1. Regulatory Updates
1.1. India
Reserve Bank of India (RBI)
1.1.1. RBI Launches ITES Exports Survey for 2024–25
The Reserve Bank of India (“RBI”) has initiated its annual Survey on Computer Software and Information Technology Enabled Services (“ITES”) Exports for the financial year 2024–25. The Survey captures export data relating to software services, ITES, and Business Process Outsourcing (BPO), contributing both to India’s external sector statistics and public domain dissemination. All software and ITES/BPO exporters are mandated to submit the updated survey schedule, now available in Hindi and English on RBI’s portal, via email by July 15, 2025.
1.1.2. RBI Launches FLA Survey for Mutual Funds and AMCs (2024–25 Round)
RBI has initiated the 2024–25 round of its Survey on Foreign Liabilities and Assets (“FLA”) of mutual funds and Asset Management Companies (“AMCs”). The Survey captures data as on March 31, 2025, and contributes to India’s external sector statistics and public dissemination. AMCs must file the annual FLA return through the FLAIR Portal by July 15, 2025, while mutual fund companies must submit Schedule-4 via email, accessible on the RBI website under ‘Regulatory Reporting’. Formats in Hindi and English are provided. Queries may be directed to the contact provided in the RBI notice.
1.1.3. RBI Initiates 15th Round of Foreign Collaboration Survey (2023–25 Period)
RBI has launched the 15th round of its Survey on Foreign Collaboration in Indian Industry, covering the reference period 2023–24 and 2024–25. The Survey targets Indian companies engaged in foreign technical collaborations, gathering key operational data (e.g., production, exports, imports) and critical details of technology transfer agreements (e.g., duration, payment structure, exclusive rights). The updated survey schedule is available in Hindi and English on the RBI website under ‘Regulatory Reporting’, to be submitted via email by July 15, 2025. Queries may be directed to the RBI contact provided in the official release.
The Securities and Exchange Board of India (SEBI)
1.1.4. SEBI mandates inclusive digital KYC norms for persons with disabilities
The Securities and Exchange Board of India (“SEBI”) has revised its “Know Your Client Requirements” FAQs to enable Digital KYC accessibility for Persons with Disabilities (PwDs), including the visually impaired. Intermediaries—brokers, depository participants, etc.—must now adopt screen-reader-friendly platforms and simplified documentation protocols. This move aligns with the Rights of Persons with Disabilities Act, 2016 and international accessibility norms.
1.1.5. Monetary Penalties
RBI imposes monetary penalties on the following financial institutions:
| Name of the Financial Institution | Penalty Imposed | Reasons |
| RBI imposes monetary penalty on Kunbi Sahakari Bank Ltd., Mumbai, Maharashtra | INR 2,50,000/- (Indian Rupees Two Lakh Fifty Thousand only) | Non-compliance with specific directions issued under the Supervisory Action Framework (SAF) and certain directions on ‘Know Your Customer (KYC)’. |
2. Key Asian Markets – Indonesia & Vietnam
2.1. Indonesia
2.1.1. BI and Banque de France Sign MoU to boost central banking cooperation
Bank Indonesia (“BI”) and Banque de France (BdF) have entered into an MoU effective from May 15, 2025, aimed at enhancing cooperation in monetary policy, financial stability, payment systems, and sustainable finance. Signed by BI Governor Perry Warjiyo and BdF Governor François Villeroy de Galhau, the MoU coincides with the bilateral meeting between President Prabowo Subianto and President Emmanuel Macron. Key focus areas include digital innovation, climate-related financial risks, and AML/CFT/CPF regulations, with implementation via policy dialogues, joint research, and capacity-building initiatives.
2.1.2. BI and People’s Bank of China expand local currency cooperation
BI and the People’s Bank of China (PBOC) signed an upgraded Memorandum of Understanding (MoU) to establish a Framework for Cooperation aimed at promoting bilateral transactions in local currencies. Witnessed by President Prabowo Subianto and Premier Li Qiang, the new MoU builds on the original 2020 agreement, extending the scope from current account and direct investment to all capital and financial account transactions. The initiative seeks to deepen payment connectivity and strengthen monetary and financial market collaboration between the two nations.
2.2. Vietnam
2.2.1. SBV announces ‘Digital Transformation Event 2025’ for banking sector
The State Bank of Vietnam (“SBV”) has announced the “Digital Transformation Event 2025” themed “Smart digital ecosystem in the new era”, reinforcing the banking sector’s leadership in Vietnam’s national digital agenda. The event highlights milestones since the adoption of Decision No. 810/QD-NHNN, including legal reforms and emphasis on security protocols. SBV will implement seven strategic measures, including: (i) accelerating digitalisation plans under Resolution No. 57-NQ/TW and Resolution No. 71/NQ-CP, (ii) regulatory improvements, (iii) cross-ministerial coordination, (iv) shared digital infrastructure, (v) global collaboration, (vi) inter-sectoral data integration, and (vii) financial literacy promotion.
3. Trends
3.1. Karnataka to notify draft rules on Gig Workers’ Welfare within two weeks
Following the clearance of the Gig Workers (Social Security and Welfare) Ordinance by the Governor of Karnataka, the State Government will release the draft rules within two weeks. These rules will operationalise the levy of a 5 per cent (five per cent) cess on platform aggregators to finance welfare schemes for gig and platform workers. The draft is also expected to outline the constitution of a dedicated welfare board, thereby setting the regulatory groundwork for structured social security benefits in the gig economy.
