Synopsis
Being the sole umbrella organization for retail payments in India, NPCI is in a dominant position. Given the current regulatory framework, UPI would be considered to be an essential facility which cannot be recreated by NPCI’s competitors.
The need of the hour is a consultative solution-based approach to address the many uncertainties in respect of NPCI’s new thrust for digital payment apps.
The National Payments Corporation of India (NPCI) released the “Guidelines on volume cap for Third Party App Providers (TPAP)” (Circular). As per the Circular, effective January 1, 2021, TPAPs are required to ensure that the total volume of transactions initiated through their respective Unified Payment Interface (UPI) applications do not exceed 30% of the total volume of transactions in the country during the preceding three months.
SC issues formal notices to WhatsApp, Facebook in UPI data protection case Credit: Aditi Agrawal
The Supreme Court on Monday issued formal notices to Facebook, WhatsApp, Google, and Amazon in response to a petition seeking regulations on data collection by Unified Payments Interface (UPI) companies. The plea filed by Rajya Sabha Member of Parliament Binoy Viswam says that Indians’ right to privacy should be protected from being misused by “giant corporations” for their “financial ends”. It has also sought that WhatsApp Pay’s full-scale operations be halted until complies with the necessary legal provisions.
During the hearing, it was pointed out that WhatsApp, Facebook, and Amazon were yet to file their counter-arguments. The Supreme Court had initially sent notices to these companies in October 2020.
Financial operations of Facebook, Google, Amazon regulated
Financial operations of Facebook, Google, Amazon regulated
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PTI / Updated: Jan 30, 2021, 01:00PM IST
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The RBI has informed the Delhi high court that operations of tech fin firms such as Facebook, Google and Amazon in India s financial sector space are being regulated under the relevant laws and they have been permitted to function only after necessary compliances.
A similar stand has been taken by markets regulator Sebi which said that there are already adequate provisions in place providing mandatory registration for any entity entering into the securities market.
The Securities and Exchange Board of India (Sebi) has also said that it has constituted a Market Data Advisory Committee to recommend appropriate policy for access to securities market data, identify segment-wise data perimeters, data needs and gaps, recommend data privacy and data access regulations, etc .
The RBI has informed the Delhi High Court that operations of techfin firms such as Facebook, Google and Amazon in India s financial sector space are being regulated under the relevant laws and they have been permitted to function only after necessary compliances. A similar stand has been taken by markets regulator Sebi which said that there are already adequate provisions in place providing mandatory registration for any entity entering into the securities market. The Securities and Exchange Board of India (Sebi) has also said that it has constituted a Market Data Advisory Committee to recommend appropriate policy for access to securities market data, identify segment wise data perimeters, data needs and gaps, recommend data privacy and data access regulations, etc .
Financial operations of FB, Google, Amazon regulated, RBI, Sebi tell HC
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Financial operations of FB, Google, Amazon regulated, RBI, Sebi tell HC
PTI / Updated: Jan 29, 2021, 19:05 IST
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NEW DELHI: The RBI has informed the Delhi high court that operations of tech fin firms such as Facebook, Google and Amazon in India s financial sector space are being regulated under the relevant laws and they have been permitted to function only after necessary compliances.
A similar stand has been taken by markets regulator Sebi which said that there are already adequate provisions in place providing mandatory registration for any entity entering into the securities market.