NEWS ROUND-UP FOR THE MONTH OF SEPTEMBER
( 1/09/2022 - 15/09/2022 )
The Finance Minister chaired a meeting to discuss the various issues related to “Illegal Loan Apps” outside the regular banking channels.This comes in the wake of Government’s efforts to crack down on unscrupulous activities.
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RBI Deputy Governor Rabi Shankar says large corporations want access to UPI data. Speaking at an event in Delhi, he called for new laws and regulations to ensure monetisation along with protection of customer data.
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https://twitter.com/CNBCTV18News/status/1569379875471110145?s=20&t=RB9CTTJiyicac7Uhrf-v-g
Financial inclusion in unserved and rural segments of the society has been the focus of the Government, RBI and banking sector alike. This is another step in that direction.
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The government has issued a warning to State Bank of India (SBI) customers about fictitious messages that ask them to update their PAN numbers to prevent their accounts from being frozen.
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India's Unified Payment Interface (UPI) and Aadhaar-enabled payment system has brought in a "dramatic shift" in consumer behaviour and usage as around 400 million people tap into these digital technologies, said Nandan Nilekani.
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A meeting of all the financial sector regulators and the finance minister in Mumbai discussed the issue of a common KYC (know your customer) process for banking, insurance and capital markets.
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ToneTag’s voice-based solution VoiceSe will now allow users to access UPI digital payments via feature phones in their own regional language
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https://inc42.com/buzz/rbi-approves-voicese-upi-payments-in-vernacular-language-on-feature-phone/
RBI has issued new guidelines around digital lending practices for Banks & other lenders in order to protect borrowers’ interest & their data from being misused.
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In the absence of Data protection laws Facial recognition technologies (FRTs) pose a huge challenge to citizens’ privacy and biometric data safety, as per experts tracking FRTs in the country.