The Delhi High Court today (April 10, 2019) issued notice to Reserve Bank of India (RBI) to seek its response on a plea claiming that the Google payment app is operating without valid authorization.
A Bench comprising of
Chief Justice Rajendra Menon and
Justice A.J. Bhambhani was hearing a PIL filed byAbhijit Mishra when it had asked the Central bank how Google's mobile payment app, GPay, was facilitating financial transactions without the requisite authorisation from it. In its petition, Mr. Mishra claimed that GPay was acting as a payments system provider in violation of the
Payments and Settlements Act, 2007, as it has no valid authorisation from the central bank of the country to carry out such functions.
Further, Mr. Mishra has also contended that GPay does not figure in RBI's list of authorised 'payment systems operators' released by the central bank on March 20, 2019. The court on hearing the matter has also issued notice to Google India.
Loan Moratorium Case
Business
Dec 15, 2020
Mriganc Mishra, Intern Aquilas Legal Solutio
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Editor: Ekta Joshi
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The Reserve Bank of India recently informed the Apex Court that borrowers opting for resolution of COVID-19 related stressed loans shall not be required to submit any specific plans. RBI said that borrowers may invoke resolution framework by submitting a request to the lending institutions. “The Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at the time of request for invocation. Rather, for invocation, the borrowers are...
RBI Asks HDFC Bank to stop Digital Activities and Sourcing of New Credit Card to Customers
Business
Dec 07, 2020
Samit Siddhanta
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Editor: Ekta Joshi
)
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After an outage at HDFC Bank's data centre which impacted their operations on Thursday 2 Dec 2020, the Reserve Bank of India has asked the private lender to stop all launches of its upcoming digital business-generating activities & sourcing of new credit card customers.In a regulatory filing HDFC Bank said, “RBI has issued an order dated December 2, 2020, to HDFC Bank Ltd with regard to certain incidents of outages in the internet banking/ mobile banking/ payment utilities of the bank...
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