Risk-based authentication enables biometric-first passkey and in-app methods replacing OTPs, improving security and transaction speed.
RBI guidance on risk-based authentication is implemented by Wibmo's Intelligent Authentication Suite, which replaces or supplements OTPs with biometric-first methods: device-resident passkeys using public key cryptography, merchant in-app biometric authentication with OTP fallback, and bank in-app SDK/API flows. A central orchestration engine routes authentication based on ACS capability, merchant needs, risk assessment and user behaviour to increase approvals, reduce fraud and improve customer experience while preserving private keys on customer devices.

AI startup competition for BFSI and beyond: winners gain PoC opportunities and equity-funding discussions with L&T affiliates.
L&T Finance Ltd. launched "Pitch Point," a competition for early- to growth-stage AI startups to present BFSI and non-BFSI solutions at RAISE'25; two winners will receive cash prizes, opportunities to pursue a Proof of Concept with L&T Finance or L&T Group companies, and discussions with L&T Innovation Fund about potential equity funding. Eligible products must align with specified strategic domains (e.g., cyber security, rural and agri fintech, generative AI, embedded finance, blockchain, alternate data lending, AI credit scoring, regtech, robo-advisors, collections AI, agentic AI, image recognition, geospatial AI). The selection process requires online registration, a virtual interaction round, five finalists, and live presentations before a mixed jury at RAISE'25.

Foreign exchange prepaid card enables multi-currency travel payments with compliance, fraud-prevention, and wallet-management features.
A commercial partnership launches a multi-currency Visa prepaid forex card for leisure travelers, corporate/MICE groups, students, and frequent travelers. Built on a cloud-native, API-driven platform, the program emphasizes real-time transaction processing, flexible wallet management, enhanced security and fraud-prevention, global Visa acceptance, and phased Enterprise and Student variants with parental load and monitoring features, presented within a FEMA/RBI foreign exchange context.

Bancassurance partnership expands insurance distribution via bank networks, targeting financial inclusion and underserved customers.
Pramerica Life Insurance and Equitas Small Finance Bank have formed a strategic bancassurance partnership to expand life insurance distribution across 18 states by using the bank's branch and ATM network. The phased collaboration will offer retail and group life products, including savings, health plans and ULIPs, and will extend to microfinance and loan protection segments to reach urban, semi urban and rural underserved customers, complementing Pramerica Life's existing distribution channels.

Responsible AI: enforce explainability, safety by design and governance to enable innovation while protecting financial stability through sandboxes.
Responsible AI in finance must balance innovation with systemic stability by combining facilitation and strict safeguards. Key operational measures include sandboxes and open infrastructure for experimentation, stress testing and red teaming of models, explainability standards, safety by design across the model lifecycle, layered oversight for critical infrastructure, independent audits and continuous monitoring. Human accountability must be preserved-AI can inform but not replace human decision ownership-and industry codes, responsible data governance, privacy by design and disclosure toolkits should complement regulatory supervision.

FEMA enforcement probes alleged luxury car smuggling network, exposing forged documents and fraudulent vehicle registrations.
Enforcement Directorate searches under the Foreign Exchange Management Act address an alleged syndicate smuggling luxury vehicles via India-Bhutan/Nepal routes, using forged documents and fraudulent RTO registrations to facilitate illegal imports and unauthorised foreign exchange dealings, with vehicles later sold to high-net-worth purchasers.

Ambient payments on wearable smart glasses enable hands free UPI Lite transactions without a phone or PIN.
UPI Lite has been enabled on wearable smart glasses to permit hands free, small value QR based payments authenticated by voice without a mobile phone or PIN. The solution targets routine retail, food and transit transactions and uses an off CBS wallet execution model to reduce core banking system load for banks and payment service providers while leveraging the UPI platform's interoperability.

Board appointments dispute over nominee director reappointment raises governance and regulatory control risks for a major conglomerate.
A trustee governance dispute at Tata Trusts arose over reappointment of a nominee director and a policy requiring annual reappointment of nominee directors after age seventy-five. A proposed reappointment was rejected by a four-member bloc, leading to the nominee's voluntary resignation and a contested attempt to nominate another trustee, which was opposed by the chairman and a co-sponsor who emphasized a transparent process. The conflict is linked in the record to broader risks of concentrated corporate control and sits alongside contemporaneous regulatory matters concerning Tata Sons' classification and listing obligations.

Bharat Connect links to FX Retail enabling individuals to buy US dollars via bank and third party apps.
The Bharat Connect linkage with the FX Retail platform enables individual customers of participating banks to register and transact via bank digital channels and TPAPs to buy US dollars for currency notes, forex card load or outward remittances at real time best prices; the pilot covers five banks and selected apps, and will be expanded in phases to more users, banks, channels and transaction types.

Fraud classification: bank's reasoned order upheld as valid where written representation satisfied natural justice requirements.
The High Court upheld SBI's reasoned order classifying Reliance Communications' and Anil Ambani's accounts as fraud, concluding the RBI Master Directions confer a right of representation-not an entitlement to personal hearing-and that the bank had provided adequate opportunity for written objections, satisfying natural justice. The court further held that promoters/directors who exercised control may be held liable when a company's account is declared fraudulent, and noted the bank's allegations of misappropriation and its referral to investigative authorities.

