In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series IX) will be opened for subscription during the period January 10-14, 2022 with Settlement date January 18, 2022. The issue price of the Bond during the subscription period shall be Rs 4,786 (Rupees Four thousand Seven hundred eighty six only) – per gram, as also published by RBI in their Press Release dated January 07, 2022.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,736 (Rupees Four thousand seven hundred thirty six only) per gram of gold.
88% growth in volume of digital transactions during last 3 years since 2018-19
With over 22 billion transactions in FY 2020-21, UPI emerges as favourite digital payment choice
As a result of the initiatives taken by the Government, there has been a paradigm shift in digital transactions in India. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written reply to a question in Rajya Sabha.
The Minster stated that the paradigm shift is reflected in terms of the increase in the volume of digital transactions over the last three financial years as illustrated below:
Volume (in lakhs)
As observed from the above table, there has been a growth of 88% in volume of digital transactions during the last 3 years since 2018-19, the Minister stated.
The digital transaction platform is a pan India platform with a facility of ‘’anytime anywhere’’ banking. Accordingly, the data is captured only at the National level, the Minister added.
The Minister further stated that as per the data sourced from National Payments Corporation of India (NPCI), India’s own payment platform, UPI has emerged as the country’s favourite digital payment choice, with over 22 billion transactions registered during FY 2020-21, showing 4 times growth over the last 3 years. Also, AePS inter-bank transactions during FY 2020-21 registered a 9-fold growth, over the past 4 years.
To promote digital transaction in the country, the Minister stated that RuPay debit cards are issued to Jan-Dhan account holders under Pradhan Mantri Jan-Dhan Yojana (PMJDY). As on 08.12.2021, 31.17 crore RuPay debit cards have been issued to PMJDY account holders. As digital payment is one of the priorities of the Government to facilitate hassle free and seamless banking transactions in the country, several other initiatives have been taken by Government of India through its various programs/agencies, Reserve Bank of India (RBI) and banks, to promote and create awareness about digital payments in rural areas.
While answering a question on preventing frauds in digital transactions, the Minister state that the Unique Identification Authority of India (UIDAI) issues the Aadhaar numbers to the residents of the country and provides authentication services for establishing identity of the individual. UIDAI already provides for various modes of authentication namely biometric (which includes fingerprint, iris), One Time Pin-based (OTP) and demographic authentication. These can be used in a single factor or multi-factor mode. Any user agency/ department can opt for one or a combination of these modes depending upon their security/ risk assessment of their respective systems, the Minister stated.
The Minster further apprised that NPCI, RuPay Debit and Credit cards are used at both domestic and international payment gateways. These international and domestic transactions are facilitated by NPCI’s International network partners and domestic tie-ups. In addition, acquiring banks also have their own payment gateways that work with RuPay cards.
The Government has taken various measures to keep inflation under control. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.
Giving more details, the Minister said that some of them include the following:
Crude Oil/Petroleum Products: To check the petrol and diesel prices, Central Government has reduced Central Excise Duty on Petrol & Diesel by Rs. 5 and Rs. 10 respectively with effect from 04.11.2021. In response many states governments have also reduced Value Added Tax on petrol and diesel. Retail prices of petrol and diesel have sobered down across the country.
Essential Commodities: Price situation of major essential commodities is being monitored by the Government on a regular basis and corrective action taken from time to time.
Pulses: (i) A buffer stock target of 23 lakh metric tonne (LMT) has been approved for 2021-22. Stocks are subsequently utilised for cooling down prices through supply to states and disposal through Open Market sales (ii) Imposition of stock limits on some pulses under the Essential Commodities Act, 1955 in July 2021 to prevent hoarding. (iii) Changes in the import policy by keeping Tur and Urad under ‘free’ category till 31st December, 2021. (iv) Basic import duty and Agriculture Infrastructure and Development Cess on Masur have been brought down to zero and 10% respectively. (v) 5-year memorandum of understanding (MoUs) have been signed with Myanmar for annual import of 2.5 LMT of Urad and 1 LMT of Tur, and with Malawi for annual import of 0.50 LMT of Tur and MoU with Mozambique for annual import of 2 LMT Tur has been extended for another 5 years.
