An Indian Court wants response from authorities on Facebook, Google and Amazon Pay's allegedly unregulated financial ops

An Indian Court wants response from authorities on Facebook, Google and Amazon Pay's allegedly unregulated financial ops
Reserve Bank of India (RBI)BCCL
The Delhi High Court Wednesday sought response of the Centre, RBI, SEBI, IRDAI and National Payments Corporation of India (NPCI) on a PIL seeking a detailed legal framework for regulating operations of techfin companies such as Facebook, Google and Amazon in India's financial sector space. According to the petition filed by an economist, techfin entities are technology, telecommunications or e-commerce companies which have entered the financial sector to provide financial services and need to be regulated.

A bench of Chief Justice D N Patel and Justice Prateek Jalan issued notice to the ministries of finance and law as also Reserve Bank of India (RBI), NPCI, Insurance Regulatory and Development Authority of India (IRDAI), Securities and Exchange Board of India (SEBI) and the Pension Fund Regulatory and Development Authority (PFRDA) seeking their stand on the plea by Resmi P Bhaskaran

Bhaskaran, in her plea filed through advocate Deepak Prakash, has alleged that the "lackadaisical approach" of Indian financial regulators permits unregulated operation of techfin firms and claims that this could adversely affect the financial stability of the country.

Advertisement

SEE ALSO:
EXCLUSIVE: This Indian unicorn helping Google, Microsoft and Apple manage their contracts is hiring⁠— it needs techies as well as people in sales

Voltas is telling analysts that it may hike AC prices by 3-4% to cover rising input costs

Mount Everest is 2.8 feet taller as China and Nepal finally agree on the height of the world's highest peak
{{}}