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HOW BRICS IS CHALLENGING SWIFT Syllabus: GS-2: Bilateral, Regional and Global Grouping and agreements involving India. Why in the News? The BRICS grouping — Brazil, Russia, India, China, and South Africa, along with new members such as Iran — is advancing efforts to challenge Western financial dominance through initiatives like BRICS Pay, a proposed cross-border …
Read MoreNAMIBIA TO ROLL OUT SYSTEM BASED ON INDIA’S UPI Why in the News? Historic step: Namibia became the first country to sign a licensing agreement to adopt India’s UPI system in April 2024, showcasing how government services can be improved through international cooperation. High-level talks: PM Narendra Modi and President Netumbo Nandi-Ndaitwah announced UPI rollout …
Read MoreWhy in the news? UPI’s dominance in India’s digital payment ecosystem has grown substantially, contributing to a ten-fold increase in payment volumes and values since 2018. It now accounts for 83% of digital payment transactions, transforming India’s financial landscape. Growth in Digital Payments (2013–2024): Digital payments in India increased over 3.5 times in value from …
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