INTRODUCTIONThe year 2023 continued to be arduous for fintech entities in India with a downward trend in funding in comparison to 2022. This edition of the newsletter highlights significant shifts in regulations, prevailing industry hurdles, and noteworthy market dynamics within the realm of Indian FinTech, spanning the period from January 01, 2024 to January 31, 2024. No other banking services, other than the aforesaid can be provided by PPBL after February 29, 2024 (as on January 31, 2024). Several stakeholders in the fintech startup ecosystem viewed the RBI's action as "excessively stringent" with the potential to result in far-reaching adverse consequences for the sector as a whole. Many industry stakeholders have expressed that the decision will increase investor scrutiny of regulatory matters in the fintech ecosystem.

Source: Economic Times March 05, 2024 14:36 UTC