Tagged: reserve bank of india

WhatsApp Payments Plans to Penetrate India’s Lending Sector, Waiting for Regulatory Clearance

WhatsApp Payments, an in-chat payment feature that lets customers perform transfers through the messaging app to anyone in their contact list, has not achieved mainstream adoption in India. The UPI-based payments service lets users send and receive funds. It has been created by the National… Read More

Reserve Bank of India’s New Guidelines for Payment Aggregators May Increase Number of Digital Commerce Transactions

The Reserve Bank of India (RBI), the nation’s central bank, has announced that it will be lowering the capital requirements for payment aggregators. This move may further increase the number of digital transactions carried out in the country. The RBI noted in a statement published… Read More

Reserve Bank of India is Planning to Submit a Review Petition on Supreme Court’s Ruling to Lift Ban on Cryptocurrency Transactions

The Reserve Bank of India (RBI), the nation’s central bank, is getting ready to submit a review petition on the Supreme Court’s recent ruling regarding cryptocurrency transactions. According to the Economic Times, which cited sources familiar with the matter, the RBI is concerned the Court’s… Read More

Reserve Bank of India, RBI, is Establishing Three Departments to Oversee Fintech, Regtech, and Supervisory Tech Activities

India’s banking regulator, the Reserve Bank India (RBI), has issued an update regarding how it plans to regulate the country’s Fintech and regulatory technology, or Regtech, industry. The RBI is establishing three new divisions, which include one unit to regulate Fintech, another unit to oversee… Read More

Landmark Cryptocurrency Ruling: Supreme Court of India Lifts Reserve Bank of India’s Ban on Virtual Currency Transactions

In a landmark ruling, the Supreme Court of India on March 4, 2020 officially removed the restrictions imposed by the Reserve Bank of India (RBI) on regulated commercial entities, which prohibited local banks and non-banking financial companies (NBFCs) from offering services to firms and individuals… Read More

Securities and Exchange Board of India Launches Regulatory Sandbox for Fintech Firms

India’s financial technology sector is expanding rapidly, which has led to SEBI, the nation’s financial market regulator, to launch a regulatory sandbox. The sandbox program will assist local Fintech firms with testing out new products and services with a small group of users before introducing… Read More

Popular Crypto Exchange Zebpay Set to Relaunch in India After Shutting Down Due to Regulatory Pressure

Nearly 16 months after winding down its business operations in India, digital asset exchange Zebpay is reportedly set to resume offering services in the country. Zebpay was one of the most popular crypto exchanges in India. However, it had to shut down because of a… Read More

Reserve Bank of India to Allow Local Banks and Fintech Firms to Use Video Calls to Complete Know Your Customer Checks

Indian banking institutions and Fintech firms have reportedly been given the green light to use video calls, in order to carry out know-your-customer (KYC) compliance checks, after a recent ruling by the nation’s central bank. The updated rules and guidelines will allow regulated entities to… Read More

Reserve Bank of India, the RBI, Might Provide Fintech Firms Direct Access to Real-Time Gross Settlement Transactions

India’s central bank, the Reserve Bank of India (RBI), is reportedly looking into the possibility of providing non-bank entities, including local Fintech firms and insurance providers, direct access to handling RTGS (real-time gross settlement) and NEFT (national electronic funds transfer) transactions – which would be… Read More

Reserve Bank of India Instructs Institutions to Stop “Agents” From Accessing Credit Bureau Data

The Reserve Bank of India (RBI) recently instructed local banks and non-bank lending institutions to stop “agents” from reviewing credit bureau data.  The central bank’s directive could have a negative impact on software service providers, who work with local banks to assess credit quality. Several… Read More

Bengalaru-based Fintech Moneytap Awarded Non-Banking Finance Company (NBFC) License

Fintech firms that originally offered loan originations and pure-play credit marketplaces are now looking to become lenders themselves. Some of these firms have either applied for or have received a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI), according to local… Read More

Fintech: The Reserve Bank of India Posts Framework for Regulatory Sandbox

The Reserve Bank of India (RBI) has published the final “Enabling Framework for Regulatory Sandbox,” as it joins a growing legion of government entities seeking to facilitate Fintech innovation in a compliant manner.  The draft Framework for the Regulatory Sandbox (RS) was published in April… Read More

Ruling on Reserve Bank of India’s Cryptocurrency Ban Delayed by Indian Elections

In a reportedly very brief session, the Supreme Court of India ruled in recent days to delay making a decision in cases challenging the Reserve Bank of India’s ban on cryptocurrency trading,  Asia Times reports. In February, the Supreme Court ordered the Indian government to draft… Read More

Reserve Bank of India Puts Cryptocurrency Launch Plans on Hold

Reserve Bank of India (RBI) has reportedly put plans to launch its own cryptocurrency on hold as India still remains cautious about digital currencies. According to Quartz India, the Indian government has issued an update about the cryptocurrency progress, which lacked any indication towards growth… Read More

Indian Finance Leaders Reportedly “Devising…Ban on Use of Private Cryptocurrencies”

Politicians and regulators attending a recent meeting of the Indian Financial Stability and Development Council (FSDC) were briefed  that a dedicated “High-level Committee” chaired by the country’s Secretary of Economic affairs is, “deliberat(ing)…to devise an appropriate legal framework to ban use of private cryptocurrencies in India…”… Read More

Brief: Satish Kumar Gupta Steps in as New Paytm Payments Bank CEO

Paytm Payments Bank has been in flux since this past summer when the Reserve Bank of India (RBI) put the kibosh on the platform’s plans to  onboard new customers; as indicated on its website: “Paytm Payments Bank Limited has been prohibited by Reserve Bank of… Read More

Reserve Bank of India is Studying the Issuance of a Central Bank Digital Currency

The Reserve Bank of India (RBI) published its annual report this week and buried within the massive tome are many indications as to the banks perspective on Fintech. One item of note is the fact the RBI is currently studying the possibility of issuing a… Read More

Tweets by “Blockchain Lawyer” Indicate Reserve Bank of India Decided to Restrict Banking Services to Blockchain Companies with Little Research

In April of this year, the Reserve Bank of India (RBI) commented on the status of cryptocurrencies. The RBI stated “we have decided to ring fence the RBI regulated entities from the risk of dealing with entities associated with virtual currencies. They are required to… Read More

Peer to Peer Lending Rules Revealed in India

The Reserve Bank of India (RBI) is out with “Master Directions” regarding non-banking financial companies or peer to peer lenders. RBI indicated last month P2P lenders would not be considered banks. The governmental directive is officially known as the “Non-Banking Financial Company – Peer to… Read More

Reserve Bank of India Set to Classify Peer-to-Peer Lending Platforms As Non-Banking Financial Institutions

Reserve Bank of India recently announced it will be classifying peer-to-peer lending platforms as non-banking financial institutions. According to Economic Times, Sudarshan Sen, executive director of RBI, announced that the regulator is currently waiting for the gazette notifications from the central government for the final… Read More

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