RBI said that financial technology companies such as Facebook (Facebook), Google (Google) and Amazon (Amazon) operating in India’s financial sector are being regulated under relevant laws.
Financial technology companies like Facebook (Facebook), Google (Google) and Amazon (Amazon) operating in India’s financial sector are being regulated under relevant laws. They have been approved to operate only after necessary compliance. The Reserve Bank of India (RBI) gave this information to the Delhi High Court. The market regulator Securities and Exchange Board of India (Sebi) also said similar things during the hearing in the High Court. SEBI said that there are sufficient provisions for compulsory registration for any body to enter the securities market.
SEBI said that it has constituted a market data advisory committee for obtaining regulations of securities markets, identifying the scope of data segment-wise, requirements of data and loopholes and suggestions regarding confidentiality of information and access to information. The RBI and SEBI stated these things during the hearing on a Public Interest Litigation (PIL). The PIL calls for detailed information on the legislative framework for financial technology companies like Facebook, Google and Amazon to operate in the Indian financial market.
UPI under NPCI
The RBI said that it is entirely within the jurisdiction of the National Payments Corporation of India (NPCI) to approve any body regarding the operation of the Unified Payments Interface (UPI). It is NPCI which makes rules, guidelines and procedures related to monitoring of UPI payments.
In response to the PIL filed by Reshmi P Bhaskaran, RBI said, NPCI has made Amazon work as a third party app provider under UPI’s single sponsor bank model and Google and WhatsApp under multi bank model based on appropriate criteria. Is allowed. Bhaskaran, in his petition filed through advocate Deepak Prakash, alleged that the flawed approach of Indian financial regulators allowed irregular operations of financial technology companies. He claimed that this could adversely affect the financial stability of the country.