Press Releases for April 2026

NPST Bags UPI Switching Mandate from Large Cooperative Bank Under Bank-in-a-Box Platform

Network People Services Technologies Limited (NPST), India’s leading digital banking and payments technology company, today announced that it has secured a strategic mandate from a large cooperative bank to deploy its flagship UPI Switch infrastructure.

This engagement marks NPST’s first order under its Bank-in-a-Box offering within the UPI solutions suite, delivered through a plug-and-play model that enables banks to rapidly deploy scalable, enterprise-grade payment infrastructure without large upfront investments, while allowing NPST to generate recurring multi-year SaaS-based revenue.

Through this deployment, the bank will be equipped to enter the UPI merchant acquiring ecosystem, enabling it to expand digital payment acceptance across its merchant network while unlocking new revenue streams and strengthening digital engagement with its member communities.

“Cooperative banks are a critical pillar of India’s community banking ecosystem, and their participation is essential to deepening digital payment acceptance at the grassroots level,” said Deepak Chand Thakur, Co-Founder and CEO, NPST, adding, “NPST’s Bank-in-a-Box platform removes the technology barriers that have historically limited their participation. By delivering enterprise-grade UPI switching infrastructure through a scalable SaaS model, we aim to support the growth ambitions of cooperative banks as they move beyond traditional banking and actively participate in the UPI ecosystem, particularly in merchant acquiring.”

Launched last year, NPST Bank-in-a-Box is a ready-to-deploy digital banking platform designed to help small, mid-sized, and cooperative banks accelerate digital transformation. The platform combines digital payments processing with merchant acquiring across offline channels (QR, Soundbox) and online channels (Pay-in, Payout, and Interoperable Autopay) with AI-powered fraud monitoring capabilities for merchant risk management. It also includes omnichannel Banking SuperApp offering 400+ services, enabling banks to deliver a unified digital banking experience.

Jio Payments Bank introduces UPI-based cash withdrawal services

Jio Payments Bank Limited (JPBL), a wholly-owned subsidiary of Jio Financial Services Limited has introduced UPI-based cash withdrawal through its Business Correspondent (BC) touchpoints, marking an important step towards strengthening India’s digital payments ecosystem and advancing financial inclusion in the country.

The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorizing the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure.

By enabling cardless cash withdrawals at BC touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions.

Through this initiative, JPBL continues to leverage the digital payments infrastructure and its last-mile BC network to expand accessible banking services, strengthen UPI’s reach among cash-dependent segments, and enhance financial inclusion across rural and semi-urban India.

Bank of Baroda Becomes the First Bank to Launch Credit Line on UPI – OD Facility for Women SHG Members

Bank of Baroda, India’s International Bank, announced the launch of Overdraft (OD) Facility on Credit Line on UPI for verified women Self-Help Group (SHG) members holding Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, becoming the first bank in the country to operationalise this digital credit innovation. This initiative enables seamless digital access to ?5,000 overdraft facility, strengthening financial inclusion and women-led economic empowerment.

The project enabling Credit Line on UPI for women members of SHG was launched by Shri Shivraj Singh Chouhan, Hon’ble Union Minister of Agriculture and Farmers’ Welfare and Minister of Rural Development at the 25th Central Level Coordination Committee (CLCC) Meeting on Rural Development program held at Hyderabad.

Launched in partnership with National Payments Corporation of India (NPCI), Indian Banks’ Association (IBA) and Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM), the facility extends digital credit through integration with Credit Line on UPI. Eligible members can link their SHG Member OD account through any UPI-enabled application to access, utilise, and repay their overdraft digitally, make merchant QR payments using the OD credit line and view balances & transaction history – eliminating the need for branch visits.

Speaking on the occasion, Shri Sanjay Mudaliar, Executive Director, Bank of Baroda said, “Bank of Baroda is proud to pioneer the Credit Line on UPI – Overdraft Facility for women SHG members, marking a transformative milestone in digital financial inclusion. This initiative, in collaboration with NPCI, IBA and DAYNRLM, uplifts women entrepreneurs at the grassroots level with seamless and transparent access to formal credit. This initiative creates a scalable framework for small-ticket lending and strengthens women-led economic growth across the country.”

Speaking on the development, Sohini Rajola, Executive Director – Growth, NPCI said, “At NPCI, we remain committed to expanding access to financial services by strengthening UPI acceptance across India. The introduction of Credit Line on UPI – OD Facility for women SHG members by Bank of Baroda marks an important step towards enabling convenient and transparent access to formal credit. This initiative will further empower women financially, support greater financial resilience, and contribute to the growth of India’s inclusive digital economy”.

AU Small Finance Bank’s ‘M’ strengthens women’s journey towards structured financial planning

AU Small Finance Bank (AU SFB), India’s largest Small Finance Bank and the first in over a decade to receive in-principle approval to transition into a Universal Bank, announced a significant milestone on the occasion of International Women’s Day. The Bank’s women-focused programme, ‘M’ has crossed 30,000 women customers since its launch in November 2025 (an average of 7,500 women customers per month), reflecting the growing participation of women in formal and digital-first banking across India.

Designed for the woman who effortlessly pursues new ambitions and lives life in all its dimensions, ‘M’ is for the ‘M’ in every woman – the Me and the Myself, celebrating her individuality, her choices, and the grace with which she defines her own journey. In November 2025, AU SFB launched ‘M’, a distinctive women’s banking proposition offering personalised privileges, curated financial solutions, and exclusive lifestyle experiences tailored to their unique needs and aspirations.

Currently, AU SFB’s ‘M’ continues to see strong adoption from homemakers and self-employed women, segments historically under-represented in formal finance but now displaying greater financial discipline and deeper engagement. The self-employed cohort has emerged as the most financially active, with an average ticket size higher than other customer cohorts within the ‘M’ community.

Digital behaviour under ‘M’ continues to deepen: 60% of women customers actively use mobile banking; and 40% transact regularly through UPI. Women enrolled under ‘M’ are also showing early signs of interest in structured, long-term planning tools. The ‘M’ Investment Combo on the AU0101 app is helping women explore more goal-linked financial options and gradually diversify beyond traditional savings patterns.