10.9 C
London
Monday, April 15, 2024
HomeBankingReserve Bank of India outlines plans for new fintech repository and cloud...

Reserve Bank of India outlines plans for new fintech repository and cloud facility for FS firms

Date:

  • Fintech Repository and Cloud Facility:
    • RBI plans to establish a fintech repository and a new cloud facility.
    • Fintech repository to capture essential information for regulators and stakeholders.
    • Indian fintechs encouraged to deposit data voluntarily by April 2024.
    • Cloud facility aims to enhance security, integrity, privacy, scalability, and business continuity.
    • Operation initially assigned to RBI’s subsidiary IFTAS, later to transfer to a separate sector-owned entity.
  • Regulatory Adjustments:
    • Recurring online payments up to ₹1 lakh exempt from additional factor authentication.
    • UPI caps increased from ₹1 lakh to ₹5 lakh for payments to hospitals and educational institutions.
    • Unified regulatory framework for connected lending to address pricing and credit management.
    • Web-aggregators of loan products (WALPs) brought under a comprehensive regulatory framework.
    • Proposals for frameworks governing the hedging of foreign exchange (FX) risks.
  • Data-Driven Decision Making:
    • Aggregated fintech data to aid in designing appropriate policy approaches.
    • Emphasis on transparency, data sharing, and collaboration for better-connected financial sectors.
    • Overall measures indicate a drive towards operational efficiency and risk management.

Related stories

ICYMI fintech funding round-up: Mimo, TransferGo, Smartpay, Adro and more

Mimo:Raised £15.5 million led by Northzone. Plans...

Pomelo Group names Steve Vickers as new CEO

New CEO Appointment:Pomelo Group, a payment infrastructure...

Former PayPal chief Dan Schulman joins Valor Capital as managing partner

New Appointment:Dan Schulman, former president and CEO...

Missouri’s Central Bank taps Personetics for AI-powered money management solution

Partnership Overview:Central Bank, headquartered in Missouri, USA,...

Bolt appoints interim CEO as Maju Kuruvilla departs

Leadership Change at Bolt:Maju Kuruvilla, who served...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img