September 7, 2024
6 minutes reading time Last updated: June 17, 2024 | 00:26 IST Fifteen days after the Reserve Bank of India (RBI) released its ‘Framework for Self-Regulatory Organisations for Fintechs (SRO-FTs)’, the first signs of change in the way the sector perceives itself are here. The Fintech Association for Consumer Empowerment (FACE) – an applicant to
September 6, 2024
FinTech is an emerging disruptive industry with the potential to make financial services accessible, simple and cost-effective. The Indian FinTech ecosystem is the third largest in the world, with the market size expected to reach $150 billion by 2025. The 3,000+ FinTechs registered with DPIIT enjoy the highest FinTech adoption rate in the world (87%).
September 6, 2024
Prime Shaktikanta Das, RBI Governor 6 minutes reading time Last updated: March 10, 2024 | 8:50 p.m. IST “Fintech companies’ right to exist lies in innovation. In doing so, they may sometimes adopt a more liberal interpretation of regulations in the grey area,” says Alok Mittal, Co-Founder and CEO, Indifi Technologies. And aware that this
September 5, 2024
For the first time, UPI transactions crossed 100 billion and closed at 131 billion in FY24, compared to FY23. (Photo: Shutterstock) 2 min read Last updated: July 22, 2024 | 1:40 p.m. IST There is a need to continuously identify regulatory gaps in the fintech sector and benchmark rules against global best practices, says Economy
September 5, 2024
He was speaking at the inauguration of Digital India FutureLABS at the Indian Institute of Information Technology (IIIT), New Delhi. 2 min read Last updated: Feb 03, 2024 | 10:01 PM IST Minister of State for Electronics and Information Technology Rajeev Chandrasekhar on Saturday said an industry regulator has absolute authority to take action within
September 5, 2024
This year has seen major upheavals in banking and financial regulation, including the issuance of a detailed self-regulatory framework by the Reserve Bank of India (RBI). With the growth in the number, scale and operations of various categories of regulated and unregulated entities, increased adoption of innovative technologies and heightened customer awareness, the RBI is
September 5, 2024
The fintech IPO index lost 2.6% as profits rolled in. The “buy now, pay later” (BNPL) space arguably dominated headlines as the Consumer Financial Protection Bureau (CFPB) stepped in with new oversight of vendors. The CFPB intervenes As PYMNTS reported On Wednesday (May 22), the CFPB ruled that BNPL providers are credit card providers and
September 4, 2024
THE Reserve Bank of India has finalized the frame to recognize the OARs for the fintech sector following stakeholder comments on its draft standards of January 15. THE self-regulatory body (SRO) would be industry-led and would be responsible for establishing and enforcing regulatory standardspromote ethical conductensuring market integrityresolve disputes and promote transparency and accountability among
September 4, 2024
The Reserve Bank of India (RBI) has released a draft framework defining the general functions, governance norms and eligibility criteria for setting up a self-regulatory organisation (SRO) for fintech companies. Why is such a body necessary? Mint explain : What is the RBI concerned about? Fintechs play a vital role in the Indian financial system
September 4, 2024
With fintech sector As it gains momentum and scale, there is a need to review policies and regulatory guidelines to give fresh impetus to financial inclusion and penetration of financial products in the sector. bottom of the pyramidexperts said. The fintech space has revolutionized the country's financial sector. It has also contributed to formalizing the
September 4, 2024
Global fines for law violations reached a staggering $5.65 billion in the third quarter of 2023, according to a report published by Corlytics. This figure represents a significant increase from the $1.5 billion and $2.27 billion recorded in the first and second quarters, respectively. The majority of these fines, over 85%, were imposed by US
September 4, 2024
4 minutes reading time Last updated: May 31, 2024 | 12:51 AM IST The Reserve Bank of India (RBI) on Thursday released the final framework for recognition of self-regulatory organisations in the financial technology sector (SRO-FT), encouraging entities to have a representative membership from the fintech sector. An SRO-FT may consist of members from fintechs
