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The Reserve Bank of India (“RBI”) issued draft circulars on regulation of payment aggregators – physical point of sale and draft amendments for the PA-PG Guidelines. These draft circulars mark a...
Published On: 08/08/2023
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Our latest edition of the fintech newsletter addresses the most important developments in June 2023 in the fintech space. This edition highlights key regulatory changes that are significant for both regulated as well as unregulated entities in the fintech sector. They include guidelines on 'Default Loss Guarantee', alongside other proposals involving expansion in the scope of e-RUPI vouchers and issuance and use of RuPay cards for international payments.
Separately, despite the funding winter looming in the market, the fintech sector has seen funding of nearly USD 2.1 billion being raised in the March-June 2023 quarter - the highest among start-ups in other sectors, similar to 2019-2020 levels; in light of this, we have also captured the major market updates and deals that the fintech space witnessed this month. That said, the industry could potentially witness a slowdown in the coming months given the dynamic nature of the fintech landscape and persistent oversight and intervention from financial regulators in the country.
In this edition, INDUSLAW's Avimukt Dar, Suneeth Katarki, Namita Viswanath, Shreya Suri, Sarthak Doshi, Pravi Jain and Srika Agarwal discuss the key developments, announcements, and measures as well as other developments in the Indian FinTech space from June 01, 2023, to June 30, 2023.
