ARTICLE · 05 SEPTEMBER 2024

AKP Banking & Finance Digest- September 02, 2024

AK & Partners

Explore more from AK & Partners

Reserve Bank of India ("RBI") has officially recognised the Fintech Association for Consumer Empowerment ("FACE") as a Self-Regulatory Organisation in the FinTech Sector ("SRO-FT") under its newly established framework.

IndiaFinance and Banking

1. Regulatory Updates

1.1. India

1.1.1. RBI recognises FACE as SRO in the fintech sector

Reserve Bank of India ("RBI") has officially recognised the Fintech Association for Consumer Empowerment ("FACE") as a Self-Regulatory Organisation in the FinTech Sector ("SRO-FT") under its newly established framework. This decision follows a review of three applications for SRO-FT recognition. One application has been returned for resubmission after addressing specific requirements, while the third application remains under review. FACE will now take on the role of setting industry standards and ensuring compliance within the fintech sector. RBI

1.1.2. RBI Governor launches 'BBPS for Business' and 'UPI Circle'

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

SEBI’s Board Approves Changes To The Regulatory Framework For Accredited Investors

IndiaFinance and Banking

Lakshmikumaran & Sridharan

Rhutikumari v. Zanmai Labs: Exploring Crypto’s Stance In The Indian Economy

IndiaFinance and Banking

Hammurabi & Solomon Partners

GIFT IFSC Funds: How India's New SEZ Rules Simplify Fund Launches And Compliance

IndiaFinance and Banking

Novation In OTC Derivatives

IndiaFinance and Banking

SEBI’s New Common Advertisement Code – Implications For Regulated Entities

IndiaFinance and Banking

Lakshmikumaran & Sridharan

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

Comparative Guide

Project Finance

Comparative Guide

Lending & Secured Finance

Comparative Guide

Banking & Finance

Comparative Guide

Acquisition Finance

See more popular content from

Finance and Banking

Demystifying Net Owned Fund (NOF) Requirement For NBFCs In India

Every Non-Banking Finance Company ("NBFC") is required to have a Net Owned Fund ("NOF") as prescribed by the Reserve Bank of India ("RBI") from time to time to commence the business of a Non-Banking...

IndiaFinance and Banking

Banking & Finance Updates September 2026

In August 2026, the Reserve Bank of India (RBI) released the draft Reserve Bank of India (Interest Rates on Loans and Advances) Directions, 2026, proposing a comprehensive framework for the way regulated entities determine and apply interest rates on loans. While the Indian banking sector has long operated under a patchwork of institution specific instructions, the draft Directions seek to bring much-needed consistency to interest rate regulation across banks, cooperative banks, regional rural banks (RRBs), all-India financial institutions and NBFCs. If finalised in their present form, the Directions will come into effect from 1 April 2027.

IndiaFinance and Banking

King, Stubb & Kasiva

A Guide To Insider Trading Laws In India!

In the world of finance, the term insider trading often evokes images of shady deals and hidden agendas. But what exactly is insider trading? Why is it illegal, and how do laws in India seek to prevent it? Let's dive into this intriguing subject, simplifying the complexities surrounding insider trading laws in India, while exploring the impact of these laws on the financial markets and their role in maintaining fairness.

IndiaFinance and Banking

MZM Legal, Advocates & Legal Consultants

RBI Relaxes Registration Requirements For NBFCs

The Reserve Bank of India has introduced a new classification system for Non-Banking Financial Companies, fundamentally changing registration requirements based on public funding access, customer interface, and asset size thresholds. These regulatory changes create distinct compliance pathways for different NBFC categories while introducing new rules for group entities and overseas investments.

IndiaFinance and Banking

Supreme Court Clarifies Applicability Of SARFAESI Remedies For A Secured Creditor Who Acquires An NPA From A Non-notified NBFC

In Kotak Mahindra Bank Limited v Trupti Sanjay Mehta and Others, 2026 INSC 943 (Kotak Mahindra), the Hon’ble Supreme Court of India considered whether a bank as defined under Section 2(1)(c) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) could invoke the provisions of the SARFAESI Act to recover a secured debt acquired from an entity which was not covered under the ambit of the SARFAESI Act at the time of disbursement of the loan.

IndiaFinance and Banking

SEBI’s Proposed Comprehensive Overhaul Of The Portfolio Managers Regulations

The Securities and Exchange Board of India (SEBI) issued a consultation paper on 23 July 2026 (Consultation Paper). The Consultation Paper proposes a comprehensive review of the SEBI (Portfolio Managers) Regulations, 2020 (PMS Regulations).

IndiaFinance and Banking

Received A DRT / Sarfaesi Notice? A Borrower’s And Guarantor’s Guide To Response Timelines And Defences

The Debts Recovery Tribunal, also known as DRT, follows certain rules which relate to the time limits mentioned in the Recovery of Debts and Bankruptcy Act, 1993 (RDB Act or the Act). These limits are not merely procedural requirements and instead are factors which influence the right of the borrower or guarantor depending on the stage of recovery proceedings in question.

IndiaFinance and Banking

Maheshwari & Co. Advocates & Legal Consultants

Maharashtra Introduces A Dedicated Stamp Duty Regime For Bank And Financial Guarantees

The Maharashtra Stamp (Fourth Amendment) Act, 2026 introduces a new dedicated stamp duty framework for financial and bank guarantees in Schedule I of the Maharashtra Stamp Act, 1958. This amendment establishes differentiated duty rates based on guarantee value and type, addressing long-standing ambiguities in how such instruments were previously taxed under generic security bond provisions. The reform has significant implications for banks, NBFCs, and entities dealing with government contracts, though quest

IndiaFinance and Banking

RBI Trade Regulations 2026: Key Reforms In Payment Timelines, Realisation & Reporting

The Reserve Bank of India has introduced sweeping reforms to cross-border trade regulations through the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, fundamentally reshaping payment timelines, reporting requirements, and compliance frameworks for businesses engaged in international transactions.

IndiaFinance and Banking

Lakshmikumaran & Sridharan

Can A Legal Heir Claim An FD Without Being Named As A Nominee? Here's A Guide

When a fixed deposit (FD) holder dies without naming a nominee, families often assume the money is stuck or lost in legal complexity. Indian banking rules allow legal heirs to claim such deposits, provided they submit the right documents and follow the due process. Understanding this distinction is crucial, especially as a large number of deposits remain unclaimed each year due to a lack of awareness.

IndiaFinance and Banking

Foresight Law Offices