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The Centre has set up a steering committee to go into various issues relating to Fintech space in India. The committee will be headed by Subhash Chandra Garg, Secretary, Department of Economic Affairs.
FACTS FOR PRELIMS
The committee will work with government agencies such as UIDAI to explore creation and use of unique enterprise identification number.
It will also look into the possibility of international co-operation opportunities in Fintech with countries such as Singapore, the U.K., China and others.
The committee will consider means of using data with GSTN and data residing with information utilities such as credit information companies (CICs) and others in open domain with a view to developing applications for financing of micro, small and medium enterprises (MSMEs).
It will also develop regulatory interventions e.g., regulatory sandbox model, that will enhance the role of Fintech in sectors identified for focused interventions. The ideas is to facilitate ease of doing business in the Fintech sector.
FintechOr financial technology is the industry known for championing software and technology in the financial sector. A very broad term, it includes anything from a bank ATM, to software used to help spot manipulation of securities markets.
SOURCE – ECONOMIC TIMES.