In this article, we discuss how the consent requirement under the new data law interplays with use of data to cross-sell/up-sell other products by fintechs. Continuing on the fintech and DPDP series, our partners Sreenidhi Srinivasan and Aparajita Srivastava speak about using data (collected for one purpose) to cross-sell/up-sell other products. For example, what if, as aRead more
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In the context of PayPal’s recent appeal to a larger bench, we delve into the verdict of the Delhi High Court in PayPal Payments Private Limited v. Financial Intelligence Unit – India. In our article, we analyse the arguments of both sides, the complexities surrounding the definition of ‘reporting entities’ under the Prevention of MoneyRead more
This article discusses the first step for fintechs to get ready for the new data law. It originally appeared in the July 2023 Edition of FinTales, our monthly fintech newsletter. No piece of legislation has taken more punches than our elusive data protection law. You’ve heard this before, but we’ll say it again. The dataRead more
“Bribery, corruption, money laundering, millions and millions and millions of dollars….[…]…..somebody has to sound the alarm.”– Meryl Streep, The Laundromat The Prevention of Money Laundering Act (or, as its friends call it, the ‘PMLA’) is a long-arm law. It gives its enforcing agency, the Enforcement Directorate (or as its, umm.. acquaintances call it, the ‘ED’),Read more
On May 30, 2023, RBI released its Annual Report 2022-23. It describes RBI’s achievements and policy initiatives in the last financial year. But more importantly, it specifies RBI’s agenda for 2023-24. We highlight some key action items. On May 30, 2023, RBI released its Annual Report 2022-23. It describes RBI’s achievements and policy initiatives in the last financial year.Read more
An explainer on the interchange fees for UPI payments through prepaid payment instruments. NPCI recently recommended interchange fees of up to 1.1% on UPI transactions through prepaid payment instruments (PPIs). The fees are applicable on transactions above INR 2000 from 1 April 2023. PPIs include e-wallets and pre-loaded cards. Some examples of e-wallets that must be interoperableRead more
A set of questions about the purpose and form of the National Financial Information Registry. In this year’s budget speech, the Finance Minister announced plans to create the National Financial Information Registry (Registry). The Registry, according to the minister, would be a ‘credit public infrastructure’ meant to promote financial inclusion and stability. It’s unclear how, though. TheRead more
A post-mortem on MeitY’s mass blocking of digital lending apps. On 5 February, a tweet from a public broadcaster announcing the blocking of 94 digital lending apps raised a furore within the fintech industry. In the following week, lending apps were banned and unbanned – both without much clarity. A quick backstory: In September 2022, the RBIRead more
An analysis of key fintech regulations which govern data, the patterns they reveal, and the best practices that fintechs can adopt to ensure compliance. For the last 5 years, data lawyers have been like the boy who cried wolf. The data bill is always being tabled “in the next session of Parliament”. We’ve seen explainers,Read more
A list of what fintech players want from regulators in 2023 including clarity on FLDG, transparency in NBFC licensing, neobanking licenses, tax relief, priority sector classification, UPI incentives share, and new KYC solutions. 2022 was a tumultuous year for fintech. One dotted by regulatory rebukes and restrictions coupled with a funding winter. Here’s what theRead more