Bank of Uganda framework made under section 16 of the National Payment Systems Act, 2020, for testing innovative payment solutions. A participant has six months from its approval letter to complete testing, extendable by up to six months (cl. 10(2)); the lifecycle has four stages: application, evaluation, testing and exit (cl. 7).
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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