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Last updated: 2 October 2026
Before building a lending, payments or wealth product, you need to know which regulator applies, whether a licence or partnership is needed, and what the rules say about customer data, KYC and outsourcing. We map your business model against RBI, SEBI and data protection requirements and set out the options. Licences and approvals are decided by the regulator.
In India, whether a fintech product is regulated usually depends on what it does, not on what it is called. Lending to customers, holding customer funds, issuing wallets, collecting payments for merchants, sharing financial data, or advising on investments each fall under a specific regulatory framework.
The main frameworks include the Payment and Settlement Systems Act, 2007 for payment aggregators and prepaid payment instruments, the RBI (Digital Lending) Directions, 2025 for lending through apps and platforms, the Reserve Bank of India Act, 1934 for non-banking financial companies and account aggregators, SEBI regulations for investment advice, research and distribution, and the Digital Personal Data Protection Act, 2023 for customer data. Anti-money laundering reporting under the PMLA applies to many regulated entities.
Many fintechs start by partnering with a regulated entity rather than applying for their own licence. That route has its own obligations, particularly for lending service providers under the digital lending rules. A consultation sets out which route fits your model and what it involves.
Based on the RBI Act, 1934, the Payment and Settlement Systems Act, 2007, RBI directions, SEBI regulations and the DPDP Act, 2023. Last updated: 27 September 2026.
Payment and Settlement Systems Act, 2007
RBI (Digital Lending) Directions, 2025
Reserve Bank of India Act, 1934
SEBI regulations
Digital Personal Data Protection Act, 2023
Licences and approvals are granted by the regulator
A clear written view of where your product sits, so product, legal and fundraising decisions are made on the same basis.
Each feature of your product is mapped to the rule that applies.
Own licence, partnership or restructuring the product, with pros and cons.
Documents, capital and timelines for the chosen route, subject to the regulator's decision.
Related services.
Compliance for lenders and lending service providers.
Application to RBI for payment aggregators.
Authorisation for prepaid payment instruments.
Registration as an account aggregator.
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We understand the product, customers and flow of funds.
Agreements, policies and user flows are reviewed.
Each activity is mapped to the applicable law and directions.
Licence, partnership and product-change options are compared.
We walk through the note and answer questions.
Applications, policies and compliance frameworks for the chosen route.
Typical next steps:
Preparation of the application and supporting documents for the regulator.
Agreements and processes aligned with the regulated entity's obligations.
KYC, grievance redressal, data protection and outsourcing policies.
Returns, audits and reporting, with independent professionals where required.
Share your query and our team will reply during business hours.
No. It depends on the activity. Some models operate through partnerships with regulated entities, while others, such as payment aggregation or lending on own books, need authorisation or registration.
An entity that acts on behalf of a regulated lender in customer acquisition, underwriting support, collection or other functions. Lending service providers have specific obligations under the RBI’s digital lending directions.
Yes. The Act applies to digital personal data. Its rules were notified in November 2025, with most core obligations applying from May 2027.
No. Licences and registrations are granted or refused by the regulator. We help you prepare a complete and accurate application.
No. Expertvuw is not a registered investment adviser. We advise on regulatory structure, not on investments.
ACS – Director, Expertvuw Management Pvt Ltd
Advisory and company secretarial work is handled by Expertvuw’s team. Audits, certifications and representation that the law reserves for Chartered Accountants, advocates or other licensed professionals are provided by independent professionals engaged for your case.