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JC - Legal Updates - RBI to unveil a bundle of regulatory reforms for the financial ecosystem!

Legal Updates

12 Dec 2023

RBI to unveil a bundle of regulatory reforms for the financial ecosystem!

Brief Overview:

The RBI through the Statement on Developmental and Regulatory Policies issued on 8th December 2023, has indicatedintroduction of regulatory measures/framework, inter alia relating to connected lending and web-aggregation. Further, RBI proposes to introduce cloud facility for the financial sector and fintech repository.

Technical Details:

1)  Framework for connected lending: RBI to introduce a unified regulatory framework for connected lending across all regulated entities to address moral hazard concerns and ensure uniform application.

2)  Web-Aggregation of loan products: Loan aggregation services offered by the Lending Service Providers (LSPs) to come under a comprehensive regulatory framework.

3)  Cloud Facility for the Financial Sector: RBI to offer a cloud facility for financial sector data, enhancing security, privacy, and scalability, operated initially by ‘Indian Financial Technology & Allied Services’ and later transferred to a separate entity owned by financial participants.

4)  Fintech Repository: Reserve Bank Innovation Hub to operationalise Fintech Repository in April 2024 to gather information about FinTechs, including their activities, products, technology, and financials.

For further details, please see:

Statement on Developmental and Regulatory Policies

For any queries / clarifications, please feel free to ping us and we will be happy to chat:

●   Mr. Ankit Sinha (ankit.sinha@jclex.com)
●   Ms. Rupul Jhanjee (rupul.jhanjee@jclex.com