Edible Oils: To soften the prices of edible oils, the import duty on edible oils have been rationalised and stock limits imposed to avoid hoarding upto a period of March 31, 2022. National Mission on Edible Oils- Oil Palm has been approved with a financial outlay of Rs.11,040 crore to encourage domestic production and availability of oil palm.
Giving details on the various initiatives taken to safeguard the interests of the vulnerable population, both in rural and urban areas, the Minister stated that in the wake of COVlD-19 pandemic crisis in the country, the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) was started in April 2020 to provide additional free food grains to about 80 crore National Food Security Act (NFSA) beneficiaries in the country initially for a period of 3 months from April to June 2020 which was later extended for a further period of 5 months from July to November 2020.
The Minister further stated that in 2021, the PMGKAY scheme was resumed for a period of another 7 months from May to November 202l and has been further extended upto March 2022. Further, under the Atma Nirbhar Bharat Scheme (ANBS) food grains were allocated to all states/UTs for free distribution to migrants/stranded migrants and all those not having NFSA or any state PDS ration cards, for a period of 2 months of May and June 2020. Additionally, One Nation One Ration Card (ONORC) enabled ration card portability for NFSA beneficiary to lift the entitled food grains for self or on behalf of the complete household from any Fair Price Shop (FPS) in the country by using their same/existing ration card with biometric authentication on an electronic Point of Sale (ePoS) device. So far, the ONORC plan is enabled in34 States/UTs covering about 75 crore beneficiaries (94.3% NFSA population) in the country, the Minister stated.
As apprised by Ministry of Electronics and Information Technology (MeitY), Digital India Programme has made a significant and positive impact in the lives of common citizen in the country. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to a question in Lok Sabha today.
As a result of the initiative taken, the Minister stated, the number of digital payments in volume terms have increased over the last 3 financial years (FY) as illustrated below:
Volume (in lakhs)
2021-22 (till Oct’21)
The Minister stated that the brief details of major Digital India initiatives, inter-alia, are at ANNEXURE.
Giving more details, the Minister stated that as apprised by Reserve Bank of India (RBI), in terms of extant instructions, with effect from September 7, 1999, Scheduled Commercial Banks have however been given the freedom to fix service charges for various types of services rendered by them. While fixing service charges, banks have, however, been advised to ensure that the charges are reasonable and not out of line with the average cost of providing these services. They have been further advised to identify basic services and the principles to be adopted /followed by them for ensuring reasonableness in fixing such charges and to take steps to ensure that customers are made aware of the service charges upfront and changes in the service charges are implemented only with the prior notice to the customers.
The Minister further stated that the above instructions are consolidated in paragraph 6 of Master Circular on ‘Customer Service in Banks’ issued vide DBR. No.Leg.BC.21/09.07.006/2015-16 dated July 1, 2015, which is available on RBI website www.rbi.org.in . Also, RBI vide circular DPSS.CO.PD No. 1633 / 02.14.003 / 2017-18 dated December 06, 2017, banks have, inter- alia, been advised to ensure that merchants on-boarded by them do not pass on MDR charges to customers while accepting payments through debit cards.
Further, vide Circular 32 of 2019 dated 30.12.2019 of Department of Revenue, any charge, including the Merchant Discount Rate (MDR), shall not be applicable on or after 01.01.2020 on payment made through prescribed electronic modes i.e. RuPay Debit card, BHIM-UPI and BHIM-UPI QR Code, the Minister stated.
To initiate infrastructure development to boost the economy after COVID-19 pandemic, Union Budget 2021-22 has provided a capital outlay of Rs. 5.54 lakh crore, an increase of 34.5% over Budget Estimate of FY 2020-21. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.
The Minister stated that the Government has also made provision of more than Rs. 2 lakh crore for States & Autonomous Bodies towards their Capital Expenditure. National Monetization Pipeline was also prepared to unlock the value of investments in public sector assets by tapping private capital and efficiencies for delivering infrastructure services. These proceeds are envisaged to augment existing/ create Greenfield infrastructure. Additionally, Central Ministries/Departments have been suggested to expedite infrastructure investment by front-loading capital expenditure.
