18 search results for "fintech"

Policy Brief: Highlights of the Steering Committee’s Report on Fintech Related Issues

Context On 2 September 2019, a Steering Committee headed by Secretary, Department of Economic Affairs (DEA), Ministry of Finance submitted its final report on fintech related issues to the Finance and Corporate Affairs Minister Nirmala Sitharaman. The committee has  recommended setting up of a taskforce on data protection in the financial sector, an inter-ministerial steering committee on fintech ...

New Faces of Money Lending

Taking loans from banks used to be easy for established businesses, salaried people and for people with good credit scores (750+). Higher the credit score, lower the interest rate. But recent rise in loan defaults by big businesses and individuals has shaken the whole lending industry and led to extensive soul searching to discover innovative ways to tackle this market segment. With credit demand ...

Fintech Lending – “Unlocking Untapped Potential”

NASSCOM’s Fintech Lending – “Unlocking Untapped Potential” underlines how Fintech lending market have evolved in recent years. This report focuses entirely on Fintech lending segment under the broader Fintech umbrella. We have traced the evolution of Fintech Lending industry in India while highlighting the key drivers for growth, trends, challenges and opportunities. The report also highlights new...

Policy Update: Finance Ministry introduces digital KYC under PMLA

Context The Ministry of Finance (Department of Revenue) has introduced digital KYC (know your customer) by amending the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, it said in a gazette notification dated 19 August 2019. “digital KYC means the capturing live photo of the client and officially valid document or the proof of possession of Aadhaar, where offline verification c...

Creating a Conducive Ecosystem for the FinTech Sector to Thrive – Part II

This is the second of a 2-part blog series covering the discussions between BFSI Industry Leaders and Startup Founders under the aegis of NASSCOM’s 10000 Startups initiative. You can view the first part here. The new wave of technologies has encouraged alternate practices driving operational efficiency, reduced manual intervention, heightened automation, etc. In such a scenario, BFSI firms would h...

Creating a Conducive Ecosystem for the FinTech Sector to Thrive

Fintech startups form the second largest segment (14% share) in India’s startup space (7,200-7,700 startups). Lending, digital payments and wealth management are the three main focus areas for Fintech startups. Given its growth potential and the deep interest of BFSI players to engage with Fintech startups, NASSCOM through its 10000 Startups initiative, invited BFSI Industry Leaders and Startup Fo...

NASSCOM’s Feedback on SEBI’s Discussion Paper on Framework for Regulatory Sandbox

At the outset, we would like to congratulate the Securities and Exchange Board of India (SEBI) for taking this positive step towards seeking public comments on an important piece of regulation. As the representative of the information technology industry, we also thank SEBI for this opportunity to present our views and suggestions on the Discussion Paper on Framework for Regulatory Sandbox, which ...

Requesting inputs on SEBI’s Discussion Paper on Framework for Regulatory Sandbox

The Securities and Exchange Board of India (SEBI) has proposed a framework for regulatory sandbox where financial institutions regulated by it shall be granted certain facilities and flexibilities to experiment with FinTech solutions in a live environment and on real customers.  According to the discussion paper released by SEBI on May 20, the sandbox may be used by FinTech startups and entities n...

Building FinTech Products

The global financial sector is becoming both more strategically focused and technologically advanced to respond to consumer expectations. The traditional methods of financial services have metamorphosed to utilities that are just a click away. With all the technology disruption around there are still challenges that influence the fintech product behaviour significantly. These challenges range from...

Policy Brief:RBI’s draft enabling framework for regulatory sandbox

NASSCOM Policy Brief   24.04.2019  The Reserve Bank of India’s draft enabling framework for regulatory sandbox   Context In a move to promote technological innovations aimed at financial inclusion, the Reserve Bank of India (RBI) has proposed to set up regulatory sandboxes where startups can test new products, services or business models with customers in a live environment, subject to certain saf...

Inviting comments on draft regulatory sandbox framework by RBI

The Reserve Bank of India (RBI) has proposed to set up regulatory sandboxes where startups can test new products, services or business models with customers in a live environment, subject to certain safeguards and oversight. According to the draft consultation paper released by the central bank last week, the focus of these sandboxes will be to encourage innovations where there is absence of gover...

Gramcover: De-risking Rural Indian by harnessing the twin levers of technology and rural human capital

A doorbell rings at a house-hold in Kalkaji, the lady of the house comes to see who’s at the door. She had ordered her groceries from Grofers and is greeted by the ever-smiling delivery boy holding a big bag full of her regular Arial and Atta. As soon as the delivery boy finishes, keeps all her groceries on the dinning table, he asks- “Madam, card ya cash?”. Madam says- Card le lo and the grocery ...

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