Despite the setbacks, Sharma said he values the role regulators play in creating a healthy environment for startups in India
Past iterations of the partnership focused on serving consumers in North America and Europe, said Chris Newkirk, Visa's head of commercial and money-movement solutions
Innovations in the fintech sector will continue, but will the innovators in their 40s have the freedom to ignore the regulations set by the central bankers in their 60s?
The MDR on UPI payments has been a longstanding demand from the fintech industry, asserting they don't generate revenue from such transactions
She said that the emphasis of the government has been on system reforms to throw out unnecessary laws that may become an instrument in the hands of rent-seekers
The updated framework for an RS also requires sandbox entities to ensure compliance with provisions of the Digital Personal Data Protection Act, 2023
The app must be featured on that entity's website and in RBI's whitelist
Regulators told to hold monthly meetings with startups and fintech firms
The Council added that the new rule would factor in countries outside of the euro-zone economic bloc
Finance Minister Nirmala Sitharaman on Monday asked Reserve Bank of India to hold monthly meetings with startup and fintech firms to address their concerns, officials said. The minister made the suggestion at a meeting with startup and fintech eco system entities that was attended by top executives of about 50 firms, including Razorpay, CRED, and venture capital firm PeakXV. "Finance Minister suggested that RBI may hold a meeting on a fixed day every month via virtual mode with the startup and fintech firms to address their concerns and issues," one of the officials said. The official said that no Paytm-related anxiety or concerns were shown by the startup founders and fintech entities during the meeting. From the government side, the meeting was attended by Financial Services Secretary Vivek Joshi, DPIIT Secretary Rajesh Kumar Singh and MeitY (Ministry of Electronics and Information Technology) Secretary S Krishnan. RBI Deputy Governor T Rabi Sankar was also present. SBI Chairman
The Reserve Bank has barred the PPBL from accepting deposits and credits from any customer post-March 15 for persistent non-compliances and continued material supervisory concerns in the bank
The central bank has asked Paytm Payments Bank, the banking unit of Paytm to wind down its business by March 15, leading to disruption for the popular payment app
Indus Appstore -- the new Android-based made-in-India app store that is pitted against the might of Google's Play Store -- has surpassed 100,000 downloads in just three days of launch, according to a release on Monday. App developers, tech enthusiasts, and users have actively downloaded the app, recognising the potential impact of Indus Appstore on India's digital ecosystem, the release said. Last week, PhonePe, owned by Walmart Inc, had launched the mobile app marketplace -- Indus Appstore -- to challenge Google's Play Store and Apple's App Store. "Indus Appstore, India's revolutionary new Android-based app store from PhonePe, has achieved a significant milestone by surpassing 100,000 downloads in just three days of launch," it said. The "remarkable feat", the release said, underscores the Indian market's eagerness for a localised, inclusive, and developer-empowering alternative to existing app stores. Akash Dongre, Chief Product Officer and Co-Founder of Indus Appstore, said, "W
The rapid adoption of the Indus Appstore, particularly as a side-loaded application, which requires users to download it directly from the Indus Appstore website
With fintech sector gaining size and scale, there is a need to relook at the regulatory policies and guidelines to give further impetus to financial inclusion drive and penetration of financial products to the bottom of the pyramid, experts said. The fintech space has revolutionalised the financial sector in the country. It has also helped to a great extent in formalising the Indian economy, but the recent incident of Reserve Bank's action on Paytm Payments Bank Ltd (PPBL) left a section of industry perplexed. Post the RBI's action, a section of the industry expressed sentiment that the regulatory environment, instead of nurturing innovation, could impede the progress of fintech companies. It is being said that technology-led companies have always been ahead of regulations and regulations do catching up. The purpose of creating a payments bank was to serve an unserved and under-served population of India with a min-KYC and full KYC accounts with a credit limit of Rs 2 lakh only. "T
Paytm may be absent from the meeting
The pilot of this platform, known as a Public Tech Platform for Frictionless Credit (PTPFC), commenced on August 17 last year
The Bengaluru-based fintech firm marked its foray into the marketing and growth solutions space as it launched Engage; a full-stack marketing growth suite
NPCI chief Dilip Asbe explained that Indian fintech companies will have to take the lead to explain the country's payment standards to the world before exporting them globally
The stockbroker plans to move beyond equity and mutual funds and will offer distribution of credit and fixed-income products