Giving more details, the Minister said that the CCEA in its meetings held on 21.10.2021 approved the proposal for development of ‘PM GatiShakti National Master Plan (NMP)’ for providing multimodal connectivity infrastructure to various Economic Zones. It aims to depict various economic zones and the infrastructure linkages to holistically integrate all the multimodal connectivity projects, remove missing gaps for seamless movement of people, goods & services, minimize disruptions, improve logistics efficiency. The sectors intended to be included in PM GatiShakti NMP are Transport & Logistics – Roads, Rail, DFC, Airports, Inland Waterways, Ports, Logistics infrastructure, Bulk material transportation, Urban Public Transport; Energy – Electricity Transmission with specific reference to evacuation of renewable energy projects, National Gas Grid; Communication – OFC network, Telecommunication Towers; Commercial infrastructure – Common infrastructure for industrial parks with industrial activities like, Food parks/Textile parks, SEZs, Electronics Manufacturing Clusters, Fishing Clusters/Harbours, Defence Corridors/Industrial Corridors, Pharma & Medical Device Clusters.
In response to the source of funding for the aforesaid project, the Minister stated that there is no financial implication for multimodal connectivity infrastructure to the economic zones under the PM GatiShakti NMP as the concerned line Ministries/Departments will seek funding of their respective infrastructure projects serving the economic zones as per procedures laid under their respective schemes/programmes.
Giving more details, the Minister stated that the National Infrastructure Pipeline (NIP) was launched with projected infrastructure investment of around Rs. 111 lakh crore during FY 2020-2025 to provide world-class infrastructure across the country, and improve the quality of life for all citizens. NIP was launched with 6,835 projects, which has expanded to over 9,000 projects covering 34 sub- sectors. NIP is a first-of-its-kind, whole-of-government exercise and covers all infrastructure sub- sectors, including MSMEs working in infrastructure sector, as mentioned in Harmonized Master List of Infrastructure Sub-sectors notified by Department of Economic Affairs (DEA).
In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series VIII) will be opened for subscription during the period November 29- December 03, 2021 with Settlement date December 07, 2021. The issue price of the Bond during the subscription period shall be Rs 4,791 (Rupees Four thousand Seven hundred ninety one only) – per gram, as also published by RBI in their Press Release dated November 26, 2021.
The Government of India in consultation with the Reserve Bank of India has decided to allow discount of Rs 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be Rs 4,741 (Rupees Four thousand seven hundred forty one only) per gram of gold.
The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021 (CMI Regulations) have been notified in October 2021 providing the regulatory framework for various categories of capital market intermediaries operating in the International Financial Services Centres (IFSC), including broker dealers.
The broker dealers play a significant role in development of the capital market ecosystem, particularly retail participation. The Expert Committee Report on IFSC International Retail Business Development had recommended that the broker dealers in the IFSC may be provided access to global markets.
Based on the representations received from stakeholders at various forums and in line with the practices in some of the competing offshore jurisdictions, the broker dealers in the IFSC have been permitted access to global exchanges outside IFSC with adequate checks and balances.
The broker dealer in the IFSC is permitted to access global access through any of the following manners:
Cross-border arrangement with an entity providing access to an exchange outside IFSC, provided that such entity is a regulated entity in the other jurisdiction; or
Registering itself as a trading member of an exchange outside IFSC, provided that the broker dealer is trading on its proprietary account and does not have any client dealing.
The broker dealer providing global access shall comply with the regulatory provisions of the CMI Regulations and conditions laid out in the circular issued in this regard.
InFinity Forum is IFSCA’s flagship financial technology and global thought leadership event where pressing problems, progressive ideas, innovative technologies from across the world gets Discovered, Discussed and Developed into Solutions and it unites the world’s leading minds in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving the humanity at large.
