RESERVE BANK OF INDIA

Fintech / Regtech

IRDAI Directs Insurers to Join RBI’s Account Aggregator Ecosystem

By Ajoy K Das | 03/11/2023

The inclusion of insurance firms in the AA ecosystem is expected to benefit agents, mutual fund distributors, and other service intermediaries.

RBI Announces Regulatory Framework for Cross Border Transactions

By Ajoy K Das | 02/11/2023

Non-banks facilitating import and export payment transactions must initially have a minimum net worth of INR 150 million.

Fintech / Regtech

RBI Allows Five MSME Lending Products to Exit Sandbox

By Ajoy K Das | 31/10/2023

Regulated entities are allowed to adopt the MSME lending products. The RBI also opened applications for its fifth sandbox cohort, which is “theme neutral”.

Fintech / Regtech

RBI Amends Account Aggregator Framework to Promote Reciprocal Data Sharing

By Ajoy K Das | 31/10/2023

The RBI said some NBFCs enrolled only to access financial information from other firms without sharing their own financial information.

RBI Raises Limit for Non-callable Term Deposits

By Editors | 30/10/2023

All term deposits below the new INR 10 million threshold will have to mandatorily offer a withdrawal option to depositors.

Crypto / Digital Assets

Indian Banks Offering Incentives to Boost CBDC Use – Report

By Ajoy K Das | 28/10/2023

Participating banks funding incentives to promote e-rupee usage in response to pressure from the RBI.

RBI Directs Credit Bureaus, Banks to Improve Services for Customers

By Ajoy K Das | 28/10/2023

CICs and credit institutions are given six months to implement a new compensation framework and customer service requirements.

Fintech / Regtech

RBI Releases Draft Master Directions on Managing Outsourcing Risks

By Ajoy K Das | 27/10/2023

The draft makes clear that regulated entities may not outsource core management functions, such as decision-making functions like loan approvals.

Bank Boards Must Have At Least Two Whole-time Directors: RBI

By Ajoy K Das | 26/10/2023

Banks that do not currently have at least two whole-time directors on their boards must submit proposals for their appointment within four months.