Reserve Bank forms working groups for digital lending
- Recently, RBI constituted a working group for digital lending via online platforms and mobile applications. Since, Digital lending has the potential to make access to financial products and services more fair, efficient, and inclusive. From the past years, FinTech led innovation is now at the core of the design, pricing, and delivery of financial products and services.
- Therefore, the digital methods under the financial sector are a welcome step in development, benefits, and other downside risks are often interwoven in such endeavors. A positive approach needs to be followed so that the regulatory framework supports innovation while ensuring data security, privacy, and confidentiality, and consumer protection.
To read the full notification, click on https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=50961
Finance Minister holds Pre-budget Consultation with other Union/States Ministers for Budget 2021-22
The Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman held the pre-budget consultations with Finance Ministers of States. The meeting was conducted via video conference and all the participants discussed regarding the upcoming budget as per the needs of the States.
To read the full notification, click on https://pib.gov.in/PressReleasePage.aspx?PRID=1689801
Latest Report of the Company Law Committee on Decriminalization of the LLP Act, 2008
- The Company Law Committee made a certain recommendation to the Government for the decriminalization of some ‘compoundable offences’ and other consequential amendments and certain other changes in the LLP Act, 2008 to facilitate and promote ease of doing business and ease of living.
- During the course of deliberation, it was endeavoured by the Committee to arrive at a meaningful understanding of the nature and gravity of the offences in respect of the offences involving frauds, deceit, injury to the public interest and wrongful dealings, status quo has been retained. A principle-based approach was followed by the Committee while making recommendation for amendments in LLP Act.
To read the full report, click on http://www.mca.gov.in/Ministry/pdf/Report%20of%20the%20Company%20Law%20Committee%20on%20Decriminalization%20of%20The%20Limited%20Liability%20Partnership%20Act,%202008.pdf