“certain material supervisory concerns observed in the manner of onboarding of their customers onto this mobile application,” RBI had noted at the time. While the bank says that it has provided all required compliance to the regulator during its earnings...
The Reserve Bank of India has recognized the Fintech Association for Consumer Empowerment (FACE) as a Self-Regulatory Organisation in the FinTech sector (SRO-FT). Only FACE’s application for recognition was approved out of the three submitted to the central bank. Among the two others, one a...
Punjab National Bank (PNB) was the second highest lender in FY23. It disbursed ₹70,143 crore in FY23. State Bank of India (SBI), which is India’s largest public sector bank, lent ₹66,523 crore to State enterprises in FY23. Punjab & Sind Bank is the bank, which had the lowe...
There shall be a system of acknowledging customers' complaints for follow up, such as complaint number/docket number, even if the complaints are received over phone. (c) Card-issuers shall be liable to compensate the complainant for the loss of his/her time, expenses, fin...
This complaint can also be filed online through the Sachet portal by visiting https://sachet.rbi.org.in/ The complaints submitted are immediately forwarded to the regulator/law enforcement authority that takes necessary action as per their procedures against dubious digital lenders. It is important ...
The tech conglomerate got into trouble in the US last year forallegedly using dark patterns to trickusers into subscribing for Amazon Prime. The US Federal Trade Commission filed a complaint against the company, highlighting design practices such as Forced Action, Interface Interference, Obstruction (...
a notice to individuals before or at the time of requesting consent. This notice should inform the individual about the personal data the Data Fiduciaries collects, the purpose for processing it, how to exercise their rights and the procedure for filing a complaint with the Data Protection Board...
which called for the establishment of an online “academic bank” to store students’ earned credits during higher studies. Through the APAAR system, school students are given a 12-digit ID number that allows them to access their academic records online. To generate their APAAR numbers, students...
Number of wallet load transactions done. Number of redemption transactions done. “No such information in this regard is available with the Reserve Bank of India (RBI),” the central bank responded. The central bank has beenscepticalandvocally againstprivate cryptocurrencies like Bitcoin and Ethereum...
Cashfree Payments hasobtainedthe Reserve Bank of India’s (RBI) Prepaid Payment Instrument (PPI) license. This positions Cashfree Payments among the first fintech companies to receive the PPI license from RBI. Previously, it has receivedPayment Aggregator (PA), andPayment Aggregator-Cross Border (...