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May marked several sweeping regulatory developments in the fintech space. While the proactive approach of the RBI in monitoring the NBFCs caused a stir, several other key developments also made the he...
Published On: 25/07/2023
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Fintech’s potential to transform the delivery of financial services continues to take more meaningful strides as India is embracing global breakthroughs in artificial intelligence (“AI”) and machine learning (“ML”) technology. At present, the industry is at its most significant crossroads as automation is reaching new levels with the integration of AI and ML tools in financial institutions’ decision-making processes. Last month, the Reserve Bank of India (“RBI”) notified the Master Direction on Outsourcing of Information Technology Services, where it intends to regulate the outsourcing of information technology services by regulated entities.
