[Daksh Kasliwal and Shubham Sehgal are 3rd year law students at Gujarat National Law University, Gandhinagar] Over the past decade, India’s fintech industry has been experiencing a remarkable growth trajectory and has emerged as the third largest fintech economy in the world. WEF, in its study, has placed India alongside the United Kingdom, the United States, and Singapore as “the most...
The Self-Regulatory Paradigm for FinTechs: A Critical Analysis
[Karthika S. Babu and Snigdha are 3rd year B.A., LL.B. students at Gujarat National Law University, Gandhinagar] In an attempt to align the pace of regulatory oversight with the exponential rate at which fintech is revolutionising the financial services environment, the Reserve Bank of India (“RBI”) recently released the much debated Draft Framework for Self-Regulatory Organisation(s) in the...
Digital Personal Data Protection Act, 2023: A Dilemma for Fintechs?
[Ganesh BL is an associate at a law firm in Mumbai] The Indian Government has, after prolonged consideration, enacted the Digital Personal Data Protection Act, 2023 (‘DPDP Act’). The DPDP Act provides a comprehensive legal framework for the collection and use of digital personal data (‘DPD’). The DPDP Act identifies two parties involved in the collection of DPD, i.e., a data fiduciary and a data...
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