Photo of Ganesh Kumar

Senior regulatory advisor with Cyril Amarchand Mangaldas. Mr. S. Ganesh Kumar prior to joining Cyril Amarchand Mangaldas has an illustrious career of over 36 years with the Reserve Bank of India (“RBI”) and was an executive director (“ED”) with the RBI, primarily looking after the Department of Information Technology, Department of Payment and Settlement Systems and Department of External Investments and Operations at RBI.

Mr. Kumar joined the RBI in 1984 and as a career central banker, has served in the areas of payment systems, supervision, foreign exchange, information technology and Government and Bank Accounts at the RBI. Prior to being promoted as ED, Mr. Kumar was the Chief General Manager-in-Charge, Department of Information Technology at RBI.

FIG Paper

Background:

A Working Group on Digital Lending (“RBI WG”), constituted by the Reserve Bank of India (“RBI”), had published its Report in November 2021. It had made recommendations on (i) the legal and regulatory framework for digital lending; (ii) technology; and (iii) financial consumer protection, implementable over the near-term (up to one year) and medium-term (beyond one year).

Continue Reading FIG Paper (No. 16 – Series 1) – Impact Analysis of RBI’s Recommendations of the Working Group on Digital Lending – Implementation

Payment System Operators New M&A Implications

Background:

On July 4, 2022, the Reserve Bank of India (“RBI”) clarified to all banks and non-bank payment system operators (“PSOs”) that its prior approval would be required for any (a) takeover/ acquisition of control, which may or may not result in change of management; and (b) sale/ transfer of payment activity to an entity not authorised for undertaking similar activity (“Circular”).

Continue Reading FIG Paper (No. 15 – Series 1) – Payment System Operators (PSOs) – New M&A Implications

RBI guidance on loading of PPIs through credit lines

On June 20, 2022, the Reserve Bank of India (RBI) clarified to authorised non-bank prepaid payment instrument (PPI) issuers that PPIs may not be loaded from credit lines, and any such practice should be stopped immediately.

Continue Reading FIG Paper (No. 13) – RBI guidance on loading of PPIs through credit lines

Fintech Department

In recent years, in line with global trends, India’s growth has been fuelled by technology and platform economy, with physical moving towards digital and ‘phygital’.

Continue Reading FIG Paper (No. 10: Series -1) RBI’s New FinTech Department: Industry Implications & Future