The Reserve Bank of India (RBI) has imposed monetary penalty on the following two Payment System Operators (PSOs) for non-compliance with certain provisions of the Master Direction – Know Your Customer (KYC) Direction, 2016 dated February 25, 2016 (as updated from time to time). S.No. Name of the PSO Speaking Order dated Amount of Penalty (₹ lakh) 1 Manappuram Finance Limited July 16, 2024 41.50 2 Ola Financial Services Pvt. Ltd. July 16, 2024 33.40

The Reserve Bank had announced opening of the Fifth Cohort (Theme Neutral) under Regulatory Sandbox vide Press release dated October 27, 2023. 2. The Reserve Bank received twenty-two applications of which five have been selected for the ‘Test Phase’. The entities, as per details below, shall commence testing of their solutions from August 2024:

The Reserve Bank of India (RBI) has been publishing a composite Reserve Bank of India – Digital Payments Index (RBI-DPI) since January 1, 2021 with March 2018 as base to capture the extent of digitisation of payments across the country. The index for March 2024 stands at 445.50 as against 418.77 for September 2023.  The RBI-DPI index has increased across all parameters driven by significant growth in payment performance and payment infrastructure across the country over the period.  The index series since its inception is as under:  Period RBI - DPI Index March 2018 (Base) 100 March 2019 153.47 September 2019 173.49 March 2020 207.84 September 2020 217.74 March 2021 270.59 September 2021 304.06 March 2022 349.30 September 2022 377.46 March 2023 395.57 September 2023 418.77 March 2024 445.50   (Puneet Pancholy) Chief General Manager Press Release: 2024-2025/774

Reserve Bank of India has been collaborating bilaterally with various countries to link India’s Fast Payments System (FPS) – the Unified Payments Interface (UPI), with their respective FPSs for cross-border Person to Person (P2P) and Person to Merchant (P2M) payments. While India and its partner countries can continue to benefit through such bilateral connectivity of Fast Payment Systems, a multilateral approach will provide further impetus to our efforts in expanding the international reach of Indian payment systems.

In the Fourth Cohort of the Regulatory Sandbox (RS) with ‘Prevention and Mitigation of Financial Frauds’ as its theme, six entities were to commence testing of their products which was communicated vide Press Release dated January 05, 2023.