🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥

Startup Showcase

Premium Content

Try our Valuation Calculator →

News on Medial

RBI’s New PA Draft Guidelines Spark Concerns In Digital Payments Industry

Inc42 · 1y ago

RBI’s New PA Draft Guidelines Spark Concerns In Digital Payments Industry

Industry stakeholders have expressed concerns over the recent guidelines issued by the RBI regarding full KYC compliance and the prohibition on direct fund disbursal to vendors. During a meeting with RBI officials, stakeholders highlighted potential issues that could arise from these guidelines.

Related News

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Inc42 · 9m ago

Cashfree Gets RBI’s Prepaid Payment Instrument Licence

Cashfree has become the first fintech company to secure licences for payment aggregator (PA), payment aggregator-cross-border (PA-CB), and prepaid payment instrument (PPI) from the RBI. The PPI license will allow Cashfree to issue prepaid payment instruments such as cards and digital wallets. Founded in 2015, Cashfree offers a comprehensive digital payments solution platform.

RBI moves to regulate PoS payment players

Economic Times

Economic Times · 1y ago

RBI moves to regulate PoS payment players

The Reserve Bank of India has released draft rules to regulate point-of-sale payment service providers (PA-P), including companies like Innoviti Payments and Pine Labs. The draft rules require these providers to apply for authorization from the RBI by May 31, 2025, and cease their services if authorization is not obtained. The RBI also emphasized enhanced customer due diligence and KYC compliance for these providers, as well as the classification of merchants into small and medium categories. The guidelines aim to strengthen the regulation of the digital payments ecosystem.

Gold-loan fintech firms spot a glimmer in RBI’s draft rules

Economic Times

Economic Times · 3m ago

Gold-loan fintech firms spot a glimmer in RBI’s draft rules

The Reserve Bank of India's draft guidelines to regulate the gold loan sector have attracted interest from fintech companies seeking partnerships with banks and non-banking lenders. The guidelines aim to harmonize the regulatory framework and address concerns in the sector. New players entering the market, like L&T Finance and Poonawala Fincorp, and startups such as Rupeek and Oro Money see opportunities in co-lending. However, stricter rules may challenge traditional lenders, but fintech collaborations could provide solutions.

RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators

Inc42 · 1y ago

RBI Proposes Draft Rules To Regulate PoS For Online Payment Aggregators

The Reserve Bank of India (RBI) has issued draft rules to regulate point-of-sale payment service providers (PA-P), which includes companies like Innoviti Payments, Pine Labs, and MSwipe. The draft rules state that these companies must apply for authorisation from the RBI by May 31, 2025. If they fail to obtain authorisation, they will have to cease their services. Additionally, payment aggregators must inform the regulator about their plan to seek authorisation within 60 days of the formal guidelines' issuance. The RBI has also introduced new guidelines for online payment firms, requiring them to monitor merchant activities and ensure compliance.

P2P companies balk at RBI’s new rules, fear business disruption

Economic Times

Economic Times · 11m ago

P2P companies balk at RBI’s new rules, fear business disruption

Peer-to-peer lending platforms in India are concerned about the provisions introduced by the Reserve Bank of India (RBI), stating that they might not be financially viable to implement. The industry is requesting guidance from the RBI on how to proceed with the new rules. The Association of P2P Lending Platforms has expressed concerns about the sudden reinterpretation of guidelines and the potential for major disruption to the industry.

China issues draft guidelines for standardising AI industry

Economic Times

Economic Times · 1y ago

China issues draft guidelines for standardising AI industry

The article discusses China's draft guidelines for standardizing the AI industry. The guidelines aim to clarify the development, application, and supervision of artificial intelligence. The draft emphasizes openness, fairness, and transparency in AI research and development. It also highlights the need to ensure data security and protection of intellectual property rights. The guidelines are expected to promote the healthy and sustainable development of the AI industry in China.

RBI Proposes Tighter Norms For Aadhaar-Enabled Payment System Operators

Inc42 · 1y ago

RBI Proposes Tighter Norms For Aadhaar-Enabled Payment System Operators

Banks must perform due diligence on all Aadhaar-enabled Payment System (AePS) touchpoint operators they bring on board, according to new guidelines. This requirement follows the Reserve Bank of India's (RBI) customer due diligence procedure introduced in 2016. The draft guidelines are open for industry feedback until August 31.

Now, Innoviti Bags Payment Aggregator Licence From The RBI

Inc42 · 1y ago

Now, Innoviti Bags Payment Aggregator Licence From The RBI

India-based digital payments solutions company, Innoviti, has obtained an online payment aggregator (PA) licence from the Reserve Bank of India (RBI). Innoviti's PA, 'Innoviti Link', currently serves around 2,500 online merchants. This approval comes two years after Innoviti received in-principle permission to operate as a PA. The company offers payment processing solutions, point of sale terminals, and customer relationship management solutions to retailers. Innoviti claims to process over $10bn in purchase volume annually and has a presence in 28 Indian states. The RBI has been actively issuing PA licences to digital payment players, with a total of 13 granted in 2024.

MeitY to discuss digital competition bill draft with industry associations

Economic Times

Economic Times · 1y ago

MeitY to discuss digital competition bill draft with industry associations

The Indian government is holding meetings with industry representatives and associations to discuss concerns over the draft of the digital competition bill. The bill aims to regulate unfair competition and the influence of big tech companies in the digital space. The government has invited representatives from the Ministry of Corporate Affairs and the Competition Commission of India to address industry concerns. The draft bill has received opposition from digital rights groups, including the Internet and Mobile Association of India (IAMAI), who argue that it unfairly burdens digital companies and hinders investments in tech startups.

Take KYC seriously: RBI’s clear message to fintechs

Economic Times

Economic Times · 1y ago

Take KYC seriously: RBI’s clear message to fintechs

The Reserve Bank of India (RBI) is urging fintech startups to adhere strictly to customer verification guidelines during client onboarding. The RBI has emphasized that there will be no compromise on stringent know your customer (KYC) requirements. The central bank is pushing for video KYC as the primary method for digital customer onboarding, with other processes such as offline Aadhaar validation and centralised KYC serving as ancillary checks. Moreover, the RBI is maintaining a strong stance on KYC for payment aggregators. This approach will result in increased operational costs for fintech startups but will also help to streamline the industry.

Trackers

Active Indian VC’s

OG Capital Email

With a hands-on approach, OG Capital aims to invest in over 20 promising...

Accel Partners Email

Early and growth-stage investments in disruptive technology companies with...

Early-stage venture capital firm investing in technology startups in India. Focus on...

Access All Trackers

Startup Showcase Winners

June 2025

Helping your parents when you are miles away

The Pit Stop Your Cravings Deserve

The next generation E-commerce platform

Enter Ongoing Startup Showcase

Top Users

Trending News on Medial

Download the medial app to read full posts, comements and news.