Introduction The operationalisation of the Payments Regulatory Board (“PRB”) in May 2025, in its inaugural meeting on January 5, 2026, represents a significant structural intervention in India’s financial governance. Replacing the erstwhile Board for Regulation and Supervision of Payment and Settlement Systems (“BPSS”), the PRB introduces a multi-stakeholder governance model that institutionalises the tension between…
Introduction India’s Fintech ecosystem now operates like an extension of the traditional banking infrastructure. Financial data is not independently generated by apps like CRED, Groww, Zerodha, PhonePe, and many account-aggregator-enabled sites. On the contrary, they rely on ongoing, permission-based access via Application Programming Interfaces (“APIs”) to users’ bank-held data. The said architectural system has enabled…
INTRODUCTION In 2025, due to the increasing number of unwanted promotional messages and increasing consumer complaints about data misuse, the Telecom Regulatory Authority of India (hereafter referred to as “TRAI“) and the Reserve Bank of India (hereinafter referred to as “RBI”) established the pilot project, Digital Consent Management (hereinafter referred to as “DCM”). Whereas this…
INTRODUCTION India’s financial services sector has undergone a remarkable digital transformation over the past decade, driven by rapid fintech innovation, the rise of mobile-first banking, and increasing adoption of Artificial Intelligence (“AI”). One of the most visible outcomes of this shift is the emergence of robo-advisory platforms. They are algorithm-driven services that provide automated, data-based…
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