India s financial regulator, the Reserve Bank of India (RBI), is intensifying oversight of fintech firms after inspections revealed lapses in customer due diligence. The RBI has increased meetings with executives and invested in better technology to monitor regulatory compliance. This comes after the central bank ordered Paytm to shut down its banking unit for persistent non-compliance.
The regulator had sent out fresh emails to a few platforms last week as many continue to flout the legal conditions laid out in the P2P-NBFC master circular.
India Business News: Union Minister of state for electronics and IT Rajeev Chandrasekhar highlighted the importance of regulatory compliance for fintech firms, stating tha
The issue of Paytm Payments Bank is a case where a hard-charging and aggressive entrepreneur has failed to realise the need for regulatory compliance, and that no company can get away if it is non-compliant with the law, says Union minister Rajeev Chandrasekhar
India Business News: RBI has asked Visa and Mastercard to stop facilitating business credit card issues by fintech aggregators. These aggregators are regulated and license