Steering Committee on Financial Technology (Fintech)

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). It submitted the report in Sept. 2019.

Important Recommendations

• Develop a Virtual Banking System
  1. The Department of Financial Services and the RBI may examine the suitability of ‘virtual banking system’ in the Indian context and the costs and benefits regarding allowing virtual banks.
  2. They can prepare for a possible future scenario where banks do not ....