30 search results for "rbi"

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...

Policy Brief: RBI issues draft guidelines for ‘on tap’ licensing of Small Finance Banks in the Private Sector

Context 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, 2014. ...

Policy Update: Bharat Bill Payment System – Expansion of biller categories

The Reserve Bank of India (RBI) has expanded the scope of Bharat Bill Payment System (BBPS) by permitting all categories of billers (except prepaid recharges) who provide for repetitive bill payments on a voluntary basis. BBPS, an interoperable platform for recurring bill payments, currently covers five segments viz., direct-to-home (DTH); electricity; gas; telecom; and water bills. With the new m...

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 ...

Member Update: RBI extends full KYC deadline for PPIs

On 30 August 2019, the Reserve Bank of India (RBI) granted six months’ extension to Prepaid Payments Instruments (PPI) issuers, including digital wallets, to do full KYC of its customers. The move came a day before the end of the deadline- 31 August, set earlier by the Central Bank. “It is advised that the timeline for conversion of minimum detail PPIs to KYC compliant PPIs has been extended from ...

Policy Update: RBI changes NEFT timings, expands the scope of BBPS, among others

Context On 7 August, the Reserve Bank of India (RBI) announced a slew of policy measures aimed at accelerating the adoption of digital payments in the country. These include, revision of National Electronic Funds Transfer (NEFT) timings to make it a 24×7 facility, expanding the scope of utility bill payments and encouraging more entities to enter the retail payments space. The Central Bank ha...

Member Update: KYC challenges faced by Prepaid Payment Instruments (PPIs)

Context The fintech industry continues to grapple with challenges around e-KYC. The recent circular from Ministry of Finance, dated May 9, 2019, has been much appreciated by the industry. However, the same has been rendered ineffective due to certain requirements in the circular and a lack of common understanding between the regulators and the Unique Identification Authority of India (UIDAI) with ...