Browsing: Policy

On October 20, 2023, Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated the Sub-office of the Reserve…

The RBI said, with a view to facilitate cash flow-based lending to MSMEs, it has been decided to include Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework.

As a part of these initiatives, during November 2022, the Reserve Bank, in collaboration with its regulated entities, will run a nation-wide consumer financial awareness programme with deeper outreach covering all segments of population, especially those in rural and semi-urban areas

The use case for this pilot is settlement of secondary market transactions in government securities. Use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk.

‘दक्ष (DAKSH)’ is a web-based end-to-end workflow application through which RBI shall monitor compliance requirements in a more focused manner with the objective of further improving the compliance culture in Supervised Entities (SEs) like Banks, NBFCs, etc.

Securities and Exchange Board of India’s Chief Madhabi Puri Buch on Wednesday speaking at Global Fintech Fest 2022 said that…

Thomas has been with the general insurance industry for over 35 years in roles spanning management of direct and reinsurance underwriting, loss adjustment and broking across the Indian and Middle East insurance markets.

Das added, “The emergence of FinTech players and the growing popularity of their innovative products have challenged the existing players in financial services in maintaining their market share, margins and customer base. The incumbent firms are responding to these challenges by adopting various strategies, which include making investments in FinTech companies and partnering with them. They are also enhancing their in-house capabilities to adapt to the new realities.” 

It is estimated that approximately Rs 1,400 crores will be unlocked and General insurers may use this opportunity to optimize this freed up capital in a way which leads to increased insurance penetration in India, it added. 

Recently on June 10, IRDAI had reduced the number of off-line returns being submitted by Life Insurers from forty to only four whereas the number of online returns would come down from eight to five. Further, three separate certification requirements have also been consolidated into one.