{
 "jurisdiction_id": "IN",
 "jurisdiction": "India",
 "url": "https://payments.gi/jurisdictions/india/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 61,
  "source_register": 105
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/india/#w1a-licensing-authorisation-market-access",
   "standing_position": "India operates a dual bank/non-bank regime under the Payment and Settlement Systems Act, 2007 (PSS Act), with the RBI as sole authorising authority. There is no single EMI licence; instead discrete authorisations exist for Payment Aggregators (PA), Prepaid Payment Instruments (PPI) issuers, card networks and white-label ATM operators. Banks operating as PAs need no separate authorisation; non-bank PAs require RBI authorisation, ₹15cr net worth at application rising to ₹25cr within three years. Over 60 entities held in-principle or final PA authorisation by 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RBI (Payment Aggregators) Directions, 2025 / PSS Act 2007 [VERIFIED: RBI (Regulation of PA) Directions 2025 issued 15 Sep 2025, effective immediately; ₹15cr net worth at application, ₹25cr by FY3. Operational as of Jun 2026.]",
     "source": "RBI (Regulation of Payment Aggregators) Directions 2025 (15 Sep 2025) (rbi.org.in)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PA licence (Section 7, PSS Act 2007)",
     "source": "RBI PA Directions 2025 — ₹15cr/₹25cr net worth (rbi.org.in)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PSS Act 2007 (umbrella legislation)",
     "source": "https://www.mondaq.com/india/corporate-and-company-law/877826/part-i-rbi-proposes-regulation-licensing-of-payment-aggregator-and-gateways [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PA authorisation register",
     "source": "https://www.businesstoday.in/latest/corporate/story/rbi-grants-payment-aggregator-licence-to-32-entities-heres-the-full-list-370397-2023-02-15 [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Customer-fund safeguarding for both PAs and non-bank PPI issuers rests on a mandatory escrow account held with a single scheduled commercial bank, with no co-mingling, day-end balance floors, and quarterly statutory-auditor certification. For escrow purposes the non-bank PPI issuer/PA is deemed a 'designated payment system' under the PSS Act. Conduct is supervised by RBI's DPSS; the draft PPI MD 2026 adds codified fit-and-proper criteria, multilingual disclosure and grievance-redress obligations. [CAVEAT: draft PPI Master Direction released 22 Apr 2026, comments to 22 May 2026; not yet finalised as of late Jun 2026.]",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Draft Master Direction on PPIs, 2026",
     "source": "RBI Master Directions — PPI & PA conduct/safeguarding (rbi.org.in)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Draft PPI MD 2026 (Section 18 r/w 10(2), PSS Act)",
     "source": "https://community.nasscom.in/communities/public-policy/key-highlights-rbi-draft-master-direction-prepaid-payment-instruments",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Draft PPI MD 2026 - fit and proper / co-branding",
     "source": "https://www.lexology.com/library/detail.aspx?g=741da40c-2952-4c9b-8f94-886e57b874ec [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Master Directions on PPIs 2021 (in force)",
     "source": "https://www.argus-p.com/updates/updates/rbi-issues-master-directions-on-prepaid-payment-instruments/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w2-stablecoins-digital-money",
   "standing_position": "India's digital-money posture is CBDC-led and stablecoin-sceptical. The RBI's Digital Rupee (e₹), a tokenised CBDC and legal tender backed by RBI, launched wholesale (Nov 2022) and retail (Dec 2022) pilots and by 2026 carries ~7-8 million retail users with programmable use-cases in welfare schemes. The RBI strongly advocates prioritising CBDCs over privately issued stablecoins; there is no in-force stablecoin framework, though the Ministry of Finance's Economic Survey 2025-26 signals possible regulation, diverging from the cautious RBI stance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Digital Rupee (CBDC) - RBI Act 1934 (Finance Bill 2022 amendments)",
     "source": "RBI Digital Rupee (e₹) pilot — CBDC framework (rbi.org.in)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RBI CBDC and Asset Tokenisation Sandbox",
     "source": "https://www.business-standard.com/finance/news/rbi-cross-border-cbdc-pilots-digital-currency-2026-27-126052900721_1.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RBI Financial Stability Report stance",
     "source": "https://coinmarketcap.com/academy/article/india-central-bank-pushes-for-prioritizing-cbdcs-over-stablecoins [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Programmable CBDC / FATCA-CRS reporting",
     "source": "https://www.cryptotimes.io/2026/04/15/rbi-urges-indians-to-join-cbdc-pilot-calls-e-rupee-future-of-money/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience for payments rests on the RBI Master Directions on Cyber Resilience and Digital Payment Security Controls for non-bank PSOs (July 2024), the Master Direction on IT Governance, Risk, Controls and Assurance Practices (effective 1 April 2024) and the Master Direction on Outsourcing of IT Services (10 April 2023), supplemented by 2025 Outsourcing Directions for commercial banks and NBFCs. Core obligations: board-approved cyber/IT governance, business-continuity/DR, vendor (third-party/cloud) risk management and incident reporting to RBI within six hours of detection.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Master Directions on Cyber Resilience and Digital Payment Security Controls (July 2024)",
