“The Committee has labored on quite a lot of areas, MSMEs … to allow connectivity with GSTN to allow bill based mostly financing, which allows lowered threat notion of lenders. These are a few of the options…
“We’re additionally taking a look at functions of fintech in cooperatives, in insurance coverage and agriculture sector,” Extra Secretary on the Division of Financial Affairs, Okay Rajaraman, mentioned.
The federal government can be actively engaged on a world cooperation settlement within the type of a joint working group to allow cross-border cooperation in regulation of the fintech sector, Rajaraman mentioned at a webinar organised by trade chamber Ficci.
He additional mentioned the committee is taking a look at how a few of the indigenous cost gateways like RuPay playing cards and UPI-QR code based mostly funds can be utilized throughout borders.
“We’re working with Nationwide Funds Company of India and MAS (Financial Authority of Singapore) to see how we are able to roll this out as quick as doable,” Rajaraman mentioned.
The inter-ministerial committee can be taking a look at permitting video know-your-customer (KYC) based mostly options to be completed on a real-time foundation with out the presence of a bank worker.
“We’re working with the Reserve Bank of India and hope to give you an answer in close to future,” he mentioned.
The inter-ministerial steering committee on fintech, headed by the financial affairs secretary, has been assembly each month.
“We hope to convene the assembly in subsequent fortnight,” Rajaraman added. PTI JD ABM
Disclaimer :- This story has not been edited by Outlook employees and is auto-generated from information company feeds. Supply: PTI