Day: January 6, 2020

Cash Withdrawals Via Upi: Operational Framework And Development

I. Introduction The National Payments Corporation of India (“NPCI”) owned digital payments railroad United Payments Interface (“UPI”) undoubtedly has become one of the most acceptable payment modes for digital money transfer in India. Its pace of growth can be estimated easily from the jump in the number of monthly transactions from 482.36 million in October …

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Account Aggregators As A Solution To The Consent V. Convenience Debate

Introduction Given the importance of data to the emerging fin-tech ecosystem, the RBI has introduced a new regulated entity, the “account aggregator”. An account aggregator provides, retrieves or collects financial information of a customer from financial information providers (“FIP”) and consolidates, organises and presents the information to such customer or any other RBI- approved financial …

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Kerala High Court On Liability Of Banks Vis-à-vis Customers For Fraudulent Transactions

I. Introduction The Hon’ble High Court of Kerala (“Court”) recently ruled that customers of banks who are victims of unauthorised transactions cannot be made liable to such banks if transactions have an element of fraud in them. It impressed the burden on banks to enforce their claims on the borrowers in such cases observing that …

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Overview Of The Amendments To KYC Master Directions, 2016

The Reserve Bank of India, on 29th May 2019, introduced certain amendments to the Know Your Customer (KYC) – Master Direction 2016[1] in furtherance of an Ordinance amending the Aadhaar (Targeted Delivery of Financial and Other Subsidies Benefits and Services) Act 2016 (“Aadhaar Act”), Prevention of Money Laundering Act 2005 and the Indian Telegraph Act …

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Bharat Bill Payment System

I. Introduction In September 2019, the Reserve Bank of India (“RBI”) announced that it will bring all repetitive bill payments, except prepaid recharges under the ambit of the Bharat Bill Payment System (“BBPS”) and issued a notification to this effect (“Notification”). Prior to this, the system catered to only five services – DTH, water, electricity, …

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Key Introductions: The Insolvency And Bankruptcy Code (Second Amendment) Bill, 2019

Introduction The Insolvency and Bankruptcy Code, 2016 (“Code”) was enacted to enable Indian creditors to avail quick relief and to give defaulting companies another opportunity to restructure rather than outright winding up. Pre-enactment of the Code, insolvency, and bankruptcy was dealt in piece-meals by various statutes like the Companies Act, 2013, the Securitisation and Reconstruction …

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Privacy In The Context Of Mental Healthcare Act, 2017

I. Introduction The Mental Healthcare Act, 2017 (“Mental Healthcare Act”) effectuated in 2018 replaced the then extant – and archaic – 1987 law on the treatment of mental health and illness in India. Aimed to protect the rights of persons with mental illnesses, the Mental Healthcare Act goes a step further than the 1987 legislation …

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Kerala High Court: Demand for Bank Account Statements Amounts to Violation of Fundamental Right To Privacy

Introduction The Division Bench of the Kerala High Court on September 4, 2019, in Raju Sebastian and Ors. v. Union of India[1] ruled that demand for bank statements and income tax details would constitute a violation of the fundamental right to privacy if the demand did not satisfy the tests of legality, proportionality, and necessity as …

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