Why new-age fintechs fear death by a thousand circulars9 min read . Updated: 26 Jul 2022, 11:07 PM IST
- New-age fintechs fear death by a thousand circulars even as RBI seeks to protect the consumer
- Hundreds of fintech companies say they find themselves in the grip of new regulation, one that is forcing them to pivot, slow down, and in the worst case, shut down the business entirely
NEW DELHI : In October 2020, LotusPay, a young Bengaluru-based startup, moved court challenging the Reserve Bank of India’s (RBI) payment aggregator (PA) and payment gateway guidelines, which permitted only firms approved by the central bank to operate.
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