“The future of FinTech and Industry 4.0 is emerging in India. Just as India will learn from others, we will share our experience and expertise with the world. Because, what drives India also holds hope for others. And, we dream for India is what we also wish for the world. This is a common journey for all” said PM Modi.
In Union Budget speech 2020-21, Union Minister for Finance Corporate Affairs, Smt. Nirmala Sitharaman announced to support a “World Class FinTech Hub” at GIFT IFSC, country’s first International Financial Services Centre (IFSC). IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India.
“As the unified regulator for international financial services centers in India, the IFSCA is focused on fostering and enabling growth of the financial services industry on a global scale. Our flagship Infinity Forum is part of our endeavor to bring together all key stakeholders of the global FinTech Industry to explore the limitless future of the industry in the spirit of mutual cooperation. As the Indian Fintech industry grows exponentially, we have a lot to offer and lot to learn from our partner nations and others that successfully have leveraged FinTech for innovation beyond finance.” said Shri Injeti Srinivas, Chairperson, IFSCA.
The InFinity Forum shall also provide opportunities to
selective FinTech from India and Partner countries including the finalists from sprints organized under I-Sprint’21 series of IFSCA to showcase their innovation in virtual exhibition on 4th December, 2021 and
students of Colleges and Universities from India and Partner Countries to develop and submit Call for Action statements on policy recommendations emanating out of the various sessions at the Forum enabling them to play a key role in shaping the vision and priorities of FinTech industry.
Hon’ble Prime Minister Shri Narendra Modi to inaugurate IFSCA’s InFinity Forum on 3rd December 2021.
The agenda of the Forum will focus on the theme of ‘Beyond’; with various sub themes including:
FinTech beyond boundaries with governments and businesses focussing beyond the geographical boundaries in the development of global stack to promote financial inclusiveness;
FinTech beyond Finance by having convergence with emerging areas such as SpaceTech, GreenTech and AgriTech to drive sustainable development; and
FinTech Beyond Next with focus on how Quantum Computing could impact the nature of Fintech industry in the future and promote new opportunities. Each of the themes extends the realm of FinTech beyond boundaries, keeping in line with the overarching spirit of the event.
Retail Direct scheme is a one-stop solution to facilitate investment in Government Securities by Individual Investors. Under this scheme Individual Retail investors can open Gilt Securities Account – “Retail Direct Gilt (RDG)” Account with the RBI.
Who can open Retail Direct Gilt Account?
Retail investors would mean all individuals (natural persons)
Retail investors, as defined under the RBI Retail Direct scheme, can register under the Scheme and maintain a RDG Account, if they have the following:
Rupee savings bank account maintained in India;
Permanent Account Number (PAN) issued by the Income Tax Department;
Any OVD for KYC purpose;
Valid email id; and
Registered mobile number.
Non-Resident retail investors eligible to invest in Government Securities under Foreign Exchange Management Act, 1999 are eligible under the scheme.
The RDG account can be opened singly or jointly with another retail investor who meets the eligibility criteria.
What are the benefits of the Scheme?
Retail investors (individuals) will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.
The investor can place non competitive bids in Primary issuance of all Central Government securities (including Treasury Bills and Sovereign Gold bonds) as well as securities issued by various State Governments.
Under this scheme, the individual can also access Secondary market through “NDS OM” – RBI’s trading system.
The investor will automatically receive any interest paid/maturity proceeds into his linked bank account on due dates.
What are the facilities available on the RBI Retail Direct Portal?
The RBI Retail Direct Online Portal will facilitate the following:
On-boarding of Retail Direct Investors,
Opening and management of RDG Accounts,
Facilitate participation in Non Competitive Bidding in Primary G-sec Auctions through the Clearing Corporation of India (CCIL)
Facilitate Investing in Sovereign Gold Bonds (SGBs) through CCIL
Facilitate NDS OM access to Retail Direct Investors for secondary market trading and settlement of such trades through CCIL.
Provide Investor Services such as:
Facilitate Corporate Actions such as:
What are the documents requiredfor opening a Retail Direct Gilt Account?
