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


  • 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.

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