     "source": "https://www.getastra.com/blog/compliance/rbi-cybersecurity-compliance-checklist/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RBI (Commercial Banks - Managing Risks in Outsourcing) Directions, 2025",
     "source": "https://taxguru.in/rbi/rbi-commercial-banks-managing-risks-outsourcing-directions-2025.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Master Direction on IT Governance, Risk, Controls and Assurance Practices (eff. 1 April 2024)",
     "source": "https://thedigitalfifth.com/decoding-rbis-master-direction-on-it-governance/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "DPSC Directions - PSO scope",
     "source": "https://aiplexorm.com/blog/rbi-master-direction-digital-payment-security-controls [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w4-scheme-network-compliance",
   "standing_position": "Scheme/network economics are heavily regulated. Debit-card MDR is capped by RBI (up to 0.90% across card networks), UPI P2M MDR capped by NPCI (up to 0.30%), but since January 2020 MDR has been statutorily zero for RuPay debit cards and BHIM-UPI via amendments to Section 10A PSS Act and Section 269SU Income-tax Act, with government incentive schemes funding the ecosystem. Credit cards carry no regulatory MDR cap. PCI-DSS adherence and card-on-file tokenisation are mandated; a parliamentary committee in 2026 is pushing to reintroduce MDR on large UPI merchants.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Zero-MDR (Section 10A PSS Act / Section 269SU Income-tax Act)",
     "source": "https://www.pib.gov.in/PressReleasePage.aspx?PRID=2114335&reg=3&lang=2",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Parliamentary Finance Committee MDR review",
     "source": "https://www.medianama.com/2026/03/223-parliamentary-committee-calls-return-mdr-upi-implications-users-small-merchants/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NPCI interchange / PPI rules",
     "source": "https://razorpay.com/learn/upi-transaction-charges/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RuPay scheme rulebooks / PCI guidelines",
     "source": "https://www.npci.org.in/what-we-do/rupay/circulars",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w5-payment-corridor-dynamics",
   "standing_position": "India's cross-border corridor strategy is UPI/NPCI-led and rapidly internationalising. The flagship UPI-PayNow linkage (RBI-MAS) is the world's first cloud-based real-time cross-border corridor; UPI is live in eight-plus countries and the RBI has joined BIS Project Nexus to interlink fast-payment systems. Cross-border UPI transactions are governed by FEMA (LRS USD 250,000/year limit, corridor daily caps), with remittances the principal use-case for the Indian diaspora.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "UPI-PayNow linkage (RBI-MAS)",
     "source": "https://ibsintelligence.com/ibsi-news/npci-adds-13-banks-to-upi-paynow-for-faster-cross-border-payments/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FEMA / Liberalised Remittance Scheme",
     "source": "https://corporate.cyrilamarchandblogs.com/2026/05/upi-goes-global-the-regulatory-reckoning-ahead/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "UPI International corridors",
     "source": "https://thepaymentsassociation.org/article/cross-border-payments-and-upi-revolution-in-india/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Corridor expansion outlook",
     "source": "https://www.policycircle.org/industry/upi-global-expansion-cross-border/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w6-industry-structure-commercial-dynamics",
   "standing_position": "The retail-payments market is UPI-dominated (~86% of digital transaction volume, 23bn+ payments/month worth ~₹30 lakh crore) and structurally concentrated in a PhonePe/Google Pay duopoly, whose combined share fell below 80% for the first time in May 2026 (PhonePe 46.2%, Google Pay 32.7%). NPCI's proposed 30% per-app volume cap (deadline December 2026) remains far from achievable; challengers Navi, Flipkart's super.money, BHIM and WhatsApp Pay are gaining share, and Amazon/Meta are lobbying NPCI over dominance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "NPCI UPI market-share data",
     "source": "https://www.outlookbusiness.com/economy-and-policy/phonepe-google-pay-combined-upi-market-share-drops-below-80-for-first-time",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "30% volume cap (NPCI)",
     "source": "https://www.niftytrader.in/markets/phonepe-google-pay-share-falls/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Market-structure / competition lobbying",
     "source": "https://techcrunch.com/2026/04/29/amazon-meta-join-fight-to-end-google-pay-phonepe-dominance-in-india/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "UPI bank participation",
     "source": "https://www.oxigenwallet.com/upi/apps-market-share/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w7-legal-litigation",
