Central Bank framework, issued December 2023 by its Fintech and Innovation Section, for testing innovative financial solutions. Testing lasts up to six months and the Central Bank may extend it by up to twice the testing period. Participants may be exempted from applicable legislation during testing, except consumer protection, data protection, AML/CFT and cybersecurity requirements. The text cites no statute as its legal basis.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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