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2023 saw RBI making fintechs follow the regulations in letter and spirit

Money ControlMoney Control · 10m
2023 saw RBI making fintechs follow the regulations in letter and spirit

The Reserve Bank of India (RBI) enforced regulations for fintech companies in 2023, emphasizing the need for compliance in both letter and spirit. The RBI increased the credit risk weight for unsecured consumer loans, resulting in a slowdown in digital lending through fintech platforms. The central bank also imposed rules for cross-border payment players and clarified that existing regulations would govern fintech operations in the absence of specific guidelines. Fintech companies that align with regulations have been rewarded, while non-compliance has led to disruptions in the industry. The unified payments interface (UPI) platform experienced significant growth, with over 10 billion transactions per month and an increase in merchant transactions.

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