1. Regulatory Updates
1.1. India
1.1.1. RBI announces key Digital Lending and Payments
updates
The Reserve Bank of India (“RBI”)
has announced several key regulatory and developmental policy
updates. To combat fraudulent claims by digital lending apps about
their affiliation with RBI-regulated entities, the RBI will
establish a public repository of these apps on its website for
customer verification. Additionally, credit institutions will shift
to reporting borrower credit information on a fortnightly basis,
improving data timeliness. In payment systems, the Unified Payments
Interface (“UPI”) tax payment limit
will be increased from INR 1 lakh (Indian Rupees One Lakh only) to
INR 5 lakh (Indian Rupees Five Lakh only), and “Delegated
Payments” will be introduced, allowing users to set
transaction limits for others. Furthermore, the cheque truncation
system will transition to continuous clearing, reducing the
settlement cycle from one day to a few hours, thereby
