Committee on Financial Technology Suggests Sweeping Reforms

On 2nd September 2019, the Steering Committee on Financial Technology (Fintech) has submitted its report to the Finance Ministry. The committee was formed in March 2018 under the chairmanship of the Economic Affairs Secretary to consider various issues relating to the development of the fintech sector in India, and analyze it potential for enhancing the financial inclusion of micro, small and medium enterprises (MSMEs).

Important Recommendations of the Committee

1. Develop a Virtual Banking System: A possible future scenario where banks do not need to set up branches and yet deliver the full-scale retail banking services ranging from extending loans, ....