To identify potential risks associated with AI, if any and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc. To recommend a framework including governance aspects for responsible, et...
During the open house discussion, some mentioned that the government already regulates OTT platforms under the Information and Technology Act, 2000 (IT Act) and the rules (IT Rules) released under it. Responding to this, Vatts argued that the IT Rules do not address unsolicited commercial commun...
The penalty on SBI has been imposed for violation of provisions of sub-section (2) of Section 19 of the Banking Regulation Act, 1949 (the BR Act). The penalty has also been imposed for violation of provisions of sub-section (2) of Section 26A of the BR Act read with the Depositor ...
“From all registered or licensed lenders with the RBI, the banks and the NBFCs, we have collected the list of apps and have given it to the government, the Ministry of Information and Technology, which has uploaded it on their website. […] Now, it’s a long list. The responsibility...
Why it matters? The definition of international SMS bears relevance because TRAI regulates termination charges on domestic SMS. However, telecom companies are free to decide the charges for international SMS.Some have suggestedthat the main reason behind the entities’ request for clarification on int...
TRAI currently regulates spam through the Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCPR). The regulator had put out aconsultation paperthat suggested changes to the ways in which TCCPR, 2018 currently defines transactional calls and messages. It also suggested proactive ...
The Bank must also carry out on-going due diligence. A bank must update an AePS touchpoint operator’s KYC, if they have not performed any financial transaction for a continuous period of six months. Further, theNPCI and the banks must ensure that an AePS touchpoint operator is onboarded...
“The retail eRupee pilot began in December 2022 and there has been very little public announcement with respect to it. RBI Deputy Governor Rabi Sarkar reportedly spoke about it in a closed-door IBA meeting – and in June 2023, banks were asked to expand the scope of the pilot and leading...
It must be noted thatPerfios Account Aggregation SvcsandYodlee Finsofthave also received in-principle approval from RBI recently, according to a Moneycontrolreport. The report added that 12 banks and institutions such as the State Bank of India (SBI), HDFC Bank, ICICI Bank, LendingKart, among ...
The RBI’s new KYC normshave led to a dipin the usage of mobile wallets and have had an impact on the company’s core service. This may turn out to be a driving factor in Paytm diversifying its business into the personal finance space. ...