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On January 29, 2024, the International Financial Services Centre Authority (“IFSCA”) notified the IFSCA (Payment Services) Regulations, 2024, for the regulation and supervision of any person propo...
Published On: 25/07/2023
Practice Area: Government & Regulatory, Technology, Media & Telecommunications
Authors:
Fintech’s potential to transform the delivery of financial services continues to take more meaningful strides as India is embracing global breakthroughs in artificial intelligence (“AI”) and machine learning (“ML”) technology. At present, the industry is at its most significant crossroads as automation is reaching new levels with the integration of AI and ML tools in financial institutions’ decision-making processes. Last month, the Reserve Bank of India (“RBI”) notified the Master Direction on Outsourcing of Information Technology Services, where it intends to regulate the outsourcing of information technology services by regulated entities.
