📚 Extracted Documents

This article from NDTV Profit discusses the Reserve Bank of India's (RBI) initiative to establish a self-regulatory body for fintech companies involved in payments and lending. The body will aim to form industry-level guidelines for the sector in India. The news highlights the regulatory efforts by the RBI to enhance fintech governance.

The article discusses a request by the Payments Council of India to restore merchant discount rates (MDR) on RuPay debit cards, as highlighted in their letter to Finance Minister Nirmala Sitharaman. The PCI argues that reinstating MDR would benefit payment aggregator fintechs and promote investments in acceptance infrastructure. This move is aimed at creating a level playing field for RuPay against its international competitors and ensuring long-term sustainability of domestic card infrastructure.

This article, published on Medianama, discusses "Project Pratima" launched by the Payments Council of India, which aims to standardize icons across digital payment applications to improve accessibility, especially for users unfamiliar with multiple payment apps. The project involves a core group including Amazon Pay and Paytm, and although not mandatory, it is expected that the Reserve Bank of India will issue rules to encourage adoption. Additionally, awareness campaigns are being planned to facilitate the adoption of these standardized icons.

This news article, published by The Economic Times, discusses the Reserve Bank of India's decision to extend the deadline for mobile wallet providers to comply with Know Your Customer (KYC) norms until February 28, 2020. The extension is intended to provide relief to companies like Paytm, Amazon Pay, and PhonePe from potentially losing customers as they transition from minimum KYC to full KYC compliance. The article includes statements from stakeholders such as the Payments Council of India and highlights regulatory changes affecting the KYC process.

This article titled "Compliance overload is killing us": India's fintech firms, authored by Arti Singh and dated December 12, 2018, discusses the challenges faced by India's fintech companies due to heavy regulatory compliance burdens. It quotes various industry leaders and details the complexities and costs associated with maintaining compliance with multiple regulations and agencies. The narrative highlights the impact of over-regulation on startups within the fintech ecosystem in India.

This is a news article from Live Mint detailing the record-high mobile wallet transactions in India for October, based on Reserve Bank of India data. The article discusses contributing factors, such as the festive season and offers, as well as challenges faced by wallet companies with e-KYC norms post-Supreme Court ruling on Aadhaar authentication. Statements from Vishwas Patel, chairman of the Payments Council of India, highlight industry adaptations and discussions with the RBI on alternate KYC solutions.

This document authored by Naveen Surya of the Payments Council of India discusses the current state and future needs of the digital payments industry in India. It highlights the challenges brought by increased cash usage post-demonetisation and suggests the creation of a new regulatory framework to better support digital payments. The document urges the Reserve Bank of India to treat payments as a commerce activity separate from banking and calls for the establishment of an independent payment institution to encourage competition and innovation.

This news article from March 10, 2018, discusses the sharp decline in remittance volumes and e-commerce transactions using prepaid payment instruments (PPIs) like electronic wallets following a compliance deadline for know your customer (KYC) norms set by the Reserve Bank of India. It highlights the industry's challenges, particularly for small e-wallet companies, in meeting the infrastructure requirements to comply with these new regulations. The article includes insights from payments industry officials and the chairman of the Payments Council of India on the impact of KYC mandates and the future of wallet interoperability.

This news article reports on the Reserve Bank of India's decision not to extend the deadline for prepaid payment instruments, such as mobile wallets, to complete Know Your Customer (KYC) verification by February 28, 2018. Despite this decision, users with unverified KYC will not lose their balance, although they won't be able to reload or make remittances until verification is completed. The article highlights the RBI's goal to enhance transaction security and customer protection through these guidelines.

This news article, authored by Priyanka Pani and published on The Hindu Business Line, discusses the implementation of mandatory KYC norms for e-wallets by the Reserve Bank of India. Effective from March 1, users must complete KYC to continue using mobile wallets, amid concerns from the Payments Council of India and others about potential transaction declines. The article also explores the impact of these regulations on the digital payment ecosystem, particularly small-value transactions and migrant laborers.

This news article from The Economic Times discusses the potential impact of the Reserve Bank of India's strict know-your-customer (KYC) rules on digital wallets. As the compliance deadline approaches, few customers have submitted their required KYC details, threatening the operational viability of the digital wallet industry. The article highlights concerns from the industry, including the Payments Council of India, about the risk of severe restrictions if KYC requirements are not met.

