Some of the recent guardrails introduced/amendments introduced in the form of regulations/notifications in last few years include:
1. Amended guidelines for Processing and Settlement of Export related receipts
2. Amendment to the Master Direction on Credit Card and Debit Card, with a strong linkage to co-branded cards issuance.
3. Circular on arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards
4. Master directions on Prepaid payments instruments
5. Regulations of the Payments aggregators (online)
6. Regulations of the Payments aggregators (offline, draft directions)

With all of these directions, the RBI has been very clear that the core model of payments and banking will remain the same. The innovations can come on the distribution, or the technology related elements, however, the guidance on the core proposition of the offerings have to remain within the defined spectrum of possibilities by the regulator.
Tough times for Fin-techs to pivot and testing times for banks to exist. The ecosystem players will have to mould themselves and sail through the next phase of growth, or they perish!
They will have to go through this trial by fire for the sustenance.
There’s definitely more that will unfold in the coming years with the Fintechs, banks and the regulator. Let’s wait and watch, and hope for the best.