Developments in the FinTech Sector – Fourteenth Edition, 2022
In a recent press release, exercising its power under Section 35 A of the Banking Regulation Act, 1949, the Reserve Bank of India (“RBI”) has prohibited Paytm Payments Bank Ltd (“Paytm”) from onboarding new customers with immediate effect; and has ordered the appointment of a new information technology audit firm (“IT Auditor”) to conduct a comprehensive System Audit of the Paytm’s IT System. Onboarding new customers will only be permitted once specific permission is granted by the RBI, after the RBI reviews the report provided by IT Auditor. Other recent significant developments in the sector include:
- RBI Geo-Tagging Framework
- New RBI Initiatives for FinTech
- Payment System Regulations Amended
- New NPCI Circulars on UPI
For further details, please refer to the below document.
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