Delhi High Court Seeks Reply From RBI, SEBI, NPCI On Plea Seeking Regulation Of GooglePay, AmazonPay, PhonePe Etc

The Delhi High Court sought reply from the Ministry of Law, Finance Ministry, RBI, SEBI, and National Payments Corporation of India (NPCI) on a public interest litigation seeking regulation of the entry and operations of “tec-fin” companies like GooglePay, AmazonPay, PhonePe and others. The petition, which has been filed by an applied economist, Reshmi P Bhaskaran, seeks the High Court to direct inter alia that these “TechFin” companies be allowed to operate in the country only after having their registered offices here, their necessary approval/ registration from the appropriate financial regulators, the formulation of a strict framework for their entry and operation through any mode (including partnerships with existing financial entities), and their mandatory statutory audit.