Developments in the FinTech Sector – Thirteenth Edition, 2022
The Reserve Bank of India (“RBI”) launches the Payments Framework for Facilitating Small Value Digital Payments in Offline Mode. Bank and non-bank PSOs and payment system participants are permitted to offer offline digital payments, using any channel or instruments such as cards, wallets, mobile devices, etc. Other recent significant developments in the sector include:
- Six month extension of applicability of its prohibition on storage of Card-on-File
- Digital Lending Report
- NITI Aayog proposal for a digital bank licensing & regulatory regime,
- Cryptocurrency Bill in India
- Integrated Ombudsman Scheme,
- Eligibility criteria for ‘specified user’ under the Credit Information Companies (Amendment) Regulations, 2021, and
- New regulations for Aadhaar authentication and verification
For further details, please refer to the below document.
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