The Steering Committee on Fintech has submitted its report to the Finance Ministry.
About:
Background: The committee was formed in March 2018 under the chairmanship of the Economic Affairs Secretary.
Mandate: To consider various issues relating to the development of the fintech sector in India, and how fintech can be used to enhance the financial inclusion of MSME’s.
Recommendations:
Department of Financial Services and the Reserve Bank of India may examine the suitability of ‘virtual banking system’ in the Indian context.
Take steps to eliminate any discrimination in access to payment infrastructure to non-banks as compared to banks, with a view to enhance competition and innovation.
Public Sector Enterprise (PSE) financial service companies should use fintech to bolster cybersecurity, fraud control and anti-money laundering.
NBFCs should be incentivised to “work in the agricultural space by including them in credit guarantee schemes.”
Improve debt financing in India by developing a marketplace model by reforming the current peer-to-peer (P2P) lending platforms.
To ease the KYC process, consider various options, including video-based KYC, making available validated electronic versions of KYC-related documents through a DigiLocker, and making these available for verification by service providers with customer consent.
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