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Ecosystem for Fin Tech Companies

News and Press Release - Dated:- 16-3-2018 - The Reserve Bank of India (RBI) had set up an inter-regulatory Working Group (WG) to look into and report on the granular aspects of Fin Tech and its implications so as to review and reorient appropriately the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech scenario. The report of the Working Group that inter-alia contains various recommendations has been released by RBI for public comments and is available at https:/ .....

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tive comparative strengths vis-à-vis other emerging economies. The Steering Committee will also focus on how Fin Tech can be leveraged to enhance financial inclusion of Micro, Small & Medium Enterprises (MSMEs). The Terms of Reference of the Steering Committee include: To take stock of the developments in the Fin Tech sector globally, and in India, and arrive at a common shared understanding of the current state of play; To analyse critically the regulatory regime spread over differen .....

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in the sectors identified for focused interventions; To promote ease of doing business in the Fin Tech sector; To consider means of using data with Goods and Services Tax Network (GSTN) and data residing with information utilities such as Credit Information Companies (CICs), etc in open domain with a view to developing applications for financing of MSMEs; To work with Government agencies like Unique Identification Authority of India (UIDAI) to explore creation and use of unique enterprise identi .....

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y from Disclosure to Light-Touch Regulation & Supervision to a Tight Regulation and Full-Fledged Supervision , depending on the risk implications. There is a need to develop a more detailed understanding of risks inherent in platform based Fin Tech. Various financial sector regulators to identify sector specific Fin Tech products and regulatory approaches. The adoption of digital channels to replace manual time-consuming processes to empower customers and / or workforce in insurance sector. .....

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r experience in a cost effective manner. Financial sector regulators need to engage with Fin Tech entities in order to chalk out appropriate regulatory response and with a view to re-align regulation and supervision in response to the changing environment. In order to identify and monitor the challenges associated with the development of major Fin Tech innovations and to assess respond to opportunities and risks arising for the financial system from these innovations, a dedicated organizational .....

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ies for consumers in Indian context similar to other regulatory jurisdictions. In view of Institute for Development & Research in Banking Technology (IDRBT) s unique positioning as a research and development institute, and as indicated by some of its activities, it is felt that IDRBT is well placed to create and maintain a regulatory sandbox in collaboration with RBI for enabling innovators to experiment with their banking/payments solutions for eventual adoption. The Institute may continue .....

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