   "standing_position": "Payments enforcement is active. The RBI imposed monetary penalties on 353 entities totalling ₹54.78cr in FY 2024-25 for compliance failures, with PSO-specific actions under Sections 30/31 PSS Act for KYC/PPI lapses (e.g. Appnit Technologies, May 2026). A landmark RBI Ombudsman order in 2026 shifted liability onto banks whose receiving-side KYC/AML systems failed, departing from the prior 'contributory negligence' defence. The PayPal/OPGSP case established broad construction of 'payment system' under PMLA.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "RBI penalty (KYC/PPI non-compliance)",
     "source": "https://www.bhavyasharmaandassociates.com/rbi-ppi-kyc-penalty-fintech-founder-checklist-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RBI enforcement statistics / Fraud Risk Management MD",
     "source": "https://www.multibagg.ai/market-pulse/articles/rbi-digital-fraud-compensation-rules-cmnbhiarudsmcpa0jlgnczxa7",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "RBI Ombudsman order (vicarious bank liability)",
     "source": "https://clatgurukul.com/rbi-ombudsman-digital-arrest-malhotra-22-crore-kyc-clat-2027/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PMLA / OPGSP litigation (PayPal)",
     "source": "https://www.taxtmi.com/article/detailed?id=13006",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w8-merchant-acquiring-risk",
   "standing_position": "Acquiring is governed by the PA Directions (escrow settlement, merchant KYC/onboarding by the PA) and card-scheme rulebooks (Visa/Mastercard/RuPay) for the chargeback/dispute cycle. RBI mandates an Online Dispute Resolution (ODR) system for digital payments (DPSS circular 2020-21/21) and card-on-file tokenisation/eMandate rules for recurring transactions. Card chargebacks follow a 45-120 day network-driven cycle with issuer temporary credit; UPI disputes use a separate NPCI 3-day mechanism, with escalation to the RBI Integrated Ombudsman.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Online Dispute Resolution (ODR) System for Digital Payments (DPSS.CO.PD No.116/02.12.004/2020-21)",
     "source": "https://www.rbi.org.in/commonperson/English/Scripts/Notification.aspx?Id=3194",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Chargeback / dispute framework (card networks)",
     "source": "https://in.nttdatapay.com/en/company/corporate-governance/grievance-redressal-policy",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "eMandate / card-on-file tokenisation rules",
     "source": "https://merchantriskcouncil.org/advocacy/reserve-bank-of-india-rbi",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Network chargeback cycle (Visa/Mastercard/RuPay)",
     "source": "https://righttoinformation.wiki/credit-card-chargeback-guide-india [CAVEAT: Tier 4 source — Assessed; illustrative only, verify pre-publication]",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w9-product-innovation-market-development",
   "standing_position": "India is a global front-runner in rail and product innovation: UPI (real-time rails), UPI 123Pay/UPI Lite (feature-phone and offline low-value), the e₹ CBDC pilots with programmability and offline NFC, and an active RBI regulatory sandbox plus the CBDC and Asset Tokenisation Sandbox. Open-banking-style account aggregation and agentic/AI-powered conversational payments (Razorpay-NPCI-OpenAI) are emerging build-outs; RuPay-credit-card-on-UPI is a key product driving challenger growth.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "CBDC and Asset Tokenisation Sandbox / UMI",
     "source": "https://www.business-standard.com/finance/news/rbi-cross-border-cbdc-pilots-digital-currency-2026-27-126052900721_1.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Offline CBDC / programmability",
     "source": "https://en.wikipedia.org/wiki/Digital_rupee",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Agentic / conversational payments",
     "source": "https://www.pymnts.com/news/ipo/2026/indian-payment-fintech-razorplay-planning-600-million-ipo/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "UPI 123Pay / UPI Lite enhancements",
     "source": "https://razorpay.com/learn/upi-transaction-charges/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/india/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer protection rests on the RBI's customer-liability framework (zero/limited liability for unauthorised transactions if reported within 3-7 days), the RBI Integrated Ombudsman Scheme 2021 (escalation after 30 days), and 2026 Internal Ombudsman Directions. In response to surging APP/cyber fraud (~24-28 lakh complaints in 2025), the RBI proposed (March 2026, effective 1 July 2026) a one-time small-value compensation scheme: up to 85% of net loss or ₹25,000 for losses up to ₹50,000, with the RBI itself bearing ~65-70% of the cost — a notable contrast to the UK PSR model of 50:50 PSP-funded full reimbursement.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Draft Third Amendment Directions, 2026 (Responsible Business Conduct)",
     "source": "https://www.angelone.in/news/economy/rbi-proposes-new-rules-effective-july-1-2026-safeguards-against-digital-banking-fraud",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "APP-fraud compensation cost-sharing",
     "source": "https://theprint.in/opinion/rbi-compensate-app-fraud-victims/2904306/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Fraud trends / grievance mechanisms",
     "source": "https://chahalacademy.com/indian-express-editorial-analysis/16-feb-2026/2553",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Internal Ombudsman Directions 2026",
