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RBI Governor Launches Fintech Repository
Inc42
·
1y ago
Medial
The Indian central bank, Reserve Bank of India (RBI), has announced the establishment of a fintech repository to provide easy access to information on the country's fintech sector and startups. The RBI has also introduced a related repository called EmTech for regulated entities like banks and non-banking financial companies (NBFCs). Additionally, the RBI governor, Shaktikanta Das, unveiled the PRAVAAH portal and the Retail Direct Mobile App during the same announcement.
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RBI To set up fintech repository to support the growing ecosystem
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has announced plans to establish a fintech repository by April 2024. This move is aimed at better understanding and supporting developments in the country's fintech ecosystem. The repository will be operated by the Reserve Bank Innovation Hub and will encourage fintech companies to voluntarily provide relevant information. The announcement comes as the RBI continues to tighten regulations for fintech platforms in India. The central bank has been proactive in fostering innovation in the fintech sector, having formed a separate fintech department last year.
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RBI launches app to buy/sell govt securities; announces fintech data repository
YourStory
·
1y ago
Medial
The Reserve Bank of India has launched three initiatives, including a mobile app that allows retail investors to participate in government securities market. They have also launched the PRAVAAH portal, which enables individuals to apply online for various regulatory approvals, and the Fintech Repository, a data storehouse of Indian fintech firms for regulatory understanding and policy design. The mobile app can be downloaded from Google Play Store and Apple App Store, while the PRAVAAH portal allows users to track and monitor their applications. The RBI encourages fintechs and regulated entities to contribute to the repositories.
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How Shaktikanta Das Moulded India’s Fintech As RBI Governor
Inc42
·
8m ago
Medial
Shaktikanta Das, the outgoing RBI governor, has made significant contributions to India's digital economy and fintech ecosystem through his decisions and statements. He imposed regulatory measures on fintech giants and expressed strong opposition to cryptocurrencies. These actions played a crucial role in shaping India's startup ecosystem, the third-largest in the world. Sanjay Malhotra, the current revenue secretary, will succeed Das as the 26th governor of the RBI.
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RBI took initiative to bridge communication gap with fintechs: Deputy governor
Economic Times
·
3m ago
Medial
The Reserve Bank of India (RBI) initiated dialogue with fintech startups to understand the ecosystem better, according to Deputy Governor T Rabi Sankar. Speaking at the Bharat Inclusion Summit, Sankar noted past communication gaps but highlighted increased interaction efforts by the RBI. This engagement aims to foster understanding of regulatory expectations and trust through responsible innovation. The RBI also supports establishing a self-regulatory organization (SRO) to bridge gaps between the fintech industry and the RBI amidst increased scrutiny.
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RBI looking at coming out with fintech regulations: Dy Guv Sankar
Inshorts
·
2y ago
Medial
RBI Deputy Governor T Rabi Sankar has revealed that the central bank is considering the introduction of fintech regulations. While acknowledging the growth of fintech, Sankar emphasized that there are currently no specific regulations in place. The RBI is engaging with the industry to assess the necessity of regulations, with a focus on timing them appropriately to support industry growth.
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85% Paytm wallet users not to face disruption; rest asked to link wallet to other banks: RBI Guv
Economic Times
·
1y ago
Medial
RBI Governor Shaktikanta Das has stated that around 80-85% of Paytm wallet users will not face any disruption due to recent regulatory actions. The Reserve Bank of India (RBI) had barred Paytm Payments Bank Ltd (PPBL) from certain activities and set a deadline of March 15 for users to link their wallets to other banks. The governor emphasized that the RBI supports innovation in the fintech sector and clarified that the regulatory action was directed at PPBL, not fintech companies in general. The National Payments Corporation of India (NPCI) is expected to make a decision on the Paytm payment app license soon. Das also expressed optimism about India's economic growth surpassing the projected figures.
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NPCI Launches Product For Cash Deposits At ATMs Using UPI
Inc42
·
11m ago
Medial
RBI Deputy Governor T Rabi Sankar launched the UPI Interoperable Cash Deposit (UPI-ICD) at the Global Fintech Fest 2024. This new feature allows customers to deposit cash at ATMs using UPI, eliminating the need for a physical card. Partnered with the National Payments Corporation of India (NPCI), the initiative makes cash deposits more seamless and accessible by leveraging mobile numbers, VPAs, and account IFSCs. Additionally, ATMs with open architecture can now function as digital banking units (DBUs), offering services like account opening and credit card applications.
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RBI raises UPI transaction limit to INR 5 lakh for hospitals, educational institutions
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has proposed increasing the UPI payment limit to INR 5 Lakh for transactions related to hospitals and educational institutions, up from the current limit of INR 1 Lakh. The RBI has also suggested removing the additional factor of authentication (AFA) for e-mandates of recurring transactions up to INR 1 Lakh, such as mutual funds and insurance premium payments. Furthermore, the RBI will establish a cloud facility to enhance the security and privacy of financial sector data, and a repository for fintech companies will be set up.
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From CBDC, UPI ATM to Payments SRO: RBI lays out route map for fintech industry
Economic Times
·
11m ago
Medial
RBI Deputy Governor T Rabi Sankar emphasized the importance of self-regulatory organizations (SROs) in protecting consumer interests and promoting responsible growth in the fintech industry. He announced the establishment of an SRO for the payments sector and expressed confidence in their ability to reduce risks and identify inefficiencies in the financial services system. The RBI also revealed plans to update the Payment and Settlement Systems Act. The developments were discussed at the Global Fintech Fest in Mumbai, which brought together regulators, fintech startups, banks, and the National Payments Corporation of India Ltd (NPCIL).
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RBI Launches Framework To Secure Digital Payments
Inc42
·
1y ago
Medial
The Reserve Bank of India (RBI) has announced plans to issue guidelines for a principle-based framework for the authentication of digital payment transactions. The RBI Governor emphasized the need for additional factor authentication (AFA) to secure digital payments. The proposed framework aims to enhance the security of digital payments and promote the adoption of alternative authentication methods. The RBI also plans to simplify the onboarding process for Aadhaar enabled payment system (AEPS) providers and introduce measures for fraud risk management. This move reflects RBI's commitment to enhancing the efficiency and security of digital transactions in India.
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