Mumbai: In a bid to safeguard borrowers interest, the Reserve Bank of India on Friday announced that it would soon lay down the regulatory framework for web-aggregation of loan products. The central bank also announced its plans to come out with a unified regulatory framework on connected lending for all the entities regulated by it. It has accordingly been decided …
New cab aggregator scheme: Delhi Chief Minister Arvind Kejriwal on Wednesday approved the new Motor Vehicle Aggregator Scheme 2023 wherein it mandated compulsory panic buttons in taxis, integration with emergency response number '112', and phase-wise transition to EVs. "This scheme prioritises the safety of passengers and ensures timely grievance redressal, while also promoting the use of electric vehicles and reducing …
It is a measure of the rapid growth of digitization in India over the past few years, accompanied by that of fintechs providing innovative solutions and services, that India’s central bank had to move in with a regulatory framework to bring some of these non-banks under its ambit. Without a formal regulatory structure, India has had many payment aggregators and …
Sharing of customers’ financial information will be on the basis of their prior consent and the data must be shared only with regulated entities. Entities that are sharing and receiving information will utilise Application Programming Interface for integrating with Account Aggregators’ system. According to Conjeevaram Baradhwaj, Executive Vice President and Company Secretary at Future Generali India Life Insurance Company Ltd, …
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