India

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IIFL Fintech Fund Closes $55 Million Round as Investor Interest Surges in India’s Fintech Sector

Jan. 22, 2026 | Financial System

India’s fintech sector is attracting substantial capital, with investors showing particular interest in generative AI applications within financial services.

**IIFL Fintech Fund, backed by the IIFL Group, has closed its second fundraising round at Rs 500 crore (approximately $55 million), focusing on early- to growth-stage fintech startups.**
The fund secured commitments primarily from domestic family offices and high-net-worth individuals and intends to deploy capital across 20–25 portfolio companies. It will reserve 20–25 percent of its corpus for follow-on investments in the top performers from its inaugural fund. After a first close at Rs 200 crore, the vehicle has already invested in five companies—GrayQuest, Fundamento, Knight Fintech—and acquired secondary shares in Leegality.

Founded in 2021, IIFL Fintech completed its first fund at Rs 200 crore in 2022, building an initial portfolio that includes Leegality, FinBox, DataSutram, Insurance Samadhan, and TrustCheckr, which was later acquired by Truecaller.

**Fintech in India is growing rapidly as digital adoption rises, financial inclusion expands, and innovation accelerates across payments, lending, and wealth management.**
Investor interest remains robust at all stages, supported by dedicated funds such as Quona Capital and Cedar-IBSi Capital. More broadly, private equity and venture capital firms in India raised $10.97 billion by December 17, 2025, up nearly 52 percent from $7.19 billion in 2024.

Delhi-NCR Eases Air Quality Restrictions Amid Persistent Enforcement Shortfalls

Jan. 22, 2026 | Environment

Delhi and its neighbouring states have adjusted policy and infrastructure measures to address persistent air quality challenges in the Delhi-NCR region.

**On January 20, 2026, the Commission for Air Quality Management revoked Stage IV of the Graded Response Action Plan for Delhi-NCR after the region’s Air Quality Index improved slightly to 378 (“Very Poor”) and was expected to remain stable.**
Although Stage IV measures, triggered when AQI exceeds 450, were lifted, the commission confirmed that measures under Stages I (AQI 201–300), II (301–400) and III (401–450) remain mandatory to prevent further deterioration, particularly given challenging winter meteorological conditions.

**However, a review of reports from the Delhi Pollution Control Committee and the State Pollution Control Boards of Haryana and Uttar Pradesh exposed widespread enforcement failures.**
Authorities fell short on 7 percent to 99.6 percent of critical pollution control measures. Inspections at construction and demolition sites were especially deficient, with Delhi reporting an 87 percent shortfall and Haryana districts in NCR registering 99.6 percent. Mechanical road sweeping and other road dust control measures also saw inadequate implementation in both Delhi and Haryana.

**Moreover, compliance did not improve during the period when Stage IV was in force.**
On December 24, when air quality reached “Severe” or “Severe+,” some NCR states recorded 100 percent inspection shortfalls. Public grievance redressal mechanisms similarly underperformed: 68 percent to 81 percent of complaints across Delhi, Haryana and Uttar Pradesh remained unresolved. The commission warned that such enforcement lapses seriously undermine efforts to improve air quality and reiterated that GRAP provisions are legally binding at all times.

**Under the continuing Stage III restrictions, authorities require schools up to grade 5 to shift to hybrid or online learning where feasible, impose strict controls on dust-producing construction and demolition activities (including earthwork, piling, open-trench utility laying, brickwork, painting and roadworks), and regulate movement of dust-generating materials and traffic on unpaved roads.**
They have also limited use of BS-III petrol and BS-IV diesel vehicles—except for persons with disabilities—and maintained the ban on non-essential BS-IV or older diesel medium goods vehicles in Delhi. State authorities may allow 50 percent on-site staffing in offices while the remainder work remotely.

Monitored Intelligence for India - Jan. 23, 2026

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Who is Ursula von der Leyen? European Commission president and 77th Republic Day chief guest

Livemint | English | News | Jan. 23, 2026 | UndeterminedPolitics and Elections

European Commission President Ursula von der Leyen will be the Chief Guest for India's 77th Republic Day, visiting India from January 25 to 27, 2026. Alongside António Luís Santos da Costa, President of the European Council, she will co-chair the 16th India-EU summit. On January 27, von der Leyen will hold restricted talks with Prime Minister Narendra Modi focusing on a long-anticipated Free Trade Agreement (FTA), and both will meet President Droupadi Murmu. The India-EU FTA negotiations aim to enhance trade despite recent global tariff challenges, with hopes of signing the agreement soon. The EU is currently India's largest trading partner.

