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29 search results for "fintech"

“Transformation is on its way ” : NTLF 2020

2020 edition of the flagship Nasscom Technology and Leadership Forum (NTLF) is back again with the theme “Tech in 20s: Coming of Age “ focusing on certain things like inclusion of the future of entrepreneurship in this new decade, business models, trust, value creation and creation of a winning enterprise.  The event was held in Mumbai between 12th – 14th February 2020 which is the 28th edition of...

Policy Update- RBI to create Digital Payments Index to capture extent of digitisation

Context On 6 February 2020, the Reserve Bank of India (RBI) made significant announcements pertaining to the fintech sector. These include creation of a Digital Payments Index to capture the extent of digitisation and establishment of Self-Regulatory Organization for digital payments system. This is a part of various developmental and regulatory policy measures for improving credit flows to certai...

Summary of Economic Survey 2020

The Economic Survey 2019-20 was tabled in the Parliament by the Finance Minister Smt. Nirmala Sitharaman yesterday after a joint address by President Ram Nath Kovind to both Lok Sabha and Rajya Sabha. The Economic Survey presents a review of the developments in the economy over the last year while presenting an outlook for the next financial year. The theme of this year’s survey is wealth creation...

NASSCOM Fintech Policy Roundtable on MDR and Digital Payment Adoption | 17th January in Mumbai

Dear Members, Over the last few days, major developments have taken place pertaining to the zero MDR announcement, such as: Businesses with turnover of more than ₹ 50 crore have to mandatorily provide facilities for accepting payments through electronic modes, such as, RuPay debit cards, UPI and UPI QR codes. Section 10A of the Payment, and Settlement Systems Act 2007 when read in conjunction with...

Policy Brief: RBI permits video-based customer verification to address KYC challenges faced by the fintech industry

Context On 9 January 2020, in a welcome step, the Reserve Bank of India (RBI) issued a circular to amend the Master Direction on know-your-customer (KYC). The circular enables leveraging of digital channels for Customer Identification Process (CIP) by Regulated Entities (REs). It permits Video based Customer Identification Process (V-CIP) as an alternate method of establishing the customer’s ident...

Policy Brief: Highlights of the new type of semi-closed PPI introduced by RBI

Context On 24 December, the Reserve Bank of India (RBI) released the specifications of the new type of semi-closed PPI. The Central Bank said that the directive is issued under Section 18 read with Section 10(2) of Payment and Settlement Systems Act, 2007 and is effective from the date of issuance of the circular. Accordingly, the Master Direction on Issuance and Operation of Prepaid Payment Instr...

Policy Update: RBI introduces a new type of PPI

Context On 5 December, the Reserve Bank of India (RBI) announced a slew of sops for fintech companies.  These include, re-introduction of minimum KYC (know-your-customer) PPIs (prepaid payment instruments), revision of P2P (peer-to-peer) lending limits and issuance of on-tap licenses for small finance banks. This is a part of various developmental and regulatory policy measures for strengthening r...

SupTech: Is AI Ready For Regulators?

Technology advancements in ML, AI and Big Data has led to further enhancement of supervisory processes, introducing SupTech. But is it the right time to embrace it and is it ready for adoption? Read more to understand the benefits of AI IN SupTech and how it can streamline regulations for the industry. While financial institutions are embracing new technology innovations in the FinTech / RegTech s...

‘I’ For Innovation: How Technology Is Evolving Regulatory Compliance

The ever-growing relationship between technology and financial services has brought significant changes to the financial industry. Shifting market conditions, customer needs, entry of new players, ever changing innovative technologies and changing regulations is impacting the whole industry. Find out how FinTechs play a pivotal role in the financial industry by leveraging innovative technologies. ...

Fintech Update: SEBI’s circular on Aadhaar based e-KYC

Context On 5 November, the Securities and Exchange Board of India (SEBI) issued a circular on use of e-KYC Authentication facility under section 11A of the Prevention of Money Laundering Act, 2002 by entities in the securities market for resident investors. The circular highlights the process by which SEBI registered intermediaries may also be registered with the Unique Identification Authority of...

Policy roundtable on leveraging regulatory and innovation sandboxes, India Fintech Day , August 29, 2019, Mumbai

NASSCOM organized  a roundtable on leveraging regulatory and innovation sandboxes at the India Fintech Day, 2019 with an aim to bring representatives from the regulators and industry together to discuss the issues and challenges around leveraging regulatory and innovation sandboxes. The specific takeaways pertaining to sandboxes include, the need for better clarity of sandbox objective, regulatory...

Policy Brief: Highlights of the Steering Committee’s Report on Fintech Related Issues

Context On 2 September 2019, a Steering Committee headed by Secretary, Department of Economic Affairs (DEA), Ministry of Finance submitted its final report on fintech related issues to the Finance and Corporate Affairs Minister Nirmala Sitharaman. The committee has  recommended setting up of a taskforce on data protection in the financial sector, an inter-ministerial steering committee on fintech ...