Zerodha, a brokerage with over 6 million active customers, has applied for a payments bank licence from the Reserve Bank of India (RBI) to enhance its payment services. However, the RBI seems unlikely to grant the licence, leading to questions about the central bank's reluctance. Zerodha's push for a banking licence comes amid competition from rivals, and the RBI's stance is seen as a potential obstacle. Additionally, the RBI's move to develop a homegrown cloud facility for banking services is causing concern among Big Tech companies in India due to potential regulatory implications and supervision challenges. The RBI's emphasis on cloud storage over physical servers is raising questions about the oversight of private cloud facilities. This regulatory landscape is significant as the RBI has been increasing its regulation of fintech companies in India.
Have a regulator that innovates much faster than most fintechs: Cred’s Kunal Shah Shah’s comments come at a time when the Reserve Bank of India has been upping the ante in regulating fintechs in the country. https://t.co/7PxpxFsPdu
While the RBI is largely in favor of using the cloud for storing data over physical servers, there is a sense that some “blind spots” exist in the supervision of private cloud facilities. What is the way out? @AshwinM_ writes. https://t.co/446wRwqzMX
A homegrown cloud facility developed by the RBI can help it understand the technology better. How is this a worry for Big Tech companies? @AshwinM_ explains. https://t.co/446wRwr7Cv
RBI’s cloud storage plans should worry Big Tech in India, writes @AshwinM_ in The Fintech Review. https://t.co/446wRwr7Cv
The RBI’s move is perhaps one of the first attempts by a major central bank to enter the cloud banking market as a service provider. But regulators being rivals is never great news for companies, writes @AshwinM_ in The Fintech Review. https://t.co/446wRwqzMX
Accenture takes an industrialized approach to safeguarding its cloud controls https://t.co/OBc7cPS36H
Zerodha wants a payments bank licence, but the RBI isn’t keen, @AshwinM_ reports. https://t.co/4RZplxh0yj
Zerodha stands for “Zero” and “Rodha” (Sanskrit for barrier), meant to convey easy access to financial markets. Its push for a banking licence comes at a time when it is facing competition from rivals. But guess who is standing in the way. @AshwinM_ https://t.co/4RZplxh0yj
Accenture takes an industrialized approach to safeguarding its cloud controls https://t.co/Gxyc2qTutK
Zerodha wants a payments bank licence, but the RBI isn’t keen, @AshwinM_ reports. https://t.co/4RZplxh0yj https://t.co/wXUcO8nG5F
Zerodha’s pitch to the RBI is that they want a payments bank that would revolve around improving the payments experience of the brokerage’s over 6 million active customers. Yet, the central bank is not keen. Why? @AshwinM_ explains. https://t.co/4RZplxh0yj
Zerodha’s desire for a basic banking infrastructure makes sense but why is the RBI refusing to relent? @AshwinM_ explains. https://t.co/4RZplxh0yj
EXCLUSIVE: Zerodha has sought a payments bank licence from the Reserve Bank of India. However, as things stand, it is unlikely that the central bank would grant it a licence. @AshwinM_ reports. https://t.co/4RZplxgsIL
Zerodha has sought a payments bank licence from the Reserve Bank of India. However, as things stand, it is unlikely that the central bank would grant it a licence. @AshwinM_ reports. https://t.co/4RZplxgsIL