Is the fintech sector in India under a regulatory siege?
1 week, 5 days ago

Is the fintech sector in India under a regulatory siege?

Live Mint  

The regulatory developments and the actions of the Reserve Bank of India on fintech entities in 2024 received widespread coverage. So, is the narrative of the fintech sector facing regulatory headwinds really true? These numbers do not seem to support the view that the fintech sector is under increased regulatory scrutiny. A fintech firm with an innovative product idea or capability to identify potential borrowers using alternate data would want to tie up with a non-banking financial company or bank to lend.

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History of this topic

Govt taking various measures at policy level to help fintech sector: Modi
4 months, 2 weeks ago

Govt taking various measures at policy level to help fintech sector: Modi

Deccan Chronicle  

Mumbai: Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024 here, the …

PM Modi at Global Fintech pavilion in Mumbai: Govt taking various measures at policy level to help fintech sector
4 months, 2 weeks ago

PM Modi at Global Fintech pavilion in Mumbai: Govt taking various measures at policy level to help fintech sector

The Hindu  

Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over $31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024, the Prime Minister also …

The impact of technology on finance: Enhancing experiences and safety
9 months ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Why is RBI so cranky about fintech firms after Paytm crisis?
10 months, 3 weeks ago

Why is RBI so cranky about fintech firms after Paytm crisis?

Hindustan Times  

First, Paytm was asked to freeze its banking business, a crackdown so severe that India’s pioneering digital payments firm bled out nearly 60% of its market value in two weeks. While freezing fresh credits into Paytm Payments Bank accounts for “persistent non-compliances and continued material supervisory concerns,” RBI mandated that the bank terminate the nodal accounts of One 97 Communications …

RBI Governor says no need to worry about fintech system at the moment
11 months ago

RBI Governor says no need to worry about fintech system at the moment

New Indian Express  

NEW DELHI: Allaying fears over the functioning of digital payment banks amid Paytm controversy, Reserve Bank of India Governor Shaktikanta Das on Thursday said there is no need to worry about the fintech system at the moment. The apex banks’ emphasis has always been on the bilateral engagement with the regulated entities to nudge them for corrective actions and sufficient …

Promoting Financial Inclusion To Boosting Small Businesses: Key Expectations Of Fintech Industry From Budget 2024
11 months, 3 weeks ago

Promoting Financial Inclusion To Boosting Small Businesses: Key Expectations Of Fintech Industry From Budget 2024

ABP News  

By Roshan Shah The onset of the New Year is accompanied by hopes and expectations associated with the interim Budget. While the past year, the sector experienced regulatory reforms that helped drive the sector’s growth, this year, the market expects the Budget's focal point to be actively promoting financial inclusion in the country. Accelerate digital payments, promote innovation, and reduce …

RBI Governor Shaktikanta Das Urges Fintech Players To Set Up Self Regulatory Organisation At GFF
1 year, 4 months ago

RBI Governor Shaktikanta Das Urges Fintech Players To Set Up Self Regulatory Organisation At GFF

ABP News  

Shaktikanta Das, governor of the Reserve Bank of India, on Wednesday urged fintech players to set up a Self Regulatory Organisation at the earliest for an orderly growth of the industry. "Fintech players need to evolve industry best practices, privacy, and data protection norms in sync with the law of the land," he said, adding that they can also set …

Budget 2023-24 Expectation: Decisive policy decisions required to create future-ready fintech industry
1 year, 11 months ago

Budget 2023-24 Expectation: Decisive policy decisions required to create future-ready fintech industry

Firstpost  

The year 2023 is pivotal for the Indian economy. Simplify and streamline KYC process Easing the Know Your Customer requirements for both registered entities and fintech can help to streamline the onboarding process for customers and reduce compliance costs for businesses. The government should focus on incentivizing financial institutions and fintech to adopt digital lending platforms by providing tax breaks …

Budget 2023: What Fintech companies expect from Modi govt
1 year, 11 months ago

Budget 2023: What Fintech companies expect from Modi govt

India TV News  

Budget 2023: The Fintech sector has been a frontrunner for the growth of the India's financial industry. The sector is rightfully portrayed as a vital constituent for supporting Indian government’s efforts for financial inclusion and digital India, and a bridge to reach the $5 trillion economy target by 2025. With the upcoming Union Budget 2023-24, the timing has been ideal …

Budget 2023: Fintech Industry Eyes More Clarity On Existing Regulations, Streamlining Process For Obtaining Licenses
2 years ago

Budget 2023: Fintech Industry Eyes More Clarity On Existing Regulations, Streamlining Process For Obtaining Licenses

ABP News  

The fintech industry has experienced tremendous growth in recent years, and it is expected to continue to play a significant role in the financial sector in the coming years. More Investments Opportunities: Another expectation is for the government to invest in infrastructure and new technologies such as artificial intelligence, blockchain, and machine learning that will support the growth of the …

Fintech 2.0 in 2023: Can India unlock next level
2 years, 2 months ago

Fintech 2.0 in 2023: Can India unlock next level

Firstpost  

The FinTech industry has grown exponentially, and the wave of changes brought in by fintech has profoundly impacted financial inclusion and penetration. It has also been beneficial since a country like India caters to a large population, so it requires advanced technology FinTech has become such an integral part of the financial services ecosystem over the past few years, that …