3.2. MeitY sets up panel to develop national framework for GCCs
The Ministry of Electronics and Information Technology (“MeitY”) has constituted a panel to draft a national framework for Global Capacity Centres (“GCCs”). The panel includes NASSCOM, Zinnov Consulting, ANSR, KPMG, and Invest India. The initiative aims to streamline policy support and promote India as a preferred destination for setting up and expanding GCCs. According to NASSCOM, over 16 (sixteen) new GCCs were established in India during the first quarter of 2025, highlighting growing investor confidence in India’s digital and human capital ecosystems.
4. Business Updates
4.1. SEBI grants approval to Jio BlackRock JV for mutual fund operations
SEBI has granted a certificate of registration to Jio BlackRock Mutual Fund and approved Jio BlackRock Asset Management Private Limited to act as its Asset Management Company (“AMC”). The Joint Venture (“JV”) between Jio Financial Services Limited (“JFS”) and BlackRock seeks to cater to retail and institutional investors in India. The AMC aims to leverage JFS’s domestic market presence and BlackRock’s global investment and risk technology expertise, with plans to launch a diverse suite of investment products in the coming months.
4.2. Moneyview rebrands parent entity to align with IPO plans
Fintech unicorn Moneyview has renamed its parent company from Whizdm Innovations Private Limited to Moneyview Private Limited, as per a board resolution dated May 15, 2025. The rebranding precedes its anticipated USD 400 Million (United States Dollar Four Hundred Million only) Initial Public Offering (“IPO”). The move is aimed at improving brand recall and aligning the corporate identity with the consumer-facing brand, thereby strengthening stakeholder confidence ahead of the public listing.
4.3. IFC proposes USD 30 Million investment in L Catterton India Fund
The International Finance Corporation (“IFC”) has proposed an equity commitment of USD 30 Million (United States Dollar Thirty Million only) in the L Catterton India Fund, a consumer-focused fund targeting USD 600 Million (United States Dollar Six Hundred Million only) in commitments.
4.4. RBI grants in-principle approval to PayPal for cross-border PA operations
PayPal Payments Private Limited, the Indian subsidiary of NASDAQ-listed PayPal Holdings Inc., has received in-principle authorisation from the RBI to operate as a Payment Aggregator – Cross Border Export (PA–CB–E). This approval enables PayPal to process cross-border digital payments for merchants engaged in the export of goods and services under a regulated framework. The development reflects RBI’s continued emphasis on secure, seamless cross-border transactions and paves the way for expanded participation in global e-commerce by Indian exporters.
4.5. Government directs e-commerce firms to eliminate dark patterns and conduct internal audits
The Department of Consumer Affairs, during a high-level meeting chaired by Union Minister Pralhad Joshi, instructed all major e-commerce platforms to ensure strict compliance with the Guidelines for Prevention and Regulation of Dark Patterns. Platforms were directed to integrate these guidelines into internal governance frameworks and conduct regular internal audits.
4.6. India launches ‘Know Your DIGIPIN’ and ‘Know Your PIN Code’ portals to modernise address infrastructure
The Department of Posts, under the Ministry of Communications, has launched two digital platforms—‘Know Your DIGIPIN’ and ‘Know Your PIN Code’—aligned with the National Geospatial Policy 2022. The Digital Postal Index Number (“DIGIPIN”) system, developed with IIT Hyderabad and ISRO’s NRSC, provides geo-coded, grid-based digital addresses to enhance delivery accuracy, logistics, and emergency response.
4.7. NITI Aayog releases roadmap for Medium Enterprises in Viksit Bharat @2047 vision
NITI Aayog has released a report titled “Designing a Policy for Medium Enterprises”, identifying them as the future large enterprises and key contributors to the Viksit Bharat @2047 agenda. Despite constituting only 0.3 per cent (zero point three per cent) of all Medium Small Micro Enterprises (“MSMEs”), medium enterprises account for 40 per cent (forty per cent) of MSME exports, indicating vast untapped potential. The report recommends tailored financial tools, technology integration (Industry 4.0), cluster-based testing infrastructure, R&D support, skill development, and a centralised digital portal to boost sectoral competitiveness and growth.
4.8. India and WHO sign MoU to globalise Ayush through ICHI framework
The Ministry of Ayush and the World Health Organisation (“WHO”) have signed a landmark agreement on May 24, 2025, to develop a Traditional Medicine module under the International Classification of Health Interventions (“ICHI”). This initiative aims to scientifically mainstream Ayurveda, Yoga, Siddha, and Unani systems globally by classifying therapies like Panchakarma and Yoga therapy into standardised health intervention codes. Benefits include transparent billing, insurance integration, and enhanced global accessibility. WHO Director-General welcomed India’s USD 3 Million (United States Dollar Three Million only) contribution, terming it a significant step toward health for all.
Disclaimer
The note is prepared for knowledge dissemination and does not constitute legal, financial or commercial advice. AK & Partners or its associates are not responsible for any action taken based on its contents.
