Since the beginning of 2023, the global financial system has been facing significant challenges with respect to high interest rates and inflation. Recent failures of Silicon Valley Bank, First Republic Bank and Signature Bank in the U.S. and loss of market confidence in Credit Suisse are some examples which show that the world is still adjusting to a tighter monetary policy.

The Reserve Bank of India (RBI) issued the Responsible Business Conduct (Second Amendment) Directions, 2026 on 15 June 2026, materially revising the framework for distribution of financial products with heavy emphasis on consent architecture. Consent is now expected to be a distribution control and accountability mechanism for regulated entities. For fintechs, banks, NBFCs, loan service providers, digital marketplaces and embedded finance platforms, the key issue is how this architecture interacts with the Digital Personal Data Protection Act, 2023 (DPDP Act) and the DPDP Rules, 2025, particularly given the RBI directions take effect on 1 January 2027 and the DPDP framework becomes operational from 13 May 2027.

The Indian Finance Act, 2024 (Finance Act), passed pursuant to the Union Budget for the financial year 2024-25 (Budget 2024), brings a comprehensive set of reforms aimed at enhancing the country's financial sector. This article delves into the key proposals in the Finance Act and their implications on the debt capital markets in India.

The Reserve Bank of India (RBI) recently released the draft amendments to Responsible Business Conduct guidelines for banks and NBFCs (Proposed Guidelines) which is proposed to be effective from 1 July 2026. Buried within the Proposed Guidelines is a granular explicit consent framework mirroring the Digital Personal Data Protection Act, 2023 (DPDPA) and triggering compliance nearly a year before DPDPA’s implementation. e gone back to the original language. Just added a line. Let us know if this is okay.