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21 search results for "rbi policy"

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

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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...

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

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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

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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

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

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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

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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...

Policy Update: New push to digital payments by RBI

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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

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

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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

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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: Guidelines for Payment Gateways and Payment Aggregators

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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

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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. ...

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