Photo of Palak Kapoor

Palak Kapoor

Associate in the Financial Services Regulatory Practice at the Mumbai office of Cyril Amarchand Mangaldas. Palak can be reached at palak.kapoor@cyrilshroff.com

Payments Vision 2028: Way Forward

Summary: The Payments Vision 2028 themed “Shaping India’s Payment Frontier” lays out the strategic direction for payments regulation till December 2028. The regulator’s focus is on strengthening accountability among regulated entities, building customer trust, and enhancing the resilience of payment systems. Key proposals include a cyber risk monitoring regime for non-bank PSOs, a Payments Switching Service enabling customers to redirect payments across bank accounts, and interoperability mandates for card networks and TReDS platforms, amongst others.

Continue Reading FIG Paper No. 56 : Payments Vision 2028: Way Forward
FIU-IND’s Annual Report 2024-25: Trends and Takeaways for India’s Digital Assets Industry

Introduction

The Financial-Intelligence Unit – India (“FIU-IND”), India’s nodal enforcement agency for anti-money laundering and combatting the financing of terrorism (“AML/CFT”), has released its Annual Report (“Report”) for FY 2024-25.[1] The Report signals two clear trends: one, the continued expansion of India’s digital assets industry, with a focus on bringing offshore virtual digital asset service providers (“VDASP”) within the regulatory ambit; and two, the FIU-IND’s emphasis on data-driven information sharing for enforcement. This FIG Paper explores key areas of the FIU-IND’s focus in the previous year and offers insights into the future of digital assets regulation in the new year.

Continue Reading FIG Paper No. 53 (VDA Series 8) FIU-IND’s Annual Report 2024-25: Trends and Takeaways for India’s Digital Assets Industry