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ARTICLE · 03 MARCH 2023

Recent Legal Developments And Market Updates In India - January 01, 2023 - January 31, 2023

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The calendar year of 2022 was a year of challenges for fintechs in India, with funding falling to levels worse than pre Covid-19 levels.

IndiaTechnology
Avimukt Dar
Avimukt Dar
Suneeth Katarki
Suneeth Katarki
Namita Viswanath
Namita Viswanath
Shreya Suri
Shreya Suri
Naqeeb Ahmed Kazia
Naqeeb Ahmed Kazia
Arjun Khanna
Arjun Khanna
Abhijit Chakrabarti
Abhijit Chakrabarti
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INTRODUCTION

The calendar year of 2022 was a year of challenges for fintechs in India, with funding falling to levels worse than pre Covid-19 levels. However, despite such challenges, there is a sense of cautious optimism in relation to the fintech industry in 2023 and in the years ahead.1 The Reserve Bank of India ("RBI") has continued undertaking measures to protect market players with the aim of providing further stimulus to this expected growth in the first calendar month of 2023.

With the digitisation of payments still being in primary focus, the growth of the popularity of the Unified Payments Interface ("UPI") (wherein transactions hit a record high of INR 782 crore (USD 95 million)) has been a welcome development in this regard.2 Further, in light of increased adoption of UPI extending beyond the shores of India (more specifically, to 10 countries), and an increase in the grants provided by the Central Government to this space, the fintech sector looks

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