Ursula von der Leyen, a German politician and doctor, assumed office as European Commission President in 2019 and was re-elected in July 2024. She previously served 14 years in the German government, including as Federal Minister for Defence under Angela Merkel. A member of the centre-right Christian Democratic Union, she was born in Brussels and grew up bilingual. Her family background includes a father who was a CEO and state politician in Germany. She married Heiko von der Leyen in 1986.

Speaking at the 2026 World Economic Forum in Davos, von der Leyen described the upcoming India-EU trade agreement as “the mother of all deals,” potentially creating a market of 2 billion people and accounting for nearly a quarter of the global GDP. The FTA negotiations, which had been stalled since 2013, are expected to significantly deepen economic ties between India and the 27-nation European Union.

Bangladesh launches campaigns for first post-Hasina polls

The Economic Times | English | News | Jan. 23, 2026 | UndeterminedPolitics and Elections

Bangladesh has officially launched campaigns for its general elections scheduled for February 12, 2026, marking the first polls since the 2024 uprising that ended Sheikh Hasina's autocratic rule. The elections will select 350 lawmakers, signaling a shift in domestic and regional political dynamics following a period of turmoil that included violence and widespread online disinformation warnings.

The main contenders, the Bangladesh Nationalist Party (BNP) and the Islamist Jamaat-e-Islami party, have commenced large-scale rallies. BNP leader Tarique Rahman, returning from exile in December 2025, has begun a nationwide campaign starting in Sylhet, a city significant for its Sufi Muslim heritage. Jamaat-e-Islami initiated its campaign in Dhaka, seeking to re-enter politics after years of suppression, aligned with the Muslim Brotherhood ideology. The National Citizen Party (NCP), formed by leaders of the anti-Hasina uprising and allied with Jamaat, also launched its campaign in Dhaka.

Nobel laureate Muhammad Yunus, who was appointed caretaker prime adviser during the transitional government, will step down after the elections. Yunus, having inherited a fractured political system, is advocating for a referendum on political reforms concurrent with the polls to strengthen governance and prevent authoritarianism. He has also raised concerns about misinformation flooding social media, blaming both foreign and local sources.

Relations with India remain strained after Hasina fled there during the uprising and was subsequently sentenced to death in absentia for crimes against humanity related to the crackdown on protesters. Hasina, now 78, remains in hiding in India as Bangladesh prepares for its pivotal 2026 elections.

India set to release revised Defence Acquisition Procedure 2020 for stakeholder feedback

Hindu Business Line | English | News | Jan. 23, 2026 | Regulation

The Ministry of Defence (MoD) of India is set to release the first draft of the revised Defence Acquisition Procedure (DAP) 2020 within the next 15 days for stakeholder feedback. This revision aims to simplify and shorten the capital acquisition process, targeting a reduction in procurement time to approximately two years by enabling parallel processing of activities. The revised DAP is planned for implementation from April 1, 2026, aligned with the expected increase in the defence budget for FY27.

Key reforms include a gradual scaling of indigenous content requirements for high-technology orders, rather than an upfront high threshold, with potential merging of Buy (Indian) and Buy (Indian-IDDM) categories to simplify procurement processes. The procedure will support ‘Atmanirbhar Bharat’ and ‘Make in India’ initiatives, incorporate emerging technologies such as AI and quantum computing, and strengthen indigenous defence manufacturing.

The revised DAP will also provide greater flexibility for foreign direct investment (FDI) in defence, though the current allowance of 100 percent FDI faces opposition from domestic industry for potentially undermining self-reliance goals. Simplified testing procedures will accept certificates of conformance from accredited labs for non-core parameters, and the revised policy will introduce defence space procurement provisions to tap into India’s growing space economy.

The overarching objective of the DAP review is to position India as a global hub for defence manufacturing and Maintenance, Repair, and Overhaul (MRO), promoting design and development across public and private sectors, with a focus on startups, innovators, and private industry involvement.

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