BANKING - 2019 JULY

July 25

Sahamati - an account aggregator model via which, individuals and small businesses can share their digital financial data with third-parties in a safe and secure manner is launched by Aadhaar architect Nandan Nilekani. For example, a user seeking a loan will be able to quickly share bank statement and other details required by lending institutions digitally through their choice of preferred Account Aggregator (AA). So far, six AAs have received in-principle approval from the RBI. Sahamati has been formed as a Section 8 non-profit. It will be headed by BG Mahesh who founded OneIndia.com. Sahamati will apply for the SRO (self-regulatory organisation) license with the Reserve Bank of India (RBI), which will give it a self-governing body status, allowing it to work on a code of conduct and best practices for member organizations. The technology framework was developed by non-profit iSpirt.

Insolvency and Bankruptcy Board of India amends Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2019, and the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2019. With this notified regulation Insolvency and Bankruptcy Board of India (IBBI) has tightened norms that govern resolution professionals (RPs), wherein they would be barred from having employment when they are in possession of authorization to take up work under insolvency law.

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