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Account Aggregators System: New framework to access, Share financial Data

On September 2, 2021 the Reserve Bank of India’s (RBI) Account Aggregator (AA) Framework went live. Eight of India’s major banks — State Bank of India, ICICI Bank, Axis Bank, IDFC First Bank, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank and Federal Bank — joined the Account Aggregator (AA) network that will enable customers to easily access and share their financial data. The framework, which has been under discussion since 2016 and in the testing phase for some time, will now be open to all customers.

RBI releases draft “Enabling Framework for Regulatory Sandbox”

In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Financial Stability and Development Council – Sub Committee had decided to set up a Working Group (WG), to look into and report on the granular aspects of FinTech and its implications, so…

The Reserve Bank introduces Ombudsman Scheme for Digital Transactions

As announced in the Monetary Policy Statement of December 5, 2018, the Reserve Bank of India (RBI) launched on 31st January 2019, the Ombudsman Scheme for Digital Transactions (OSDT) vide Notification dated January 31, 2019 for redressal of complaints against System Participants as defined in the said Scheme. Follow the link for the Scheme: The Ombudsman Scheme for Digital Transactions, 2019…

Bitcoin – A New Payment System – Essentially a Digital Money

WHAT IS BITCOIN? Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also…