Quick Summary
Government and RBI Strengthen Fintech Ecosystem with Enhanced Regulatory Frameworks Consumer Protection Actions Measures include strengthening Cyber Safety with DPDP Act, AI-Based Fraud Detection National Cybercrime Reporting Mechanisms The Government has been constantly engaging with the financial sector regulators and other concerned stakeholders to review the issues related to fintech ecosystem including digital lending platforms and payment aggregators in the country. Based on such revi
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FAQ :
The RBI has issued a 'Framework for Self-Regulatory Organisation(s) in the FinTech Sector' (SRO-FT framework) to establish regulatory standards, promote ethical conduct, and ensure market integrity among its members.
The National Payment Corporation of India (NPCI) provides a fraud monitoring solution that uses Artificial Intelligence (AI)/Machine Learning (ML) based models to generate alerts and decline suspicious transactions for UPI payments.
Cyber safety is being strengthened through the Digital Personal Data Protection Act, 2023 (DPDP Act) and its rules, along with Master Directions on Digital Payment Security Controls and the National Cybercrime Reporting Portal.
Citizens can report cyber incidents, including illegal loan apps, through the National Cybercrime Reporting Portal (www.cybercrime.gov.in) or by calling the National Cybercrime Helpline number '1930'.
The Regulatory Sandbox framework allows for the testing of new and innovative financial products or services in a controlled environment, with or without regulatory relaxations.
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