On 22nd August 2024, RBI updated its E-Mandate Framework through notification RBI/2024-25/64 CO.DPSS.POLC.No.S528/02-14-003/2024-25 to include the auto-replenishment of FASTag and National Common Mobility Card (“NCMC”) balances under the e-mandate framework. This update is significant because: (a) Auto-replenishment will now be triggered automatically when
This article was First Published on Bar and Bench on 27th March 2024. The Reserve Bank of India (“RBI”) has recently issued an amendment to the Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, 2022
The Reserve Bank of India (“RBI”) vide its press release dated 15th January 2024, announced the release of the Draft Framework for Self-Regulatory Organisation (s) in the FinTech Sector (“Draft Framework”). The Draft Framework is open for public and stakeholder
Through its recent consultation paper titled “Regulatory Framework for Micro, Small and Medium REITs (MSM REITs)” dated 12 May, 2023 (“Consultation Paper”), the Securities and Exchange Board of India (“SEBI”) proposes the regulation of all platforms that offer fractional ownership
The Lok Sabha, through its Bulletin dated 23 November 2021, has listed ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ among 26 other items of legislation that will taken up for consideration in the parliament, in its winter
In August 2019, the RBI had issued a framework for processing of e-mandates on recurring online transactions. Initially applicable to cards and wallets, the framework was extended in January 2020 to cover UPI transactions as well. Effective 1st October, 2021,
Introduction Contravention is a breach or non-compliance of the provisions of Foreign Exchange Management Act (“Act”), 1999, and the rules, regulations, notifications, orders or circulars or directions made thereunder. The Reserve Bank of India (“RBI”) has been empowered by the
Self regulated organizations for payment system operators 10 nov2020 from Novojuris Introduction With the massive growth witnessed in India, in the digital payment ecosystem, there has arisen a need for having a framework for regulation for digital payments.
The Reserve Bank of India on September 7, 2020, released the K V Kamath-led Committee report, which had recommended financial parameters to be factored within the resolution plans under the ‘Resolution Framework for Covid19-related Stress’ alongside sector-specific benchmark ranges for
In view of the Gazette notification dated June 26, 2020 on new criteria for classifying the enterprises as micro, small and medium enterprises, Reserve Bank of India (RBI) vide its notification dated 21 August 2020, has clarified the following: All
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