RBI Crackdown on Fintechs and the Impact on Business Payment Service Providers (BPSP)

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This chapter discusses the recent actions taken by the Reserve Bank of India (RBI) against certain fintechs and their partnership with payment networks Visa and Mastercard. It explains the disruption caused by business payment service providers (BPSP) and the subsequent impact of the RBI's intervention on their operations.

On Wednesday [14th February], the big news was that the Reserve Bank of India was cracking down on certain fintechs again. And that they’d asked payment networks VISA and Mastercard to halt credit card payments for certain institutions.

Then at 6:00 pm Thursday [15th February], they issued a clarification and said ‘a Card Network’ had entered into arrangements that the RBI didn’t approve of.

So in today’s episode for 16th February , we tell you what on earth is going on.

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