This edition of JSA’s FinTech Newsletter covers the significant regulatory developments from July to September 2026. Major updates include the Ministry of Finance notifying new merchant discount rate rules for Unified Payments Interface (“UPI”) transactions, and the issuance of comprehensive draft guidance on model risk management for artificial intelligence and machine learning systems issued by the Reserve Bank of India’s (“RBI”).
The newsletter also highlights the National Payments Corporation of India raising the transaction limit for on-device biometric authentication, as well as expanding UPI’s international footprint into Greece and Uzbekistan. Additionally, it covers the launch of India’s first tokenised corporate bond pilot by the RBI and the Securities and Exchange Board of India, alongside key developments from the Global Fintech Fest, 2026.
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