Crisil said that nearly 80% of its ratings in the first half of the fiscal did not change but the rate of upgrades improved to 16.70% from around 14% in the second half of last fiscal and up from about 3% two years ago. The downgrade rate on the other hand was flat at 3.02%.

"In our view, this could potentially increase credit card penetration and expand the scope of digital payments in India, positively impacting both card companies (such as SBI Cards) and fintech platforms (such as Paytm)," reported ANI citing Goldman Sachs report.

"UPI P2P accounted for 49 per cent in volume and 67 per cent in value but in terms of merchants' transactions, UPI P2M emerged as the preferred payment mode with a market share of 34 per cent in volume and 17 per cent in terms of value," said Worldline's 'India Digital Payments Report'.

"The company has received an intimation from Inditrade Microfinance Limited (IMFL), a debt listed company and a material subsidiary of the company, informing that the board of directors of IMFL at its meeting held today (October 7) has, inter alia, approved the scheme of amalgamation of Janakalyan Financial Services Private Limited with Inditrade Microfinance Limited with effect from 1st July, 2022," filing said.

Expressions of Interest (EoIs) from likely bidders will be invited on October 7, said the Department of Investment and Public Asset Management (DIPAM). The Centre has decided to divest 30.48 per cent stake, meanwhile, Life Insurance Corporation of India (LIC) will divest 30.24 per cent in the bank. Currently, LIC holds 49.24% stake while the GoI holds 45.48% in IDBI Bank.

Lenders that have sold loans to ARCs against SRs fear that the rating companies that will take on the Brickwork business may lower ratings on some SRs. This, in effect, would require lenders to make higher provisions. Sebi said Brickwork neither followed procedure nor did it exercise due diligence. Brickwork Ratings is considering legal recourse against Sebi’s directive.

India has the potential to show the highest growth in GDP, in the next 12 months, maybe anywhere. I might be missing some small country, but 6-8% GDP growth at India's scale will be unique and China's certainly not going to grow at that level, Bain Capital's Managing Partner Gross-Loh said.

​Exiting shareholders would include WestBridge Capital, Elevar Equity, Omidyar Network India and Saama Capital. The deal size is not disclosed.

"We are working together with several countries," Sitharaman said in response to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the United States as well.