36 search results for "rbi"

Policy Brief: RBI releases “Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector”

Context On 5 December, the Reserve Bank of India (RBI) issued guidelines for ‘on tap’ licensing of small finance banks in the private sector. The move comes after a review of the performance of the existing small finance banks, which were granted in-principle approval in 2015. The draft guidelines was placed for public comments on 13 September 2019. According to the Central Bank, the final guideli...

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...

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 Update: New push to digital payments by RBI

Context On 8 November, the Reserve Bank of India (RBI) announced a slew of measures to promote digital payments in the country. This includes, greater push to interoperable payments systems, waiving off the National Electronic Funds Transfer (NEFT) charges, expanding the use cases for QR code, adding more features to Unified Payments Interface (UPI), among others. The move is a part of RBI’s conti...

Policy Update: RBI announces the opening of first cohort under the Regulatory Sandbox

Context In a move to promote technological innovations aimed at financial inclusion, the Reserve Bank of India (RBI) had proposed to set up regulatory sandboxes where startups could test new products, services or business models with customers in a live environment, subject to certain safeguards and oversight. On August 13, 2019, the central bank released the final Enabling Framework for Regulator...

NASSCOM’s feedback on RBI’s ‘Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators’

We thank the Reserve Bank of India (RBI) for this opportunity to present our views and suggestions on the Discussion Paper on Guidelines for Payment Gateways and Payment Aggregators (Discussion Paper). It presents a detailed assessment of the payments ecosystem in the country, covers the various facets of the activities of the Payment Gateways (PG) and Payment Aggregators (PA) and presents differe...

NASSCOM’s feedback to the Reserve Bank of India (RBI) on ‘Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector’

As the representative of the information technology industry, we take this opportunity to present our views and suggestions on the Draft Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector which provides a window of opportunity to non-banking financial companies (NBFCs), Payments Banks (PBs), micro-finance institutions (MFIs) and fintechs (in lending) to apply for Small ...

NASSCOM Invite:Policy Roundtable on Regulation of Digital Payments-New Delhi

Dear Members, NASSCOM is organizing a policy roundtable on regulation of digital payments on October 16, 2019, Wednesday in New Delhi. Time: 11 am to 1 pm (followed by lunch) Venue: “Marigold” Habitat World, at India Habitat Centre, Lodhi Road New Delhi-110003 (Entry from gate number 1 on Lodhi road) RBI has recently released the discussion paper on guidelines for payment gateways and payment aggr...

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...

Request for Inputs: Discussion Paper on Guidelines for Payment Gateways & Payment Aggregators

Dear Members, On 17 September, the Reserve Bank of India (RBI) issued a discussion paper  on Guidelines for Payment Gateways and Payment Aggregators which seeks to develop a framework to regulate intermediaries such as the payment gateways and payment aggregators, facilitating online payments. These intermediaries shall be authorised under the Payment and Settlement Systems Act, 2007 (PSSA), sugge...

Request for Inputs: Draft Guidelines for ‘on-tap’ licensing of Small Finance Banks in the Private Sector

Dear Members, On 13 September, the Reserve Bank of India (RBI) issued draft guidelines for ‘on tap’ licensing of small finance banks in the private sector. The move comes after a review of the performance of the existing small finance banks, which were granted in-principle approval in 2015. RBI had issued the Guidelines for Licensing of “Small Finance Banks” in the Private Sector on November 27, 2...

Policy Brief: Guidelines for Payment Gateways and Payment Aggregators

Context On 17 September, the Reserve Bank of India (RBI) issued a discussion paper on Guidelines for Payment Gateways and Payment Aggregators which seeks to develop a framework to regulate intermediaries such as the payment gateways and payment aggregators, facilitating online payments. These intermediaries shall be authorised under the Payment and Settlement Systems Act, 2007 (PSSA), suggests the...