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JSA Update – FinTech

RBI’s Master Direction on Digital Payment Security Controls: Highlights and Implications

The Reserve Bank of India (“RBI”) has recently notified the RBI (Digital Payment Security Controls) Directions, 2021 (“Directions”) to ensure that regulated entities (“REs”) implement certain common minimum standards of general and specific security controls for channels such as internet banking, mobile banking and card payments.

Please refer to this Update for the key requirements set out under the Directions and their likely (indirect) implications for non-REs.

For further details, please contact [email protected]

Fintech – Budget 2021

Roadmap for revival of the economy from the pandemic laden year of 2020-21 has been dealt holistically by Budget 2021-22. The 2-step, short-term – long-term revival approach, countering the healthcare concerns and simultaneously concretizing the self-reliant India goal is a welcomed note in the 3rd Sitharaman budget. The Sunrise ‘Fintech’ Sector has garnered heightened reliance by the industries and consumers alike. While the ‘FinTech’ tab on the main page of RBI was a move towards recognizing the importance of the new-age sector – the announcement of developing a Fin-Tech hub will give the fintech players an added participating impetus. Adding to the impetus is the INR 1,500 crore allocation to give a push to the developing digital payments infrastructure. The regulatory sandbox incentives coupled with the promising tone of the budget towards the sunrise sector shows a lot of scope for India to become a major player in the fintech industry over the globe.

Quote by Sidharrth Shankar on Fintech – Budget 2021 published in Mondaq.