Fintech Regulations

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

The revival in demand for tech services from big banks such as JPMorgan Chase and Bank of America as mentioned during their recent earnings calls could also have a ripple effect

The advice comes at a time when the Reserve Bank of India has cracked its whip to get erring fintech's to comply to the existing rules

The meetings come in the wake of the Paytm Payments Bank crisis triggered by the Reserve Bank of India ordering the banking unit of digital payments firm Paytm to wind down operations

The Reserve Bank's regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with laws, Union Minister Rajeev Chandrasekhar has said. The minister stressed that regulatory compliance cannot be "optional" for companies, rather it is an aspect every entrepreneur must pay full attention to. In an interview to PTI, Chandrasekhar - the minister of state for electronics and IT - said the issue of Paytm Payments Bank is a case where a hard-charging and aggressive entrepreneur has failed to realise the need for regulatory compliance, and that no company can get away if it is non-compliant with law. Any company, be it from India or abroad, big or small, has to abide by the law of the land, the Minister asserted amid the unfolding Paytm Payments Bank Ltd (PPBL) crisis. The Reserve Bank of India (RBI) has barred PPBL from accepting new deposits from March 15, and ruled out any review of its action against the company. Chandrasekhar said

Earlier search operations had resulted in the recovery of incriminating documents and assets totalling Rs 19.43 crore

Fintech company says service will help users in understanding their credit health

The Small Industries Development Bank of India (SIDBI) on Saturday said it has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector. SIDBI and DLAI have signed a Memorandum of Understanding to this effect. The MoU aims for collaborations with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers (LSPs), co-lending collaborations among others, according to a statement. SIDBI will also provide resource support to eligible DLAI member NBFCs and also explore Assignment and Securitisation transactions, it added. "We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal, among others to facilitate faster adoption of digital lending," SIDBI CMD Sivasubramanian Ramann said. As a part of its business strategy, SIDBI is using digital technology and partnership

The association applied to become an SRO with the Reserve Bank of India (RBI) in January last year

He cautioned the fintechs that they should not get carried away with valuations and revenue but need to focus on customer satisfaction

US-based PayPal and other payment operators in India will face increased regulatory costs due to the recent Delhi High Court ruling on compliance with the Prevention of Money Laundering Act

The central bank has been monitoring the fintech space lately to ensure financial stability and mitigate risks related to cybersecurity and prevent fraud

Industry experts said fintech firms are looking for senior professionals adept at handling legal and compliance-related issues to support their operations

PayU's expansion plans which it had charted out based on the acquisition have been put on hold for over a year

RBI Governor Shaktikanta Das' traffic light imagery for the fintech industry has several implications

All apps, including legal ones with sophisticated cyber security protocols, are prone to fraud and cyber threats, said Saxena

Sheds 15% intraday before reversing some of the losses to end at Rs 582.8 on BSE

Fintechs have leveraged the gaps in traditional financial institutions and processes to provide increased efficiency and productivity. They have been a vehicle of financial inclusion

Panel set up by the RBI finds more than half of about 1,100 digital loan providers operate illegally.