The Reserve Bank of India has issued a draft of ‘Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators’ to enhance cyber safety and strengthen resilience for payment system operators (PSOs) related to unregulated entities. Additionally, the operators will be responsible for inventory management, approved cybersecurity and crisis management plans, and adhering to baseline security measures for safe and secure digital transactions. The central banking authority has invited feedback from stakeholders regarding the draft by June 30.

As per the draft circular, the boards of payment system operators will be responsible for ensuring adequate oversight over information security risks, including cyber risk and cyber resilience. However, the primary oversight can be delegated to a sub-committee of the board that will have to meet at least once every quarter.

This is the latest of cases being filed in connection with alleged financial irregularities at Infrastructure Leasing and Financial Services Ltd (IL&FS) and its group companies. The Serious Fraud Investigation Office under the Ministry of Corporate Affairs and the Enforcement Directorate (ED) that investigates money laundering have been probing the IL&FS group for over four years now based on complaints filed by public sector banks.

After signing the MoU, Fadnavis said Pune was gradually becoming a hub for financial services and the latest development involving Bajaj Finserve would boost the sector.

The two-day meeting in Goa ended on a positive note with all participating delegations agreeing on the policy communique drafted during the conference, Dr Chintan Vaishnav, chair of StartUp20 Engagement Group, told reporters.

Indian messaging firm Gupshup is talking with several handset makers as it seeks to preload its app, GSPay, onto feature phones. The app, which uses SMS messaging to execute UPI payments without a data plan or internet connectivity, features several levels of security, with multiple levels of encryption and authentication, according to Gupshup. The company recently partnered with HMD, the company that now makes Nokia-branded phones. It also says it will work with other firms to introduce additional services.

The lenders see value in selling the assets while ITNL wants a resolution by transferring the asset to its infrastructure investment trust (InvIT).

Both semi-urban and urban sectors reported lower growth in the fourth quarter of 2023. It was the loans in the rural areas that practically kept NBFCs afloat, according to data from the Finance Industry Development Council and credit bureau CRIF.

Finance provider, Lendingkart group has appointed Kamna Baweja as their Chief Business Officer for its SME cards. Prior to this, Baweja was the CBO at Creditas. She brings two decades of experience to Lendigkart, which is in the business of providing capital to MSMEs.