Friday, March 01, 2024
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Outlook India
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Shaktikanta Das

The establishment of a fintech regulatory framework aims to address issues related to enhancing transparency in digital lending in India

RBI’s extension of PIDF scheme to include soundbox devices and QR codes has been received well by fintech players, with many believing it be a step in the right direction to promote financial inclusion and digital transactions

RBI governor Shaktikanta Das encouraged stakeholders in the sector to form a self-regulatory body and also assured RBI's help for the process

India's home-grown payment products like UPI and RuPay network are increasing their global footprint and will make cross-border payments easier, Das said while inaugurating the Payment System Operators (PSO) Conference

He also said the overall monthly digital payment transactions crossed over Rs 1,000-crore-mark each month during the past three months

Prime Minister Lee said the idea of linking PayNow and UPI was first conceived in 2018 when Prime Modi visited Singapore

The ministry began the process of banning 138 betting apps and 94 lending apps on Monday under Section 69 of the IT Act

Explaining it, Das said the bigger macro reason for banning them is that cryptos have the potential to and the characteristics of becoming a means of exchange; an exchange of doing a transaction

Shankar argued that this will not kill innovation and suggested that banks can tie-up or outrightly purchase such technologies to ensure that customers get the best services which are available in the market

Razorpay said it is a temporary move and has no impact on Razorpay's existing business operations and current merchants