Xiaomi has begun upgrading the Redmi Note 7 and Redmi Note 7S to MIUI 12 in India. V12.0.1.0.QFGINXM will arrive as an OTA, but the recovery ROM can be downloaded manually now.
https://www.notebookcheck.net/The-Xiaomi-Redmi-Note-7-and-Redmi-Note-7S-receive-a-new-MIUI-12-update.505232.0.html