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ARTICLE · 21 MAY 2020

Examining The Recommendations Of The Steering Committee Report On Fintech Related Issues

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The Steering Committee on Fintech Related Issues (‘Committee'), set up by the Ministry of Finance, recently issued its report (‘Report')[1], in which it takes stock...

IndiaTechnology
Ikigai Law
Ikigai Law
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The Steering Committee on Fintech Related Issues ('Committee'), set up by the Ministry of Finance, recently issued its report ('Report')1, in which it takes stock of developments in the fintech space, globally and in India. It makes 45 recommendations to enable fintech, particularly in critical sectors of the economy, and to promote 'ease of doing business' in India. Its focus areas include removing the disparity between bank and non-bank players, supporting Micro, Small and Medium Enterprises ('MSMEs') and the agricultural sector to promote financial inclusion, supporting the role of data in lending and enabling digitisation of key processes. Innovation in the financial sector through open data, digital KYC, inter-regulatory cooperation, sandboxes, etc., are other key recommendations.

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