The individual can login to RBI Retail Direct to open a Retail Direct Gilt Account. The account can be opened online with just PAN, Rupee Savings Account, email id and mobile number of the Individual. With these details, the individual needs to complete seamless online KYC procedure to do registration under this scheme. Investors will have to follow the RBI KYC Guidelines while opening the RDG Account.
What is the procedure for opening a Retail Direct Gilt Account?
Eligible Investors will be allowed to register online on the Retail Direct Portal;
The eligible retail clients can open RDG Account either singly or jointly;
To open an account, the investor will have to furnish details like Full Name, PAN, Mobile Number, Email Address, Residential Address, Bank Account number etc. The mobile number and email address will be authenticated using OTP as all further customer request and services will be OTP based;
The user will be provided with a tracking number to track application status;
Such Investors will be subject to Know your Customer Guidelines. CCIL will adhere to the RBI KYC Direction 2018 while onboarding the Investor;
In case of Joint Accounts, the KYC verification is proposed to be done for both the holders. In case of KYC failures, the individual can make new application or resubmit application after making necessary changes;
The Bank Account of the Customer will also be validated
Once the KYC is successful, a Retail Direct Gilt (RDG) Account will be opened in the name of the Investor(s);
Information related to account number, login id & password to access the Online Portal for participating in primary auctions and accessing other services will be made available to the Customer over mail.
It will be mandatory for the Investor to fill in the nomination details at the time of opening of the account. The nomination details will be displayed online to the Investor and the Investor will have to accept the same by uploading and attaching a scanned image of signature.
The RDG Account will be available for primary market participation and well as secondary market transactions on NDS-OM
What is permitted under Primary Issuances?
RDG Account holders have been allowed to participate in the primary issuance of CG/SG/T-bill/SGB. CCIL will act as the Aggregator for receiving bids for Primary Auctions from such Retail Direct (RD) Investors;
CCIL will also act as the Receiving Office for receiving bids for Sovereign Gold Bonds (SGB) from such RD Investors;
How will the bidding happen using the RBI Retail Direct Portal?
The participation of RDG Account holder, in CG/SG/T-bill Primary Auctions will be on non-competitive basis;
CCIL will submit a single aggregate bid (consisting of all RDG Account holders non-competitive bid in a particular security) to RBI on auction date;
In case of SGB, the individual bids of each RDG Account holder is proposed to be sent to RBI;
The RDG Account holders will be allowed to place bids and withdraw bids during the bidding interval or the period of subscription (for SGBs);
Only one active bid will be allowed per retail client in the non-competitive portion for respective Security. In case of CG/SG/T-bill, the bidding will be in minimum & multiple of FV 10,000, in case of SGB, FV unit of 1 gram;
The maximum limit per bid specified by RBI (presently Rs 2 crore for CG/T Bill and 1 percent for SG) will be validated;
How will the payment be made for the bids placed on the RBI Retail Direct Portal?
For the Primary Auction market, a Bid is required to be backed by funding based on indicative price and accrued interest alongwith a Markup (as non-competitive allotment price shall be known only after auction cut off) for protection against any adverse price movement till Auction Settlement Date. The Markup will be refunded to the Investor post allocation based on the Cut Off Price for the Auction;
In case of SGBs, the funding will be based on Issue Price declared for the particular Issue;
For making payment for the bids, the retail clients can use services like UPI (Transfer or Block) and Net Banking to transfer funds to a designated current account using Payment Gateways linked to the Online Portal;
The funding of the bids can be done either at the time of bidding or at a later time, but, before the closure of bidding/subscription window. Bids which are not funded as on the date of submission of bids to RBI will be cancelled.
When will the allotment be made and credited to the RDG Account?
