Digital financial services: Challenges for regulation

By Amit Aggarwal and Rahul Sud, SNG & Partners
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The National Payments Corporation of India (NPCI), supported by the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), was set up to achieve the goals of universal electronic payments, a “less-cash” society and financial inclusion. After enactment of the Payment and Settlement Systems Act, 2007, the RBI released vision documents for 2009-12, 2012-15 and 2018, in which it laid down principles for building future payment and settlement systems which are safe, secure and have universal reach.

Amit Aggarwal Partner SNG & Partners
Amit Aggarwal
Partner
SNG & Partners

E-payment systems are required for mobile transactions and online transactions. Mobile transactions and fund transfers are increasingly popular, due to their convenience, simplicity and accessibility. They are also in line with the government’s vision for achieving financial inclusion for everyone.

In 2014, the RBI released guidelines aimed at achieving greater standardization across mobile services offered by various banks. The guidelines urged banks to provide options for easy registration for mobile transaction services and minimizing or eliminating customer visits to bank branches for such services.

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SNG & Partners has offices in Delhi, Mumbai, Singapore and Doha. Amit Aggarwal is a partner and Rahul Sud is an associate partner.

SNG & Partners

One Bazaar Lane, Bengali Market

New Delhi – 110001
India

Contact details:

Tel: +91 11 4358 2000

Fax: +91 11 4358 2033

Email: info@sngpartners.in

Website: www.sngpartners.in

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