RBI's New Gaming Ban: Financial Sector Urges Guidelines

Banks and financial services firms are urging the Reserve Bank of India for detailed guidelines to implement the online money gaming ban following the enactment of the Promotion and Regulation of Online Gaming Act. The firms also requested additional time to ensure compliance under the new legislation.

Banks and financial services firms have requested detailed guidelines from the Reserve Bank of India (RBI) to implement the newly introduced ban on online money gaming. This plea came after their joint meeting with the Department of Financial Services and the IT Ministry.

Following reports of individuals incurring heavy monetary losses, prompting tragic incidents, the government recently enforced the Promotion and Regulation of Online Gaming Act to ban online money gaming. The discussion primarily focused on understanding the act and planning compliance strategies.

While the government finalizes the rules accompanying the act, banks and financial institutions are aiming to align their operations to comply. The act prohibits money game advertisements and financial transactions that facilitate them, imposing severe penalties for violations. A significant number of online gaming platforms have already ceased their money-based services.

(With inputs from agencies.)