Digital Financial Services — Amendments

Amendment	Year	Description	Impact
Banking Regulation (Amendment) Act	2020	Extended RBI's regulatory oversight to cooperative banks and provided framework for regulating digital lending platforms and fintech companies engaged in banking activities. The amendment strengthened RBI's powers to regulate non-banking entities providing financial services.	Enhanced regulatory control over the expanding fintech ecosystem, ensuring consumer protection while maintaining innovation space for digital financial services.
Payment and Settlement Systems (Amendment) Act	2019	Strengthened penalties for unauthorized payment systems operations and enhanced RBI's enforcement powers. The amendment addressed regulatory gaps in the rapidly evolving digital payments landscape.	Improved compliance in the payment systems sector and provided RBI with stronger tools to regulate emerging payment technologies and platforms.