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Policy Wrap: Amazon Pay India fined Rs 3.06 crore by RBI for violating KYC & PPI norms, NPCI directs banks, PSPs and TPAPs to display video on using UPI safely on their apps by March 31, and more
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Amazon Pay India fined Rs 3.06 crore by RBI for violating KYC, PPI norms
The Reserve Bank of India (RBI) stated last week that it has fined Amazon Pay (India) Pvt Ltd Rs 3.06 crore for failing to follow the Know Your Customer (KYC) regulations.
According to the central bank's press release, the company has also been accused of violating a few PPI (prepaid payment instrument) rules.
Amazon Pay India received a show cause notice after it was observed that the entity was not adhering to the KYC guidelines set forth by it. This action is based on inadequacies in regulatory compliance, the central bank observed, adding that it is not meant to pronounce upon the validity of any transaction or arrangement made by Amazon Pay India with its clients.
NPCI directs banks, PSPs and TPAPs to display video on using UPI safely on their apps by March 31
Banks and other financial service providers are required to embed the National Payments Corporation of India's (NPCI) promotional film on UPI safety on their apps for consumers' benefit.
As part of a campaign to increase user safety, NPCI wrote to banks, merchant service providers (PSPs), and third-party app providers (TRAPs) and requested that they prominently display the video on their apps or provide a link to it if the video cannot be uploaded on the application for some reason.
The Unified Payments Interface (UPI) system is close to the milestone of 300 million daily transactions, according to NPCI. In light of this, it was stated that it was crucial for consumers to comprehend the safety measures. A video on awareness will help new users, who are added on a daily basis, to make UPI transactions safely.
It has requested that banks and TRAPs make sure that its directives are complied by March 31, 2023. When a user installs or launches a UPI app, banks and TRAPs are required to place the "How to use UPI properly" video in a "prominent area" on the app's initial screen. Also, users must offer a link to the video if playing it within the app is not possible.
In order for consumers to see the film in their own language, it has also requested that they include a way to switch the language in the file. It was advised that they make the film available to both current and potential consumers.
Government to put up retail trade policy to promote Ease of Doing Business for traders
To encourage ease of doing business, the government is putting up a national retail trade strategy for brick-and-mortar retailers.
Sanjiv, joint secretary at the Department for Promotion of Industry and Internal Trade (DPIIT), claimed that the programme will also aid in improving infrastructure and increasing financing available to businesses.
He added that the Department is working to develop an e-commerce policy for online merchants. The Government is also developing an insurance programme for all retail traders.
He also stated that the country's small traders would benefit most from the accident insurance programme.
Dismal landscape for IPOs in 2022 likely to continue into 2023
The initial public offering (IPO) plans of the companies which were affected by the global economic crisis in 2022, which will continue to plague the founders and CEOs this year according to many industry experts. The first two months of the new year were absolutely dry because no public offering was made due to recessionary fears.
Despite the possibility of several IPOs this month, the attitude among businesses, investors, and the general public has yet to improve following a dismal December.
In calendar year (CY) 2022, 40 Indian corporations raised Rs 59,412 crore through IPOs, which was half of the Rs 1,18,723 crore (all-time high) raised by 63 IPOs in 2021.
According to experts, there will be more IPOs starting March. However, consumer demand is likely to be low in the coming quarters, with rising inflation and a period of further slowdown for startups looms large. These factors make 2023 less promising in terms of IPOs.
Online gaming sector applauds government’s move to make MeitY as nodal agency for regulations
The Ministry of Electronics and Information Technology (MeitY) was named as the nodal authority for legislation in the online gambling industry, a move that was applauded by the Federation of Indian Fantasy Sports (FIFS).
The FIFS, which was established in 2017 to develop a thriving environment for fantasy sports players and operators, declared at its meeting last Friday that it will assist the industry, which makes significant economic contributions to the nation.
The meeting discussed the Union Budget's proposed rules for the online gaming business, the future of the Animation-Visual Effects-Gaming-Comics (AVGC) industry, and MeitY's designation as the nodal ministry for skill-based online games, according to a FIFS announcement.
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