The Reserve Bank of India (RBI) has lifted the restrictions previously imposed on American Express Banking Corp. regarding the on-boarding of new domestic customers. The restrictions, initially imposed by an RBI order dated April 23, 2021, have been removed with immediate effect following satisfactory compliance by American Express with the RBI circular dated April 6, 2018, on the Storage of Payment System Data.
The Reserve Bank of India (RBI) has released the implementation framework for the recommendations of the Working Group on Digital Lending (WGDL), aimed at ensuring orderly growth of digital lending while protecting borrowers’ interests. Digital lending through online platforms and mobile apps has gained prominence in recent years, but concerns such as mis-selling, data privacy breaches, unfair business practices, exorbitant interest rates, and unethical recovery methods have emerged.
The Financial Action Task Force (FATF) has released its updated public statements on high-risk and other monitored jurisdictions as part of its ongoing efforts to combat money laundering and terrorist financing (AML/CFT).
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1,67,80,000 on Ola Financial Services Private Limited for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated August 27, 2021, and the Master Direction on Know Your Customer (KYC) dated February 25, 2016, as updated from time to time.
The Reserve Bank of India (RBI) has imposed monetary penalties on several banks for non-compliance with regulatory directions and provisions under the Banking Regulation Act, 1949.