Regulatory Financial News

Saral Sanchaar) permission will be provided where spectrum would be used by colleges or institutions, by paying ₹1,000 they get permission for testing the equipment. This regulatory sandbox was designed to foster innovation and remove bottlenecks," the minister said.

spectrum regulatory sandbox allowing entities including educational institutions, telcos and network manufacturers to test their equipment by paying a notional amount and doing registration. As per Communications Minister Ashwini Vaishnaw, through the sandbox, the Department of Telecommunications (DoT) will be giving easy permissions to test new equipment that requires use of spectrum. “Let’s say, a college design a new equipment which requires spectrum to be used for testing. Instead of coming to DoT for a license and a number of license conditions and a series of other requirements, can we create a very simple construct in which the college simply logs in through a portal and everything that needs to be done is done by paying a token amount of Rs 1000,” Vaishnaw said.

A sweeping bank regulatory proposal will be significantly revised by year’s end, Federal Reserve Chair Jerome Powell said Thursday, a potential victory for the large banks that have aggressively opposed the likely changes

In a panel discussion hosted by ETMarkets, CoinSwitch CEO Ashish Singhal expressed optimism regarding the regulatory landscape's evolving stance towards innovation within India's digital ecosystem. Singhal also shed light on the company's efforts to educate beginners, the growing interest of businesses in blockchain technology, interactions with regulatory authorities, and strategies for navigating the complex regulatory landscape. Edited excerpts:

To align with EU standards, the United Kingdom has unveiled plans on March 6 to integrate both stablecoins and central bank digital currencies (CBDCs) into its regulatory structure.

In a panel discussion hosted by ETMarkets, CoinSwitch Kuber CEO Ashish Singhal expressed optimism regarding the regulatory landscape's evolving stance towards innovation within India's digital ecosystem. Singhal also shed light on the company's efforts to educate beginners, the growing interest of businesses in blockchain technology, interactions with regulatory authorities, and strategies for navigating the complex regulatory landscape. Edited excerpts:

Uday Kotak on Tuesday said that too much regulatory guardrails could impede economic growth and halt India's journey towards a developed nation. Regulators should not be too conservative and cautious but must respond fast to «accidents» in the respective sectors, he said while addressing a two-day event organised by National Financial Reporting Authority (NFRA). «I feel very very optimistic for India's future but I am also very conscious that...unbridled focus on the opportunity without having the guardrails also runs the risk, and also too much guardrails will not get us there (developed nation),» he said. Observing that the aspiration of the fast growth of 7.5-8 per cent GDP over the next 20-25 years needs significant capacity building, he said, «it also requires a sense of dreaming. It requires a sense of creativity, entrepreneurship, and professionals (need to be) ready to take risks without fear.»

RBI) has released a detailed framework for a ‘regulatory sandbox’ which will provide a safe and protected environment for innovative fintech startups to test their product hypothesis before taking it to the market. In a note released on Wednesday, the central bank said a sandbox environment allows the regulator to engage with startups and “develop innovation-enabling or innovation-responsive regulations that facilitate delivery of relevant, low-cost financial products”. The sandbox will be supervised by the fintech department of the RBI.

NEW DELHI : The ministry of corporate affairs will look into making changes to rules and regulations issued under the Companies Act and other laws, said a person informed about discussions in the government, in a post-election push on ease of business. The changes will be based on suggestions from the public and self-regulators of accountants and company secretaries, which arre expected by the middle of March. Regulators like the Insolvency and Bankruptcy Board of India (IBBI) and the National Financial Reporting Authority (NFRA) will make the changes in regulations that are needed, the person said.

Takeda Pharmaceutical is holding talks with Indian regulators to make its dengue vaccine available in the country, the drugmaker's global head of vaccines, Gary Dubin, told Reuters on Tuesday. «We are in talks with regulators and plan to start a clinical trial very soon,» said Dubin. The Japanese drugmaker plans to scale up the production of its dengue vaccine Qdenga through a partnership with Indian vaccine maker Biological E., the companies said earlier in the day.

The United States Securities and Exchange Commission (SEC) will continue to “ramp up” its ruling-by-enforcement approach in 2024, Norton Rose Fulbright’s 2024 FinTech Outlook released this past week reveals.

On Sunday, Bitcoin demonstrates resilience with a 1.35% increase, trading at $51,600 on Sunday. This stability comes at a time when the Texas Blockchain Council and Riot Platforms achieve a notable legal victory against US energy regulators, securing a temporary restraining order that underscores the ongoing debate over cryptocurrency mining regulations.

PTI. The issue of Paytm Payments Bank is a case where a hard-charging and aggressive entrepreneur has failed to realise the need for regulatory compliance, and that no company can get away if it is non-compliant with the law, said minister of state for electronics and IT Rajeev Chandrasekhar, as per the PTI report. He also said that the RBI’s regulatory action on Paytm Payments Bank has drawn the attention of fintech firms to the importance of complying with the laws.

payments at the 247 toll stations where the 'acquirer' is Paytm Payments Bank, the entity that was barred from accepting deposits in a regulatory clampdown last month, people aware of the development said. Axis Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank and Kotak Mahindra Bank are among the nine banks that have been authorised by Indian Highways Management Company Ltd-under National Highways Authority of India (NHAI)--and are being considered for rollover from Paytm Payments Bank, the people cited earlier told ET. The 247 toll plazas managed by Paytm Payments Bank account for about 14% of the country's daily national highway toll collection, which is ₹ 190 crore on average. Here an «acquirer» is a bank or financial institution that processes payments (FASTag) at the toll plazas on behalf of the issuing bank, and also routes them through the payment networks to the issuing bank. NHAI pays the acquirer bank at a toll station 0.13% of the daily collection as programme management fee.

Ripple has announced a deal to acquire the New York-based digital asset platform Standard Custody and Trust Company, pending regulatory approval.

(Reuters) — Citigroup may need to prioritize fixing regulatory issues amid its global reorganization efforts, analysts at J.P.Morgan wrote in a note.

Reserve Bank of India (RBI) issued a directive to Paytm affiliate Paytm Payments Bank, mandating the cessation of a significant portion of its operations by February 29. This includes discontinuing services related to deposits, credit offerings, and its widely-used digital wallets, citing ongoing issues of non-compliance. The Reserve Bank of India may soon release FAQs (Frequently Asked Questions) on all aspects of the decision against Paytm Payments Bank, which will clarify any confusions in the minds of consumers about the RBI's decision against the fintech startup.

Financial landscape is rapidly changing, and many companies are adapting these changes based on the technology and the local and international regulations with regard to their respective businesses. Often one regulatory decision creates panic. The recent troubles faced by Paytm, one of India’s leading digital wallets, have sent shockwaves through the fintech industry and raised concerns among consumers. While the clarity is still needed with regard to the RBI regulations, it’s crucial for users to be aware.

D9 had originally anticipated that approval would be granted by the end of Q1 2024.

regulatory sandbox for the “functional security and validation” of Internet-of-Things (IoT) devices and work towards developing an “indigenous security ecosystem” for the cybersecurity of such devices. Additionally, it is also likely to push for the development of “indigenous tools for protecting and securing mobile apps”. For IoT devices, the IT ministry will also work with working groups to continuously update policies regarding the security of such devices.

Financial technology company Figure Technologies is seeking approval from US regulators to introduce an interest-bearing stablecoin.