There Is A Fintech Revolution Happening In India, And These Are The Factors Driving The Industry
2 years, 3 months ago

There Is A Fintech Revolution Happening In India, And These Are The Factors Driving The Industry

ABP News  

India has the highest adoption rate of any country in the world when it comes to financial technology, and this has ushered in a new age for the sector. Fintech's meteoric rise can be attributed to a confluence of factors, including technological advancements, altering social mores, and a regulatory climate that encourages innovation. The India stack and other forms of …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

India’s fintech ecosystem restores people’s faith in democracy: MoS IT
2 years, 5 months ago

India’s fintech ecosystem restores people’s faith in democracy: MoS IT

Live Mint  

India’s fintech ecosystem has helped the nation in rebuilding the trust between the government and citizens, transforming lives and restoring people’s faith in democracy, said Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar. The minister highlighted the expansion of startups and digital ecosystem in India on the closing day of the FinTech Festival India in New Delhi …

Fintech has helped plug corruption, leaks in financial disbursements: Minister
2 years, 5 months ago

Fintech has helped plug corruption, leaks in financial disbursements: Minister

Live Mint  

BENGALURU: India’s fintech ecosystem has helped rebuild the trust between the citizens and the government, transform lives and restore faith in democracy, said Rajeev Chandrasekhar, Union minister of state for electronics and information technology, on Friday. But today, there is no leak or scope for corruption as the beneficiaries get their amounts due straight in their Jan Dhan accounts and …

Big tech firms offering financial services pose risk to financial stability: RBI
2 years, 6 months ago

Big tech firms offering financial services pose risk to financial stability: RBI

Firstpost  

Big techs can scale up rapidly and pose risk to financial stability, which can arise from increased disintermediation of incumbent institutions, RBI stated Mumbai: Big tech companies offering financial services pose risk to financial stability as their complex intertwined operational linkages with financial institutions could lead to contagion effect and potential anti-competitive behaviour, the Reserve Bank of India has said. …

How FinTech will shape up in 2022
2 years, 9 months ago

How FinTech will shape up in 2022

Firstpost  

The current focus of the RBI is on – regulating licensing of payment aggregators, regulation of payments data, and discussions around regulating cryptocurrency and digital lending. Pressure to reduce transaction costs will drive more businesses to adopt technology innovation In today’s extremely competitive business environment, all businesses must invest in technological upgrades to stay competitive and save costs. Banks, to …

Fintech industry body seeks regulatory nod to act as SRO
2 years, 11 months ago

Fintech industry body seeks regulatory nod to act as SRO

Live Mint  

Mumbai: Fintech Association for Consumer Empowerment, a body of digital lenders on Thursday said it has applied to the Reserve Bank of India to take on the role of a self-regulatory organization in the digital lending industry. The organization said it has been working closely with regulators, official stakeholders, industry players, and other consumer groups to address the need for …

Fintechs need to be regulated more like banks, says report from global regulator
3 years, 5 months ago

Fintechs need to be regulated more like banks, says report from global regulator

Live Mint  

Calls are growing louder to impose more stringent regulation on technology giants that spill over into financial services. A paper published by the Bank for International Settlements, a consortium of central banks and financial regulators, said tech companies that play a critical role in payments and other areas should be subject to stricter regulatory scrutiny that considers issues beyond traditional …

‘Fintech is India’s growth enabler’
3 years, 8 months ago

‘Fintech is India’s growth enabler’

Live Mint  

Financial technology, or fintech, enables a nation’s growth as it allows access to goods and services that are otherwise not available to everyone, said Munish Varma, managing partner, SoftBank Vision Fund, at Mint’s India Investment Summit 2021. If India can bring more such services into the formal banking/lending system using companies such as Paytm, the country will grow more,” he …

Fintech is a country’s growth enabler, says Softbank Vision Fund’s Munish Varma
3 years, 8 months ago

Fintech is a country’s growth enabler, says Softbank Vision Fund’s Munish Varma

Live Mint  

Financial technology, or fintech, enables a nation’s growth as it allows access to goods and services that are otherwise not available to everyone, said Munish Varma, managing partner, Softbank Vision Fund. Speaking at Mint’s India Investment Summit 2021, Varma said, “fintech allows services to those who did not have them before, at low cost and in a frictionless manner. Japan’s …

Indian fintech market to grow to $31 bn by 2020 says Niti Aayog's Amitabh Kant
5 years, 7 months ago

Indian fintech market to grow to $31 bn by 2020 says Niti Aayog's Amitabh Kant

Firstpost  

Kant said that India is the only country in the world with over a billion mobile connections and biometrics The fintech market in India is likely to expand to $31 billion in 2020, Niti Aayog CEO Amitabh Kant said on Thursday. Kant said that India is the only country in the world with over a billion mobile connections and biometrics, …

RBI strengthening surveillance framework with rapid growth in fintech innovations, adoptions, says Shaktikanta Das
5 years, 8 months ago

RBI strengthening surveillance framework with rapid growth in fintech innovations, adoptions, says Shaktikanta Das

Firstpost  

Das said the emergence of fintech/digital innovations are a strong transformative force that can reshape the global financial sector Mumbai: With fintech innovations and their adoptions by the financial sector entities growing at a frenetic pace, the Reserve Bank of India is strengthening its surveillance framework. Governor Shaktikanta Das said the central bank is also aligning its framework to help …

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