The article discusses the challenges faced by Indian wallet companies due to the Reserve Bank of India's (RBI) revised guidelines requiring full KYC (know-your-customer) compliance for prepaid payment instruments (PPIs). It highlights the potential business impact on these companies, including a shift back to cash transactions, and the industry association, Payments Council of India's, request for flexibility in these guidelines. The article quotes industry executives, such as Sunil Kulkarni from Oxigen Services, about the financial and operational burdens imposed by these requirements.

This news article from The Times of India discusses Amazon's efforts, along with the Payments Council of India, to seek the relaxation of KYC (Know Your Customer) guidelines from the Reserve Bank of India. They argue that the full KYC requirement for low-value transactions through e-wallets like Amazon Pay is cumbersome, affecting user convenience and potentially pushing transactions back to cash. The article notes the ongoing discussions and the upcoming regulatory representation.

This news article discusses the RBI's new KYC guidelines for Prepaid Payment Instruments (PPIs) and the resulting discussions with bankers on the impact these norms could have on the digital payments sector in India. It highlights the conversion requirements from minimum to full KYC, balance limits on wallets, and the aim for increased interoperability through Unified Payments Interface (UPI). Additionally, the article covers the Payments Council of India's interaction with the RBI regarding concerns about the guidelines' potential issues.

This is a news article from Inc42 discussing the predictions and impacts of the revised guidelines by the Reserve Bank of India (RBI) on Prepaid Payment Instruments (PPIs). The Payments Council of India (PCI) forecasts a significant growth in digital payments, with PCI Chairman Navin Surya welcoming the changes that enable PPI interoperability. The guidelines are anticipated to increase competition and expand the digital payments sector in India.

This news article discusses the Payments Council of India (PCI) onboarding key executives, including Paytm Payments Bank CEO, to promote inclusion of small finance banks and Bharat Bill Payment Operating Units in India's digital payments sector. It highlights PCI's strategic membership expansions and new committee formations to address digital payments challenges. The article also briefly covers recent developments in the digital payments industry in India.

This news article from The Economic Times details the Payments Council of India's (PCI) plans to expand its membership to include payments banks and Bharat Bill Payment operators, while also reaching out to small finance banks. The article discusses the establishment of new committees to address issues in the payments landscape and the appointment of new members to PCI's executive council. This initiative is part of PCI's efforts to bolster the digital payments ecosystem in India.

This news article from The Economic Times discusses the Payments Council of India's response to the Reserve Bank of India's (RBI) proposed changes to Merchant Discount Rates (MDR) on digital payments. The Payments Council, which represents digital payment companies, argues that the new rates will make the payments industry unviable and stifle innovation. They have suggested an equitable sharing of charges between banks and highlighted concerns about categorizing merchants for rate determination.

This news article on MediaNama discusses the call by the Internet and Mobile Association of India and the Payments Council of India for a law ensuring payments neutrality. The focus is on providing equal infrastructure access for fintech companies and addressing interoperability issues. The article highlights tensions between banks and non-bank payment service providers, citing specific examples of access barriers and recent conflicts.

The Payments Council of India, a branch of IAMAI, launched a helpline to assist merchants and users in adopting digital payment instruments. The toll-free number connects callers to providers of point of sale systems, virtual and mobile PoS, as well as digital wallets, with initial support in Hindi and English. This initiative, backed by over 30 digital payment companies, is part of a phased approach to expand language offerings and merge with a centralized service line.

The article discusses the impact of demonetisation on India's progress towards a cashless economy, highlighting the surge in digital transactions and the challenges of bringing the unbanked population into the banking net. It reports on the increased demand for Point of Sales machines and mobile wallets following the demonetisation announcement. Key figures like Nandan Nilekani and Arundhati Bhattacharya provide insights on the acceleration towards digital payments, with a focus on the urban-rural divide.

This news article discusses the exponential growth of digital payments in India, projected to reach Rs1.2 trillion by December 2014, according to a report from the Internet and Mobile Association of India (IAMAI). The report highlights significant contributions from major metros and digital mediums, noting a shift from desktop to mobile platforms. The article, published by Shrutika Verma in Live Mint, includes insights from the Payments Council Of India (PCI) and examines trends in credit and debit card usage.