13 search results for "rbi policy"

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...

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 ...

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...

Policy Brief: Highlights of the inter-ministerial committee’s report on virtual currencies

Context On 2 November 2017, a high-level inter-ministerial committee headed by the then economic affairs secretary Subhash Chandra Garg was set up to study the issues related to virtual currencies and propose specific action to be taken in this matter. The mandate of the Committee included an examination of the policy and legal framework for the regulation of virtual currencies. The members of the...

Policy Update: Launch of Complaint Management System by RBI

08.07.2019 Context In a move aimed at improving its grievance redressal process, the Reserve Bank of India (RBI) launched a Complaint Management System (CMS) portal on 24 June. The portal acts as a single window for lodging complaints against any RBI regulated entity, such as commercial banks, urban co-operative banks, non-banking financial companies (NBFCs), etc. All complaints lodged on the CMS ...

Policy Brief: Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises

Highlights of the U. K. Sinha led expert committee report on Micro, Small and Medium Enterprises 03.07.2019 Context In January, the Reserve Bank of India constituted an eight-member expert committee on micro, small and medium enterprises (MSMEs) headed by former SEBI chairman U.K. Sinha to undertake a comprehensive review of the sector and to propose long-term solutions for its economic and financ...

Policy Brief: Highlights of the High Level Committee report on Deepening Digital Payments

Highlights of the High Level Committee report on Deepening Digital Payments 25.06.2019 Context In January, the RBI had constituted a high-level committee headed by Aadhaar architect Nandan Nilekani to set up a robust digital payments ecosystem in the country. The expert panel, which was asked to recommend a medium-term strategy for deepening digital payments, and measures to strengthen safety and ...

RBI publishes ‘Payment and Settlement Systems in India: Vision 2019 – 2021’

Policy Brief 04.06.2019  Context Last month, the Reserve Bank of India (RBI) published its latest vision document titled Payment and Settlement Systems in India: Vision 2019 – 2021 aimed at creating a ‘cash-lite’ economy. The document outlines the road map for enhancing the payments and settlements system in the country for the three-year period spanning from 2019 to 2021 with onus on encouraging ...

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