Uttar Pradesh Courts DBS Bank for Digital Investment
Uttar Pradesh Chief Minister Yogi Adityanath met with DBS Bank CEO Tan Su Shan to discuss potential investments in the state. The talks focused on key sectors including digital banking, semiconductors, and green energy. The meeting signals the state's efforts to attract global capital to develop its technology and financial infrastructure.
- Uttar Pradesh is aggressively pursuing tech investment through its 2024 Semiconductor Policy, which offers substantial incentives such as a 75% rebate on the first 200 acres of land and a 100% exemption on electricity duty for 10 years. - The state is a national leader in digital payments, recording ₹1024.41 crore in digital transactions in 2024-25 (up to December 2024), with UPI accounting for more than half of the volume. - To build on its digital momentum, the government is developing a 250-acre fintech park along the Yamuna Expressway, designed to be a comprehensive ecosystem for banking technology, digital payments, and insurance tech companies. - In green energy, the Uttar Pradesh Solar Energy Policy 2022 aims to achieve 22,000 MW of solar power capacity by the 2026-2027 fiscal year. - The state's new Green Hydrogen Policy 2024 targets a production capacity of 1 million metric tonnes per year by 2028 and provides capital subsidies of up to 40% for the first five projects established. - This meeting is part of a broader global outreach; at the World Economic Forum in Davos, the UP delegation signed Memorandums of Understanding (MoUs) for proposed investments worth approximately ₹3 lakh crore. - The state is also undertaking a major cybersecurity upgrade for its cooperative banking sector, integrating 50 district cooperative banks into a cloud-based core banking system with the help of tech firms like TCS and Wipro.
