available during national holidays unless otherwise notified [8] - ATMs are operational for cash withdrawals, and app and UPI services function as usual [8]

Core Points - All public and private banks in India, except in Gangtok, will be open on Saturday, October 1, as it is the first Saturday of the month with no bank holiday [1] - The Reserve Bank of India (RBI) designates bank holidays on the second and fourth Saturdays and all Sundays each month, with exceptions for the first, third, and fifth Saturdays [2] - Banks are also closed on national holidays and for certain religious and regional observances, which vary by state [3] Remaining Bank Holidays in October - October 4: Bank holiday in Gangtok for Durga Puja (Dasain) [6] - October 5: Bank holiday pan-India for Sunday weekly off [6] - October 6: Banks closed in Agartala and Kolkata for Lakshmi Puja [6] - October 7: Banks closed in multiple cities for Maharshi Valmiki Jayanti / Kumar Purnima [6] - October 10: Bank holiday in Shimla for Karva Chauth [6] - October 11: Banks closed pan-India for second Saturday weekly off [6] - October 12: Banks closed pan-India for Sunday weekly off [6] - October 18: Bank holiday in Guwahati for Kati Bihu [6] - October 19: Banks closed pan-India for Sunday weekly off [6] - October 20: Banks closed in multiple cities for Diwali and related observances [6] - October 21: Banks closed in several cities for Diwali Amavasya [6] - October 22: Banks closed in various cities for multiple Diwali celebrations [6] - October 23: Bank holiday in several cities for Bhai Bij and related observances [6] - October 25: Banks closed pan-India for fourth Saturday weekly off [6] - October 26: Banks closed pan-India for Sunday weekly off [6] - October 27: Banks closed in Kolkata, Patna, and Ranchi for Chath Puja [6] - October 28: Banks closed in Patna and Ranchi for Chath Puja [6] - October 31: Banks closed in Ahmedabad for Sardar Vallabhbhai Patel's Birthday [6] Banking Services on Holidays - ATM services remain operational 24/7 during bank holidays for cash withdrawals and other requirements [7] - Online banking services such as NEFT, IMPS, and RTGS are available for money transfers on bank holidays [7] - UPI services are functional on bank holidays for sending and receiving money [7]

Core Points - October 2025 has a total of 21 official bank holidays in India, including major religious and regional festivities such as Diwali, Maha Ashtami, Dussehra, Durga Puja, and Chhat Puja [1][5] Group 1: Bank Holidays Overview - Banks across India, including the State Bank of India (SBI), will remain closed during holidays mandated by the central bank, which includes the second and fourth Saturdays of each month and all Sundays [2] - A detailed list of bank holidays for October 2025 includes closures for various festivals, with specific dates outlined for each celebration [3][5] Group 2: Specific Holiday Dates - October 1: Banks closed in multiple cities for Navratri End / Maha Navami / Dussehra [5] - October 2: Nationwide bank closure for Mahatma Gandhi Jayanti and other festivals [5] - October 3: Banks closed in Gangtok for Durga Puja [5] - October 20-23: Multiple closures for Diwali celebrations across various cities [5] - October 27-28: Banks closed in Patna and Ranchi for Chath Puja [5] - October 31: Banks closed in Ahmedabad for Sardar Vallabhbhai Patel's Birthday [5] Group 3: Banking Services During Holidays - Online and mobile banking services remain available during national holidays unless otherwise notified, and ATMs are operational for cash withdrawals [6]