Tag: RBI

The Reserve Bank of India ("RBI") has reportedly been planning to initiate the establishment of a Digital India Trust Agency ("Agency"), in order to curb financial frauds and cybercrimes which have been uprising in the digital lending space. This Agency is intended to be involved in creating a systematic procedure of verifying legitimate digital lending application and resolving the concerns surrounding unauthorised digital lending apps. ......

In April 2024, the Reserve Bank of India ("RBI") issued the Draft Circular for the Regulation of Payment Aggregators ("Draft Circular"), in keeping with their pivotal role in the ever-evolving financial services industry. The Draft Circular is slated to update the extant Guidelines on Regulation of Payment Aggregators and Payment Gateways, as issued by the RBI on March 31, 2021 ("Guidelines"). ......

Payment and settlement systems are essential for the smooth functioning of financial markets, individual remittances, financial inclusion and growth of the economy as a whole. For this reason, central banks across the globe take a keen interest in their safe and efficient functioning. ......

In recent years, the digital payments space has grabbed eyeballs across India, with the upsurge in the use of debit cards, credit cards and UPI payments. The increase in the use of digital payments can be largely attributed to the increase in access to the internet, e-commerce websites, mobile applications and the pandemic that forced several individuals to shop online, even for basic necessities. ......

In the first part of this two-part series, we offered a brief overview of NFTs and their applicability in the art world. This second part discusses the copyright and other related legal implications surrounding NFTs. ......

The business of purchasing art is traditionally associated with the sale of unique, physical objects whose source was verified by galleries, auction houses and, typically, a trail of paper, to distinguish an original from a copy. In the physical world, you can simply go and buy a painting that you wish to hang on your wall. ......

The Reserve Bank of India (“RBI”) has introduced a system of the Single Master Form (“SMF”) for foreign investment reporting. Significantly, the RBI now requires all Indian entities having foreign investment to provide an update of the total foreign investment by July 12, 2018....