India's Forex Reserves Rise to $694.2 Billion

India's forex reserves increased by $3.51 billion to $694.2 billion in the week ending August 29, according to data from the Reserve Bank of India. The reserves had fallen by $4.38 billion to $690.72 billion in the previous week. RBI interventions in the forex market aim to maintain orderly market conditions rather than target a specific exchange rate level.

Title: Amazon Completes Acquisition of Axio, Bolstering Digital Lending in India

Amazon has completed its $200 million acquisition of Axio, formerly known as Capital Float, after receiving approval from the Reserve Bank of India (RBI). This move marks a significant expansion for Amazon's financial services in India, particularly in the digital lending sector [1].

The acquisition enhances Amazon Pay Later's checkout finance and term loan capabilities and opens new opportunities for innovation in digital lending services across India, especially in underserved areas. Axio, which has served over 10 million customers to date, will continue to operate under its current leadership team while integrating as a subsidiary of Amazon. The deal positions Amazon to expand into merchant lending and compete more strongly with local rivals [1].

Mahendra Nerurkar, VP of Payments at Amazon, highlighted the importance of growing access to credit in India. He noted that the partnership with Axio over the past six years has enabled Amazon to unlock credit for more than 10 million customers. With Axio's digital lending expertise combined with Amazon's reach, technology know-how, and bank relationships, the company aims to expand responsible lending to millions more customers and small businesses in the coming years [1].

The acquisition is expected to accelerate Axio's mission to expand access to credit in India. Sashank Rishyasringa and Gaurav Hinduja, co-founders of Axio, expressed confidence in the partnership, stating that with Amazon's reach, customer centricity, and balance sheet depth, they are well-positioned to take digital lending to the next 100 million Indians responsibly and at scale [1].

Meanwhile, India's forex reserves increased by $3.51 billion to $694.2 billion in the week ending August 29, according to data from the Reserve Bank of India. The reserves had fallen by $4.38 billion to $690.72 billion in the previous week. The RBI's interventions in the forex market aim to maintain orderly market conditions rather than target a specific exchange rate level [2].

References:
1. [1] https://www.business-standard.com/industry/news/amazon-completes-acquisition-axio-rbi-approval-125090401170_1.html
2. [2] https://www.reuters.com/world/india/rupee-hits-record-low-tariff-jitters-central-bank-caps-decline-2025-09-05/