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RBI unveils final guidelines for fintech SRO

The Reserve Bank of India (RBI) has finalized the rules for setting up self-regulatory organizations (SROs) for the fintech industry. The SROs will cover variou... The Reserve Bank of India (RBI) has finalized the rules for setting up self-regulatory organizations (SROs) for the fintech industry. The SROs will cover various fintech activities, including digital loans, peer-to-peer (P2P) services, and account aggregators, and will include both regulated and unregulated fintech companies. The RBI has outlined key mandates and functions for the SROs, such as representing the fintech sector, ensuring data safety, and controlling risks that could harm users. The SROs will also be responsible for enforcing rules and monitoring compliance, with mechanisms for grievance redressal and dispute resolution. The RBI has allowed multiple SROs to operate, with each fintech company required to be a part of at least one SRO.

ADB Commits $2.6 Billion in Sovereign Lending to India

The Asian Development Bank (ADB) has pledged $2.6 billion in sovereign lending to India to support various development projects. This funding is aimed at streng... The Asian Development Bank (ADB) has pledged $2.6 billion in sovereign lending to India to support various development projects. This funding is aimed at strengthening urban development, promoting industrial corridor growth, facilitating power sector reforms, building climate resilience, and enhancing connectivity and horticulture. In addition to the sovereign loans, ADB also provided $23.53 million in technical assistance and $4.1 million in grants under the sovereign portfolio, as well as over $1 billion for private sector projects. The ADB's lending operations in India are tailored to the specific needs and development levels of each state, with a focus on providing basic services, improving infrastructure, and supporting transformational projects.

Four European Union banks seek RBI nod for clearing mode

Four major European banks; Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas are requesting the Reserve Bank of India (RBI) to allow a third-par... Four major European banks; Credit Agricole, Societe Generale, Deutsche Bank, and BNP Paribas are requesting the Reserve Bank of India (RBI) to allow a third-party clearing model to continue trading Indian government bonds and derivatives. This request comes after the European Securities and Markets Authority (ESMA) revoked the Clearing Corporation of India's (CCIL) recognition due to disputes over audit and inspection rights. The proposed model would involve settling transactions through Indian banks like the State Bank of India and ICICI Bank, addressing regulatory compliance but raising concerns over client confidentiality. ESMA, established in 2011, aims to ensure the stability and integrity of EU financial markets, developing consistent regulations and enhancing cross-border cooperation.

Current Affairs

RBI unveils final guidelines for fintech SRO

ADB Commits $2.6 Billion in Sovereign Lending to India

Four European Union banks seek RBI nod for clearing mode

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