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This comes as the RBI is currently working on regulations for the financial technology sector and is in consultation with the industry, deputy governor T Rabi Sankar had said earlier this year.
The world's most valuable firm was set to lose around $100 billion in market value after suffering its worst one-day drop in more than a month on Wednesday.
The Cabinet referred the draft to the law, and parliamentary affairs departments for procedural vetting and placing at the next meeting
Microsoft will pay legal damages on behalf of customers using its artificial intelligence (AI) products if they are sued for copyright infringement for the output generated by such systems, the company said on Thursday.
Apple fell more than 3% and was on track for its worst two-day decline since November after media reports said Beijing has told employees at some central government agencies in recent weeks to stop using their Apple mobiles at work.