'Large firms and their interests can dominate the narrative, even as smaller stakeholders and retail investors struggle to be heard.' 'Regulators therefore require deep subject-matter expertise to assess representations, recognise underlying incentives, incorporate the perspectives of less-visible stakeholders, and guard against bias or capture,' notes Ananth Narayan.
The Reserve Bank of India (RBI) has recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation (SRO) in the fintech sector, the central bank announced on Wednesday. The banking regulator received three applications for fintech SRO. Of the remaining two applications, one has been returned by the RBI with a provision for resubmission after meeting specific requirements, while the third application is still under examination, said Governor Shaktikanta Das at the Global Fintech Fest in Mumbai.
The Fintech Association for Consumer Empowerment (FACE), the only self-regulatory organisation for financial technology/fintech (SRO-FT) companies, is aiming to secure membership from at least 75 per cent of players across all key fintech categories within the next three years, according to a senior executive. The total number of members in the organisation has increased to 110, up from around 60 when it received approval from the Reserve Bank of India (RBI) to operate as an SRO-FT in August.
Mint Road, on December 21, 2023, flagged the role of self-regulatory organisations (SROs) in strengthening the compliance culture in regulated entities (REs) and providing a consultative platform for policymaking. It also decided to issue an omnibus framework for SROs.
'So, we would work with our members to ensure that we as an SRO create some sort of due diligence for fintechs.'
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
'One of the aspects for transparency and fair governance is to give the industry being represented the chance of lobbying with the regulator.'
ISRO's vendor policy and quality control processes are under scanner.
In the Union Budget for Financial Year 2023-24 (FY24), Finance Minister Nirmala Sitharaman had held forth on the need for better governance and investor protection in the banking sector. She had proposed certain amendments to the Reserve Bank of India Act (RBI Act), 1934; the Banking Regulation Act (BR Act), 1949; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.
Commercial banks have turned cautious in lending to smaller microfinance institutions (MFIs), which has compelled the latter to borrow from non-banking financial companies (NBFCs) at much higher rates. Recently Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao slammed micro lenders for increasing their margins "disproportionately" and said these lenders were quick to pass on the increased cost to the borrowers but reluctant to pass on the benefits under the new regime, where margins are not capped.
The Reserve Bank of India (RBI) has barred four non-banking finance companies (NBFCs), including two microfinance institutions (MFIs), from sanctioning and disbursing loans for charging exorbitant interest rates to the borrowers. These four entities are Asirvad Microfinance, Arohan Financial Services (also an MFI), DMI Finance, which provides personal, consumption, and micro, small and medium enterprises loans, and Flipkart co-founder Sachin Bansal's Navi Finserv, which offers home and personal loans. The ban will take effect on October 21 to "facilitate closure of transactions in the pipeline", the regulator said in a statement.
The asset quality of microfinance portfolios worsened in the quarter ending June 2024 due to the impact of heatwaves on borrowers' incomes and collections, coupled with rumours of loan waivers, according to Sa-Dhan. Jiji Mammen, executive director and chief executive officer of Sa-Dhan, said loans with 90+ days past due (dpd) rose to 1.2 per cent in June 2024, compared to 0.9 per cent in June 2023. The 90+ dpd also increased from 1.16 per cent in March 2024.
"Government has decided to notify an entity through Meity and that organisation then would be the fact checker for all aspects of content online and only those that are related to the government," Chandrasekhar said. Talking about rules for online gaming, the minister said that there will be multiple self-regulatory organisations (SRO) which will decide on permissibility of online games based on the framework.
The digital platforms are responsible and accountable for ensuring the safety of 'digital nagriks', the minister said, adding that the government will respond to every instance of alleged misuse or alleged breach of users' privacy.
'The last year's growth is a foretaste of things to come in the retail credit market.'
'The focus needs to shift towards the ability to collect payments, particularly in tier-3 to tier-4 areas where acceptance is still lacking.'
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Online gaming companies will not be allowed to engage in betting on the outcome of games under the principle laid in draft rules, Minister of State for Electronics and IT Rajeev Chandrasekhar said on Monday. The minister said that as of now, all permissible online gaming will need to be registered with a self-regulatory organisation that will be accountable to the online gaming rules.
Gaming platforms will also be required to display a warning after a certain time of usage to reduce the risk of addiction.
The cheque truncation system, which is currently operational at the major clearing houses of the country, has stabilised well and it has made large efficiency gains: RBI
MEA Spokesperson Anurag Srivastava also slammed Pakistan's flip-flop on the presence of Dawood Ibrahim in the country, saying it 'lays bare the insincerity' of Islamabad in responding to legitimate expectations of the world that it will track down international terrorists operating from its soil.
The manifesto claims that while the BJP has unified the country by abrogating provisions of Article 370 and Article 35A that provided special status to the erstwhile state of Jammu and Kashmir, the People's Alliance for Gupkar Declaration -- an amalgam of several mainstream political parties, including the Ntional Conference and the People's Democratic Party -- was working against the national interest for vote bank politics.
The multi-pronged initiative is targeted at employees, organisations, enforcement agencies and policy amendment, through a '4E Framework' - engagement, education, enactment and enforcement.
The Sebi chief said that although the idea of an SRO has been challenged in court, he is hopeful of its implementation.
"Our handshake with Indian Union was subject to certain conditions," he said.
The initiative comes in the wake of allegations in the US and the UK that the country's call centre workers have stolen and sold data processed by local outsourcing/BPO firms.
A Pakistani court has stopped the screening of foreign films, serials and television shows, especially Indian content, on the country's TV channels, triggering panic and outrage among exhibitors and viewers.
Industry body Nasscom is in the process of setting up of an independent self regulatory organisation, which will establish, monitor and enforce privacy and data protection standards for the ITES and BPO industry in the country.
Here's a recap of the events from the past 24 hours.
New players show up after 3 years; northern states take lead in loan growth.
Sebi has time and again voiced its concerns over higher agents' fees.
It could be a matter of concern that foreign shareholders of the NSE are registered in tax havens such as Mauritius and Cyprus.
Taking strong exception to the recent arrest of Indian fishermen by Sri Lankan Navy, Tamil Nadu Chief Minister Jayalalithaa on Thursday requested the Centre to send out an "unequivocal" and "unambiguous" message to ensure that such acts cease hereafter.
A selection of Indian corporations are cutting costs and contributing to a green economy by embracing clean fuel and India Inc sees a strong business case in adopting renewable energy to power their operations.
A selection of Indian corporations are cutting costs and contributing to a green economy by embracing clean fuel and India Inc sees a strong business case in adopting renewable energy to power their operations.
The jury of the 58th annual World Press Photo Contest has selected an image by Danish photographer Mads Nissen as the World Press Photo of the Year 2014.
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