Fintech leaders praise PM Modi for India's UPI success, calling it a hotbed of innovation. With 13,115 crore transactions in FY24 worth Rs 200 lakh crore, UPI reflects growing trust in digital payments, credited by Modi for positioning India as a fintech leader globally.

Known for its versatile payment solutions, e-wallet, and business platforms, Paytm now faces a critical juncture that could shape its future in the dynamic world of digital finance.

Finance Minister Nirmala Sitharaman has urged the Reserve Bank of India (RBI) to hold monthly meetings with startup and fintech companies to address their concerns, according to officials familiar with the matter. The suggestion was put forth during a meeting attended by top executives of approximately 50 firms, including prominent names like Razorpay, CRED, and venture capital firm PeakXV.

The upcoming discussions come in the wake of the recent turmoil surrounding Paytm Payments Bank, triggered by a directive from the Reserve Bank of India (RBI) ordering the banking unit of digital payments giant Paytm to cease operations due to "persistent non-compliances and continued material supervisory concerns."

Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a role in driving financial inclusion and enhancing financial literacy in tier 2, 3 and smaller cities.