Our Response to RBI Draft Directions for Comments on Due Diligence of AEPS Touchpoint Operators
Our response covers two themes:
Leading from a customer protection perspective, our comments emphasise the need for the prospective SRO to have duties towards the customers, at par with responsibilities towards the regulator.
Legal liability for fraud in digital payments
The framework should provide adequate compensation to victims, while investigative action continues in tandem
UPI databases should be interactive
Stakeholders should gather a common set of data points for each complaint, distinct from their data objectives
Ways to curb scams over UPI
Positive frictions while authorising transactions will give users some time before approving payment
Curbing Scams in Unified Payments Interface
The white paper discusses a set of solutions for the ecosystem of actors to consider in tackling and curbing the illegitimate activity of scamsters and other fraudulent actors over the very popular Unified Payments Interface (UPI) of India.
Part 2 – Is lack of trust keeping customers away from digital financial services? – Understanding the contours of trust
In the first blog in our trust series, we laid down the contours of trust. In this blog, we attempt to unpack what the proximate grounds for trusting Digital Financial Services or DFS may be. Trust is the most cited motivator for the adoption of digital financial services or DFS (Kajol et al., 2022). Lack […]
Part 1- Is lack of trust keeping customers away from digital financial services? Understanding the contours of trust
This blog is the first in our trust series where we study trust in digital financial services. This blog attempts to lay down the conceptual contours of trust.
From digitisation to platformisation — how social protection schemes can be made more accessible
Social Protection Open Digital Ecosystems (SP-ODEs) can provide beneficiaries, government and service providers a unified, digital platform to better access welfare schemes.
From Digital Payments to Financial Inclusion: The Challenges Ahead
Digital payments are currently being envisioned as a gateway to financial inclusion for the poor and marginalised in India. In this article, Indradeep Ghosh, Executive Director, Dvara Research, examines the rationale for such a vision. He argues that the penetration of digital payments remains low for the poor and marginalised, partly because of unfavourable economics and partly because digital payments interfaces are not well designed to suit this segment. If India can overcome these two hurdles, then digital payments can indeed become more common among the poor and marginalised, and thereby catalyse much wider and deeper financial inclusion in India than has hitherto been possible.
Comments to the Reserve Bank of India on the Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps dated 18 November 2021
In this blog post, we present our comments to the Report of the Working Group on Digital Lending including Lending through Online Platforms and Mobile Apps, November 2021 (the Report) in response to the call for comments from all stakeholders by the Reserve Bank of India (RBI).
