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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 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 governing regulations; there is a need to temporarily ease regulations for enabling the proposed innovation; and the proposed innovation shows promise of easing/effecting delivery of financial services in a ...

Get Set, Co-Create: This Startup Is On The Fast Lane To Innovate With Mercedes Benz’s Startup Autobahn

The world, as we know it, is evolving at breakneck speed and technology is at the core of this rapid digital transformation. Every day, companies and entrepreneurs break new ground in innovation and push the boundaries of technology a bit more. In order to sustain the pace of innovation that is truly transformative and disruptive, companies and startups have to find scope for collaboration. This concept called Co-Create has been propagated by economists and industry experts worldover. The World Economic Forum cites the example of Europe, which boasts of an innovation-driven ecosystem and is reaping its benefits. Its economic growth rate is higher than that of the USA and the growth forecast for the future looks optimistic. This change is largely propelled by the changing nature of business...

Inviting comments on draft regulatory sandbox framework by RBI

Dear All, 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 governing regulations; there is a need to temporarily ease regulations for enabling the proposed innovation; and the proposed innovation shows promise of easing/effecting delivery of financial services in a significant way. While these sandboxes have been mandated to focus on thematic cohorts such as financial inclusion, payments and lending, digital KYC; any product/services which have been ...

Member consultation: CBDT’s draft rules on attribution of profits to PEs

The CBDT has on 18.04.19 released draft rules (available here) on attribution of profits to permanent establishments. These would have widespread ramifications for multinational companies that are having sales in India or users in India.  The rules appear to be timed with a view to pre-empt the discussions on the digital economy at the OECD/ G20 and could also be a harbinger of the significant economic presence criteria.  The proposed rules give a go-by to transfer pricing principles based on functional analysis and bench-marking, preferring to adopt fractional formulary allocation for attribution of profits to the PE. Key observations from the report of the constituted Committee: The Committee explains its rationale for not adopting the OECD guidance that gives primacy to the Functions, A...

Shaping the future of dealership with AI

AI and current scenario in dealership sector We are surrounded by AI, though we truly don’t acknowledge it. It has been used in commercial flights by pilots since 1900s, and we see it commonly being used for various activities such as depositing checks. With the evolving AI, several sectors such as automotive business are looking for greater assistance to bring more convenience. The AI in the dealership can be ground-breaking change as human interaction is prominent in this sector. However, automotive industry faces certain challenges that we need to take into consideration. Challenges in the dealership business • Increased Competition Over the years the independent aftermarket chains have made their way into recession. Because of the increased sales of new vehicles, the vehicles operating...

NASSCOM Industry Consultation on Review of Terms and Conditions for registration of Other Service Providers (OSPs)

Agenda: Discussion on TRAI Consultation Paper on review of OSP registration process. Date: 23rd April 2019 (Tuesday) Timing: 11.00 am – 1.00 pm   Venue – Willow Hall, Habitat World, India Habitat Centre, Lodhi Road New Delhi-110003 (Entry from gate number 3 on Vardhaman Marg) Pre-reading Material: Click here to download A list of key questions that we plan to discuss during the roundtable. Our previous submission made to Government  on OSP issues highlighting various challenges and need for simplification of the OSP registration process. For further details and registration: Kindly mail at deepak@nasscom.in

Detecting Stillbirths With Smart Sensors

Enduring a stillbirth can be a traumatising and painful experience for parents. In 2015, there were 2.6 million stillbirths globally, with an average of 7,178 deaths per day. Most of these stillbirths take place in under-developed or developing nations, and due to a significant delay in reporting abnormalities in pregnancy parameters and milestones. The window for detection of stillbirths specifically is narrow, in most cases 24 hours. Unless there is a convenient and accurate way to monitor foetal movements and possible distress, it becomes challenging to treat the condition. This was the main source of inspiration for Shivi Kapil, who is using principles of design and technology to mitigate the occurrence of stillbirths. During her stint at NID while pursuing a master’s degree in User Ex...

Increase Your Business Potential Using Blockchain Technology

Often owning a dealership business does not pay you back the way you had hoped it would. For instance, there can be times where you have served a lot of clients but gained nothing more than a few bucks. This is often normal because of the human error, procedural delays and inefficiency due to lack of technology. But would you not like to eliminate these mistakes and boost your business with the help of digital transformation. You would be surprised to know that with the next-gen technology blockchain, this is quite true. What is blockchain? The blockchain technology records the transactions to a digital lender where it is not possible to change or alter them. They are linked with the help of cryptography. The information on the blockchain can be verified easily and is open to the public. A...

Digitizing Rural Agricultural Universities!

I had promoted iWeb with a colleague in 2005 with the idea to emulate what SAP does for the world, we wanted to be the web based SAP for India back then in 2005. We were clear on 2 things, 1 – we want to be a product company, 2 – we want to make in india & also sell in india This is our base DNA which survives and thrives even today! 13 years with a lot of sultry indian customer experience, angel funding in 2013 which made us 4 promoters and salt & pepper hair at 36 (with the extensive india travel & managing Indian customer expectations) has given us a lot of food for thought Back then in 2013 we took a call that the real fun if we want to stay, sell & thrive in India will be to focus our energies & solutions in and around Rural India as that is where the t...

Bot’s The Way For Smart Governance

More than five decades ago, the world witnessed its first chatbot ELIZA created by Joseph Weizenbaum. The chatbot supposedly managed to dupe some users into thinking it was a human, essentially setting the foundation for chatbot structures such as keywords, specific phrases and pre-programmed responses. Today, the chatbot market has skyrocketed. The market is projected to cross $5bn by 2023, supporting sectors such as BFSI, healthcare, IT, telecom, retail, utilities and notably, governments. Our government’s Digital India initiative has prompted a significant increase in adoption of digitization, especially in the government too. Successful and efficient governance is when a citizen feels his voice is heard, and his queries resolved. Governing a billion citizens is no mean task, but techno...

Mitsubishi Electric Establishes Company-wide Framework for Reducing Cybersecurity Risks

On April 1, Mitsubishi Electric Corporation will establish the Product Security Incident Response Team (PSIRT) as a new company-wide framework dedicated to promptly and reliably responding to and reducing cybersecurity risks in products and related services in all divisions and branches. As the adoption of IoT continues to spread, the risk of products being exposed to cyber-attacks is rising.  Companies that sell networked products are obliged to counter such vulnerabilities and responsibly disclose information if customers are ever impacted by such threats.  The company’s new PSIRT unit will create a company-wide framework for controlling and managing product security activities to help customers avoid serious damage or impact from cybersecurity risks. According to Mitsubishi Electr...

Operations Cybersecurity Addressed by Engaging Engineering Disciplines

Overview In recent years, the term “operations technology,” or “OT,” has emerged to describe technology used to manage and control manufacturing processes and other industrial operations. Unfortunately, the precise definition of this term is often ambiguous. OT systems collect, store and process information and execute complex control algorithms to operate these facilities safely and reliably. Their components are typically tightly connected using both internal and external networks. The imperative to protect these networks from cybersecurity-related risks further complicates the situation and demands operations cybersecurity. Information security has long been an established discipline within most IT (information technology) organizations. As OT systems have grown in number and complexity...