RBI

The Reserve Bank of India is India’s central bank and the dominant regulator for banking, payments, and non-banking financial companies (NBFCs) across FintechPays’ India cells. RBI supervision matters for business-banking, money-transfer, credit-card, personal-loan, and BNPL programs targeting Indian users — with SEBI covering the securities side and the FIU-India handling AML reporting for virtual-asset service providers.

For affiliate-program coverage, two RBI rule-sets are load-bearing. First, the Digital Lending Guidelines (in force September 2022, with progressive tightening since) directly restrict how a personal-loan or BNPL program’s commercial terms can be presented to Indian users — affiliate creators included. The Key Fact Statement (KFS) requirement, the prohibition on hidden charges, and the cooling-off period must all be reflected in the promotional content. FintechPays’ India loan and BNPL coverage cites the relevant Digital Lending compliance status in every program review.

Second, the Master Direction on Prepaid Payment Instruments (PPI) governs wallet and PPI-based programs. Most non-bank money-movement programs serving Indian users — including most Indian-licensed wallets and many cross-border remittance products — sit under PPI authorisation rather than a full banking licence. We surface the licence type clearly in the trust band. For crypto-exchange coverage in India, RBI does not license exchanges (that’s outside its banking perimeter), but RBI’s policy stance on virtual digital asset banking-rails shapes which exchanges can actually serve INR on/off-ramps; we note this where relevant.