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
The report has stressed on the need to improve inter-ministerial coordination in the field of fintech upgradation and adoption. An inter-ministerial group on fintech should be formed at the Ministry of Electronics and Information Technology (MeitY), for exploring the application of the technologies like open application programming interfaces (APIs), block chain, robot-advisors, big data analytics, and national data sharing and accessibility policy for use in government processes like welfare, taxation, and handling citizen grievances.