RBI Governor Shaktikanta Das Urges Fintech Players To Set Up Self Regulatory Organisation At GFF
1 year, 3 months ago

RBI Governor Shaktikanta Das Urges Fintech Players To Set Up Self Regulatory Organisation At GFF

ABP News  

Shaktikanta Das, governor of the Reserve Bank of India, on Wednesday urged fintech players to set up a Self Regulatory Organisation at the earliest for an orderly growth of the industry. "Fintech players need to evolve industry best practices, privacy, and data protection norms in sync with the law of the land," he said, adding that they can also set standards on issues like misselling, promoting ethical business practices and transparency in pricing. The governor also said that the RBI is planning to test some more use cases in the wholesale pilot of central bank digital currency. The central bank has launched the wholesale pilot of the CBDC on November 1, 2022, to settle the settle secondary market transactions in government securities.

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History of this topic

Why Shaktikanta Das was rated among world’s top central bankers, 6 big feats in 6 years
1 week, 6 days ago

Why Shaktikanta Das was rated among world’s top central bankers, 6 big feats in 6 years

Firstpost  

Shaktikanta Das’s tenure as RBI governor ended today. Das also hoped that Malhotra would carry forward RBI initiatives such as the Central Bank Digital Currency and unified lending interface and promote financial inclusion. ‘RBI, Finance Ministry perspectives can differ at times’ Das said that during his tenure as the RBI governor, there was a productive and cooperative relationship between India’s …

RBI’s framework for SROs: From minimum net worth to mix of members, key regulations explained
4 months ago

RBI’s framework for SROs: From minimum net worth to mix of members, key regulations explained

Live Mint  

A self-regulatory authority is an institution which has the ability to operate independently and with impartiality, and importantly free from the influence of any single member or group of members. Generally speaking, an SRO is expected to adhere to a set of overarching objectives for betterment of the sector it represents, foster advancement and address critical industry concerns within the …

RBI Revises Norms Related to Regulatory Sandbox
9 months, 3 weeks ago

RBI Revises Norms Related to Regulatory Sandbox

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday revised the framework for Regulatory Sandbox scheme under which participating entities will have to comply with digital personal data protection norms. The central bank also extended the timeline of the various stages of the RS from seven months to nine months. Among others, the timelines of the various stages of the RS …

RBI Governor says no need to worry about fintech system at the moment
10 months, 2 weeks ago

RBI Governor says no need to worry about fintech system at the moment

New Indian Express  

NEW DELHI: Allaying fears over the functioning of digital payment banks amid Paytm controversy, Reserve Bank of India Governor Shaktikanta Das on Thursday said there is no need to worry about the fintech system at the moment. The apex banks’ emphasis has always been on the bilateral engagement with the regulated entities to nudge them for corrective actions and sufficient …

RBI likely to start digital rupee pilot in call money market by next month
1 year, 3 months ago

RBI likely to start digital rupee pilot in call money market by next month

India TV News  

The Reserve Bank of India is likely to introduce the pilot of the Central Bank Digital Currency for transactions for the interbank borrowing or call money market by October, said central bank Executive Director Ajay Kumar Choudhary on Sunday. The pilot for the wholesale Central Bank Digital Currency known as the Digital Rupee-Wholesale was launched on November 1, 2022. RBI …

Three gaming self-regulatory bodies to seek govt nod
1 year, 8 months ago

Three gaming self-regulatory bodies to seek govt nod

Live Mint  

Three collectives, representing over 200 Indian online gaming companies, are set to reach out to the ministry of electronics and information technology for recognition as self-regulating organisations, two people familiar with the development said. SROs will be the mainstay of the self-regulatory mechanism for online gaming, and any gaming firm looking to offer products in India must be registered with …

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18
2 years ago

CBDC is the UPI Moment for Fintechs: Rise of CBDC and Death of Crypto - News18

News 18  

The fall of fraudulent and failing crypto exchanges is coinciding with the rise of CBDC across the world. CBDC, when programmed to be part of a smart contract, will reduce these layers of paper contracts and checks thus reducing the cost of trade or transactions both local and international. The promise of lower cost and reducing the global banks hegemony …

CBDC will transform the way of doing business: RBI Governor Shaktikanta Das on e-rupee launch
2 years, 1 month ago

CBDC will transform the way of doing business: RBI Governor Shaktikanta Das on e-rupee launch

India TV News  

RBI E-Rupee CBDC: The RBI will follow up on the wholesale e-rupee pilot with a similar trial on the retail side this month itself, governor Shaktikanta Das said on Wednesday. The broader wish of the RBI is to execute a full-fledged launch of the CBDC "in the near future", Das said, choosing not to share a timeline for the same. …

RBI to soon launch e-rupee on pilot basis for limited use
2 years, 2 months ago

RBI to soon launch e-rupee on pilot basis for limited use

India TV News  

Digital money : The Reserve Bank on Friday said it will soon commence the pilot launch of the e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments in the works: RBI official

The Hindu  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 have been …

Phased implementation of digital currency for wholesale, retail segments at works: RBI official
2 years, 5 months ago

Phased implementation of digital currency for wholesale, retail segments at works: RBI official

India Today  

The Reserve Bank of India is in the process of implementing the Central Bank Digital Currency in a phased manner for the wholesale and retail segments, an official said on Wednesday. The introduction of CBDC was announced in the Union Budget 2022-23, by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934 has …

RBI To Soon Come Out With Guidelines On Digital Lending, Says Shaktikanta Das
2 years, 6 months ago

RBI To Soon Come Out With Guidelines On Digital Lending, Says Shaktikanta Das

News 18  

Reserve Bank of India Governor Shaktikanta Das on Friday said the central bank will soon issue guidelines and measures to make the digital lending ecosystem safe while enhancing customer protection and encouraging innovation. He also said the recommendations of the RBI Working Group on digital lending are under examination for the issuance of the guidelines. “We have recently set up …

Fintech industry body seeks regulatory nod to act as SRO
2 years, 11 months ago

Fintech industry body seeks regulatory nod to act as SRO

Live Mint  

Mumbai: Fintech Association for Consumer Empowerment, a body of digital lenders on Thursday said it has applied to the Reserve Bank of India to take on the role of a self-regulatory organization in the digital lending industry. The organization said it has been working closely with regulators, official stakeholders, industry players, and other consumer groups to address the need for …

Fintechs need to be regulated more like banks, says report from global regulator
3 years, 4 months ago

Fintechs need to be regulated more like banks, says report from global regulator

Live Mint  

Calls are growing louder to impose more stringent regulation on technology giants that spill over into financial services. A paper published by the Bank for International Settlements, a consortium of central banks and financial regulators, said tech companies that play a critical role in payments and other areas should be subject to stricter regulatory scrutiny that considers issues beyond traditional …

RBI issues guidelines for SROs in payments
4 years, 4 months ago

RBI issues guidelines for SROs in payments

Live Mint  

The Reserve Bank of India on Tuesday issued draft guidelines for establishing self-regulatory organizations, which will be responsible for framing and enforcing rules for payment systems operators. “As the payment ecosystem matures and as the number of payments systems proliferate, it becomes necessary, in the interest of optimal use of regulatory resources, that the payments industry develops industry standards in …

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