Based on the allotment advice received as a part of the auction result, the allotments will be made to the Individual Investors;
In case of full allotment, each bidder will be allocated in full FV for which he/she had submitted the bid. In case of partial allotment, a pro-rata allotment will be made to the bidder based on the partial allocation percentage determined during the result declaration process;
Once the allotment is completed, the revised consideration for allotted bids shall be recomputed based on Weighted Average Price (WAP) declared by RBI in respective Security Auction;
On settlement date of Auction, post settlement at RBI, the RDG account shall be credited with the security to the extent of Face Value allotment;
In case of SGBs, post allotment of SGB units at RBI, the RDG account shall be credited with the SGB unit to the extent of allotment;
RDG account holders shall be provided with requisite queries to view the allotment on the portal. RDG account holders shall also be notified through a SMS message on their registered mobile and registered email;
When will the excess mark up collected at the time of bidding be refunded?
After the weighted average price is announced by RBI, the excess markup,will be refunded to the Retail Direct Investor on the settlement date.
Such refunds will be processed by the online portal and will be remitted to the retail client’s respective bank accounts;
The retail client can view such details on the portal. Email and SMS will also be sent to the client about such updates;
How can the NDS OM Secondary Market Portal be accessed?
The NDS OM Secondary Market Portal can be accessed through the RBI Retail Direct Portal. Each registered RD Investor opting for secondary market trading on NDS OM will be provided a CCIL ID. RDG will be permitted to access NDS-OM Order Matching Segment and Request for Quote (RFQ) Segment.
What is the procedure for carrying out secondary market trades on NDS OM?
RDG Account holders can trade in CG/SG/T-bill/SGB, in the Odd Lot segment. RDG available balances would be transferred to NDS OM at the beginning of the day;
RDG can place sell orders only to the extent of balances available. Other transfers would be permitted in the RDG Account only after end of trading day;
RDG can place buy orders only after remittance of funds using service like UPI(Transfer/Block) and Net Baking through Payment Gateways linked to the NDS OM Retail Portal. Funds remitted by RDG shall be received in the designated current account with the Bank providing Payment Gateway;
How does the secondary market settlement happen?
Trades executed by Retail Direct Investors will flow to CCIL for settlement. Settlement would happen on T+1 day;
Securities credit to RDG in respect of their purchases shall be made post completion of settlement on settlement date;
Fund credit to RDG in respect of their sale shall be made after completion of settlement on settlement date to their registered Bank Accounts;
In case the funds remitted by the Retail Direct Investor using the Payment Gateway is not received by CCIL, the securities purchased by the Retail Direct Investor may not be credited to the RDG Account, till the time the funds are received by CCIL from the Payment Gateway.
In case of a failure by a seller from whom the Retail Direct Investor has purchased a security, to deliver the concerned security, the funds remitted by the Retail Direct Investor will be refunded to the Retail Direct Investor on the settlement day.
When will the excess money transferred for secondary market purchase be refunded?
The excess funds received from Retail Direct Investor after adjusted the trade consideration shall be refunded back to Retail Direct Investor on the date of receipt/settlement date;
How will the corporate actions (coupon and redemption) on the RDG holdings serviced?
On receipt of coupon/ redemption proceeds from RBI, the exact entitlement of each RDG account holder will be computed based on their holdings;
The exact amount to be paid will be computed and remitted to the respective bank account of each RDG Account holder holding concerned security on the day of receipt from RBI;
The RDG account holders can view such Corporate Action details on the online portal;
How can the Holding Statement of RDG Accounts be viewed?
The RDG Account holder will have access to information about his/her holding balances on a daily basis. Such information can be viewed on the portal by the RDG Account holder. Period Account Statements will also be mailed to the RDG Account Holder;
What are the other services available under the Retail Direct scheme?
The following additional services are proposed to be made available to the Retail Direct Investor on the RBI Retail Direct Portal:
What are the charges/fees payable?
No fee will be charged for opening and maintaining ‘Retail Direct Gilt account’ with RBI. No fee will be charged by the aggregator for submitting bids in the primary auctions. Fee for payment gateway etc., as applicable, will be borne by the registered investor.
What is the Role of Clearing Corporation of India Ltd (CCIL)?
CCIL is authorized by the Reserve Bank of India to act as an aggregator for Primary Issuances and as Receiving Office for Sovereign Gold Bondsfor the Retail Direct Investors. CCIL is also authorized by RBI to operate the NDS OM platform.