     "source": "https://abclive.in/2026/03/10/rbi-digital-fraud-liability-rules/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w11-aml-cft-financial-crime",
   "standing_position": "[Sentinel.gi position] India's payments AML/CFT posture is anchored on the PMLA 2002 and UAPA, supervised by RBI/FIU-IND. The FATF 2024 Mutual Evaluation placed India in 'regular follow-up' (the highest category, alongside few G20 peers), rating it compliant/largely compliant on 37 of 40 Recommendations, but flagged only 'moderate' effectiveness in AML/CFT supervision (IO.3) and that monetary penalties on FIs are generally not proportionate or dissuasive. Cross-border UPI corridors create FEMA/FATF-list interaction risk.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel.FIU-IND / RBI enforcement context",
     "source": "https://risk.lexisnexis.com/insights-resources/article/fatf-new-findings-aml-cft-compliance-india",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "India's AML/CFT regime rests on the Prevention of Money Laundering Act 2002 (PMLA) and the Unlawful Activities (Prevention) Act 1967, supervised by FIU-IND, RBI, SEBI and the Enforcement Directorate. FATF's 2024 MER found strong technical compliance and good results on risk understanding, asset deprivation and international cooperation, but flagged prosecution delays, thin DNFBP supervision and an early-stage VASP regime.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — India",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: sourcing-thinness",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-005)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: US DOJ / SEC / OFAC — Gautam Adani, Sagar Adani, Adani Green Energy CEO Vneet Jaain, Adani Group",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-002)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: EU listing",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-004)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": "Sanctions: national wind-down",
     "instrument_type": "sanctions_change",
     "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Enforcement: Indian Coast Guard — Three tankers suspected of dark-fleet oil smuggling off Mumbai",
     "instrument_type": "enforcement_action",
     "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-001)",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w12-correspondent-banking-settlement-access",
   "standing_position": "Central settlement runs on RBI-owned Centralised Payment Systems — RTGS (large-value, real-time, 24x7x365 since Dec 2020) and NEFT (batch, 24x7 since Dec 2019), both on the e-Kuber core banking system. Since July 2021 the RBI has opened CPS direct membership to authorised non-bank PSPs (PPI issuers, card networks, white-label ATM operators) requiring ₹25cr net worth, Indian incorporation, data-localisation and an RBI current account/IFSC; non-banks are excluded from intra-day liquidity and cannot sponsor sub-members.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Access for non-banks to CPS (RTGS/NEFT) - Section 10(2) r/w 18 PSS Act",
     "source": "https://www.thenewsminute.com/money/rbi-allows-paytm-phonepe-and-other-non-banks-access-neft-rtgs-payment-systems-153159",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CPS membership mechanics (e-Kuber / IFSC / INFINET / SFMS)",
     "source": "https://www.drishtiias.com/daily-updates/daily-news-analysis/non-bank-psps-to-join-centralised-payment-system",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CPS access conditions / LEI",
     "source": "https://affairscloud.com/rbi-allowed-non-banks-to-participate-in-cps-rtgs-neft/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Phased non-bank CPS access",
     "source": "https://www.dnaindia.com/personal-finance/report-rtgs-neft-payment-systems-opened-up-for-non-banks-in-phases-rbi-2903037",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/india/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial intelligence is dominated by a fintech IPO pipeline amid more selective funding. Razorpay confidentially filed a ~$600m IPO (June 2026) and obtained shareholder approval for a ₹2,700cr fresh issue; PhonePe filed in late 2025 and received listing approval in January 2026 at a $9-10.5bn target valuation; Pine Labs progressed toward its IPO. India fintech funding was $513m in Q1 2026 with a sharply falling deal count, signalling consolidation toward stronger players.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event: IPO filing",
     "source": "https://www.pymnts.com/news/ipo/2026/indian-payment-fintech-razorplay-planning-600-million-ipo/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: shareholder IPO approval",
     "source": "https://www.medianama.com/2026/05/223-exclusive-razorpay-shareholder-approval-rs-2700-crore-ipo/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: sector funding trend",
     "source": "https://www.newskart.com/razorpay-files-confidential-ipo-papers-can-indian-fintech-still-command-big-valuations/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event: M&A / Pine Labs IPO",
     "source": "https://tiimagazine.com/top-30-fintech-companies-in-india-to-watch-in-2026/ [CAVEAT: Tier 4 source — Assessed; illustrative only, verify pre-publication]",
     "source_url": null,
     "source_tier": "4",
     "retrieved_at": null
    }
   ]
  }
 ]
}