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- Addressing the Fintech conclave,Reserve Bank of India Governor said that RBI will release the guidelines for the creation of a ‘regulatory sandbox’ for the fintech sector.
- NITI Aayog had organised FinTech Conclave.The objective was to deliberate steps for India’s rise in Financial Technology (FinTech) and to deepen financial inclusion.
- FinTech or financial technology is an industry comprising companies that use technology to offer financial services.These companies operate in insurance,asset management and payment and numerous other industries.
- A regulatory sandbox is a controlled mechanism within which the sector will be able to experiment with solutions in a closely-monitored ecosystem so that the risks do not spread outside it and the reasons for failure can be analysed.The sandbox will help fintech startups launch innovative products at lower costs
- According to NITI Aayog,India is one of the fastest growing FinTech markets globally and industry research has projected that USD 1 Trillion or 60% of retail and SME credit,will be digitally disbursed by 2029.The Indian FinTech ecosystem is the third largest in the world,attracting nearly USD 6 billion in investments since 2014.
