The Global variant Redmi Note 7 is receiving the update with MIUI 12 firmware version V12.0.5.0.QFHINXM. The update is currently rolling out as Global ROM. The company will soon roll out the update to other regions as well.  You can manually check the software update on your device whether it’s available on your device or not. Head over to the device Settings –> About Phone –> Check for Software Update. 

Update Changelog:

[System]

Optimization: Updated Android Security Patch to January 2021. Increased system security.

Download MIUI 12.0.5.0

Recovery ROM || OTA from 12.0.4.0

V12 0 5 0 QFHINXM   Redmi Note 7 January 2021 security patch - 5