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: The Department of Financial Services and the RBI may examine the suitability of ‘virtual banking system’ where banks do not need to set up branches and yet deliver the full-scale retail banking services.
• Payment Infrastructure Access to Non-Banks: The government and ....