Banks: RBI drafts capital and ECL provisioning directions revising risk weights, credit conversion factors, and staging.
RBI proposes revising the standardised approach for credit risk-introducing granular risk weights for corporates, MSMEs and real estate, classifying timely repaying credit card holders as retail transactors, adjusting credit conversion factors for off balance sheet items, and calibrating risk weights for rated loans based on rating agencies' default history and bank due diligence; and adopting an ECL provisioning framework with staging, prudential floors, EIR based income recognition and model risk management, with a five year glide path and limited overall capital impact.

Ombudsman Scheme draft invites public comments on revised grievance redress framework by October 28, 2025.
The draft Ombudsman Scheme proposes a revised grievance redress framework for customers of Regulated Entities, updating the Integrated Ombudsman Scheme, 2021 after review; public comments are invited through the 'Connect 2 Regulate' portal, by email, or by written submission to the Chief General Manager, Consumer Education and Protection Department, Central Office.

Internal Ombudsman mechanism draft open for public comments to strengthen regulated entities' customer grievance resolution.
Draft Master Direction updates the Internal Ombudsman framework for regulated entities to strengthen independent review of rejected customer complaints and enable faster, more meaningful grievance resolution at the entity level. The Reserve Bank invites public and stakeholder comments via the Connect 2 Regulate portal, email, or written submission to the Chief General Manager, Consumer Education and Protection Department within the consultation window.

Premium banking access through metal debit cards enables elevated benefits and faster digital onboarding for account holders.
Premium banking via metal debit cards combines durable card design, advanced chip security, higher transaction limits, international acceptance and lifestyle privileges with a complementary savings account that offers enhanced interest and digital management. The article emphasises digital onboarding as the operative mechanism: prospective customers can compare features, review eligibility and terms, submit required details remotely, and obtain faster processing and onboarding versus traditional branch procedures.

Foreign exchange: rupee shows modest appreciation amid equity strength, crude influence and capital outflows and reserves movement.
The rupee appreciated marginally against the US dollar, aided by strong domestic equities and firmer crude prices, but gains were restrained by a stronger dollar abroad and ongoing foreign capital outflows. The RBI reported a decline in foreign exchange reserves and exchange data showed net equity sell-off by foreign institutional investors; market commentary set a near-term USD/INR trading range and highlighted importer demand as a constraint on sharp appreciation.

Unclaimed financial assets campaign promotes awareness, accessibility and time bound claim settlements across districts with digital assistance and helpdesks.
A nationwide campaign " , " was launched to enable citizens to trace and reclaim unclaimed financial assets (deposits, insurance proceeds, dividends, mutual fund balances, pensions) using a 3 A's strategy of Awareness, Accessibility and Action; coordinated by the Department of Financial Services with RBI, SEBI, IRDAI, PFRDA, IEPFA and financial institutions, it will run across all districts Oct-Dec 2025 with digital demonstrations and helpdesks to facilitate time bound and transparent claim settlements.

Rupee hits a record low amid dollar strength, higher crude prices and capital outflows pressuring reserves.
Rupee depreciation to 88.82 against the US dollar was driven by a stronger dollar, higher crude prices and sustained capital outflows; RBI data showing a decline in foreign exchange reserves and net foreign institutional selling compounded external liquidity pressures, while positive equity markets provided partial support and analysts forecast USD/INR trading near 88.50-89 contingent on crude and importer dollar demand.

GlobalPay unveils prepaid pay-per-use cards, single-currency travel cards and tokenization for seamless, zero-fee cross-border payments.
GlobalPay will relaunch its cross-border payments and travel payments offering with industry-first prepaid and pay-per-use products backed by its Authorized Dealer Category II licence and public listing. Core launches include a co-branded corporate expense integration, an invite-only pay-per-use premium metal prepaid travel card, a single-currency travel card to reduce currency conversion complexity, a roadmap to tokenize mobile wallets for secure contactless international payments, and an integrated Global Transit App combining forex management, zero-cost multi-currency transfers, and end-to-end transit services.

Centralised financial-asset portal proposed to allow e KYC access to consolidated asset lists across regulated entities.
The petition seeks directions to establish a centralised portal allowing individuals, after e KYC, to access a consolidated list of all financial assets across regulated entities, mandates rules for capturing minimum nominee details, and requests coordinated mechanisms with central agencies to identify deceased account holders and communicate with family members where no nominee exists.

Exchange rate pressure persists as inflows, outflows and reserve movements shape currency stability under regulatory oversight.
Exchange rate movement and external sector stability are under regulatory scrutiny as the rupee appreciated marginally amid domestic equity strength and anticipated IPO inflows, while persistent foreign portfolio outflows, a stronger dollar index, and declining foreign exchange reserves constrained sharper appreciation under the framework of FEMA and RBI oversight.