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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
With 10 days to go for the deadline, online transactions are expected to be hit as card networks, banks and businesses are far from ready. Will the RBI relent?
Editor's note: Next week when many companies across the world take a break for Christmas and New Year, the payments industry in India will be working overtime—like it has for several weeks now. Thousands of developers, product managers and engineers at the largest consumer internet firms in the country will be rewriting and testing thousands of lines of code. Founders across the ecosystem will be seeking divine intervention as the world counts down to 2022. On 1 January 2022, a new payments regime for online card transactions will take effect; one that requires a complete overhaul of the payments value chain that has been in place for several years. Over the last two years, the Reserve Bank of India has issued various regulatory directions under which all online merchants and payments companies need to permanently purge every shred of customer card data stored with them. It wants this done before the year ends. Under the rules, the RBI wants to restrict sensitive customer data to select servers hosted by regulated entities, which it can directly supervise. Only issuer banks and card networks …
The Rs 250 SIP was launched last year by the former SEBI chairperson with one clear goal: financial inclusion. More than a year later, the much-hyped scheme doesn’t seem to have caught on with MF investors.
The central bank’s shift to a 100% collateral requirement threatens to erode leverage, reduce volumes and force a consolidation across prop desks.
High returns, RBI-regulated comfort, and easy withdrawals drew investors in. Now, with repayments drying up, the fintech platform, its NBFC partner, and the regulator are pointing fingers—leaving customers to chase their own money.
