A naukri.com initiative
Yourstory
4w
379
Image Credit: Yourstory
Navigating India’s evolving fintech regulatory framework
- India's fintech market is projected to touch $150 billion by 2025 and total addressable fintech market by 2025 is anticipated to reach $1.5 trillion.
- The RBI, SEBI, NPCI, and IRDAI are responsible for overseeing diverse areas of the fintech world and have created a comprehensive set of regulations and guidelines.
- The governing bodies are crucial in ensuring regulatory compliance, collaboration, and interoperability.
- KYC (know your customer) and CKYC (central KYC) rules are imperative for fintech companies to comply with to prevent money laundering, terror financing, and allied financial crimes.
- The Ministry of Electronics and Information Technology has a vital role in overseeing the digital aspects of fintech firms in India.
- PMLA requires fintech players to prevent any money laundering activities by ensuring compliance with AML (anti-money laundering) norms.
- Regulatory compliance with statutory fintech laws remains indispensable for nurturing trust, transparency, and integrity in the Indian fintech universe.
- RBI is empowered to regulate and oversee payment systems in India and mandates compliance with standards covering consumer protection, security, and systemic stability.
- The Digital Personal Data Protection Bill mandates certain obligations that fintechs must follow while collecting, storing, and processing any personal data to ensure user consent and data security.
- PMLA requires fintech players to report suspicious transactions that may potentially be linked either to terrorist financing or money laundering.
Read Full Article
22 Likes
For uninterrupted reading, download the app