PERSPECTIVE

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DESCRIPTIVE
CURRENT AFFAIRS
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FINTECH
IN NEWS
IN NEWS
RELEVANCE – RBI GRADE B
RELEVANCE – NABARD
RELEVANCE – SEBI GRADE A
EXPECTED QUESTION…..

Highlight the role played by policy

initiatives in driving the FinTech
Revolution in India. Are there any
challenges involved? Discuss.

600 WORDS – 15 MARKS

LET’S BREAK IT DOWN…..
Highlight the role played by policy initiatives in driving the
FinTech Revolution in India. Are there any challenges involved?
Discuss.
600 WORDS – 15 MARKS
1. INTRODUCTION: Explain FinTech; relevance w.r.t. India
2. BODY PART-1: Policy Initiatives
3. BODY PART-2: Challenges
4. CONCLUSION: Way Forward + Summary
LET’S BREAK IT DOWN…..
Highlight the role played by policy initiatives in driving the
FinTech Revolution in India. Are there any challenges involved?
Discuss.
600 WORDS – 15 MARKS
1. INTRODUCTION: Explain FinTech; relevance w.r.t. India
2. BODY PART-1: Policy Initiatives
3. BODY PART-2: Challenges
4. CONCLUSION: Way Forward + Summary
1. INTRODUCTION- FINTECH
❑ refers to the integration of technology into offerings by
financial services companies to improve their use and
delivery to consumers.
❑ used to change how consumers interact with the financial
industry.
❑ often includes expanding access to financial products,
lowering fees, and providing faster, more personalized
service.
❑ Examples roboadvisors, payments apps, peer-to-peer (P2P)
lending apps, investment apps, and crypto apps etc.
❑ India is one of the markets for fintech that is expanding the
fastest, with an adoption rate of 87% compared to the
global average of 64%.
❑ The Indian FinTech industry is projected to generate around
$200 billion in revenue by the year 2030.
LET’S DELVE DEEPER!
LET’S BREAK IT DOWN…..
Highlight the role played by policy initiatives in driving the
FinTech Revolution in India. Are there any challenges involved?
Discuss.
600 WORDS – 15 MARKS
1. INTRODUCTION: Explain FinTech; relevance w.r.t. India
2. BODY PART-1: Policy Initiatives
3. BODY PART-2: Challenges
4. CONCLUSION: Way Forward + Summary
2. BODY PART-1 POLICY INITIATIVES
1. Jan Dhan Yojana • world’s largest financial inclusion initiative
2. India Stack • helped in new bank account enrolment of over 450 Mn beneficiaries for
direct benefits transfer and accessibility to a host of financial services
3. Financial Literacy applications such as remittances, credit, insurance, and pensions.
4. Digital Rupee • enabled FinTech players to build technology products to penetrate the
large consumer-base in India.
5. Regulatory Sandbox
framework
6. Hackathons to promote
innovation
2. BODY PART-1 POLICY INITIATIVES
1. Jan Dhan Yojana • a set of APIs that allows governments, businesses, startups and developers
to utilise a unique digital infrastructure to solve India’s hard problems
2. India Stack
towards presence-less, paperless, and cashless service delivery.
3. Financial Literacy • driving force behind the accelerated evolution of FinTech
• Aadhar, Aarogya Setu, CoWIN, DigiLocker, Unified Payments Interface, Open
4. Digital Rupee
Credit Enablement Network (OCEN), Open Network for Digital Commerce,
5. Regulatory Sandbox FASTag, mPassport
framework
6. Hackathons to promote
innovation
2. BODY PART-1 POLICY INITIATIVES
1. Jan Dhan Yojana
setting up the National Centre for Financial Education and implementing
2. India Stack the Centre for Financial Literacy project by the RBI.
3. Financial Literacy
4. Digital Rupee electronic version of cash and will primarily accelerate the growth of the
FinTech market in India.
5. Regulatory Sandbox
framework
6. Hackathons to promote
innovation
2. BODY PART-1 POLICY INITIATIVES
1. Jan Dhan Yojana
A 'regulatory sandbox'
2. India Stack refers to the testing of new
3. Financial Literacy products or services in a
controlled environment
4. Digital Rupee where the regulator may
5. Regulatory Sandbox permit certain relaxations
for the testing.
framework
6. Hackathons to promote
innovation
2. BODY PART-1 POLICY INITIATIVES
1. Jan Dhan Yojana
2. India Stack
3. Financial Literacy
• announced in August 2019
4. Digital Rupee
• to foster responsible innovation and promote efficiencies in financial
5. Regulatory Sandbox
services.
framework
• on retail payments, cross border payments, MSME lending and
6. Hackathons to promote prevention of financial frauds, together with the neutral fifth cohort
innovation
2. BODY PART-1 POLICY INITIATIVES
1. Jan Dhan Yojana • ‘HARBINGER 2023’–theme - ‘Inclusive Digital Services’.
2. India Stack • to make digital financial services accessible to the differently-abled,
3. Financial Literacy facilitate efficient compliance, extend the reach of Central Bank
Digital Currencies and enhance the scalability of blockchains.
4. Digital Rupee
5. Regulatory Sandbox
framework
6. Hackathons to promote
innovation
LET’S BREAK IT DOWN…..
Highlight the role played by policy initiatives in driving the
FinTech Revolution in India. Are there any challenges involved?
Discuss.
600 WORDS – 15 MARKS
1. INTRODUCTION: Explain FinTech; relevance
w.r.t. India
2. BODY PART-1: Policy Initiatives
3. BODY PART-2: Challenges
4. CONCLUSION: Way Forward + Summary
3. BODY PART 2 - CHALLENGES
Data confidentiality and customer protection
1. Privacy issues
2. Cyber attacks
3. Regulatory challenges
• Fintech systems are vulnerable to hackers because of
4. Financial Illiteracy automation of processes and digitization of data
5. Illegal Digital Lending • hackers can gain access to systems and damage
them irreparably
3. BODY PART 2- CHALLENGES
• Especially cryptocurrency
1. Privacy issues • cross-border legal and regulatory issues
2. Cyber attacks • diversity of offerings in FinTech - it is difficult to formulate a
single and comprehensive approach to these problems
3. Regulatory challenges
4. Financial Illiteracy
5. Illegal Digital Lending

Only 27% of Indian adults – and 24% of women meet the minimum
level of financial literacy as defined by the Reserve Bank of India.
3. BODY PART 2- CHALLENGES
1. Privacy issues • during the pandemic, digital lending through mobile apps became
2. Cyber attacks popular.
3. Regulatory challenges • more than half of these digital loan providers were operating illegally.
many apps used tactics to exploit the widespread lack of financial
4. Financial Illiteracy literacy, charging interest rates up to 500%.
5. Illegal Digital Lending
LET’S BREAK IT DOWN…..
Highlight the role played by policy initiatives in driving the
FinTech Revolution in India. Are there any challenges involved?
Discuss.
600 WORDS – 15 MARKS
1. INTRODUCTION: Explain FinTech; relevance
w.r.t. India
2. BODY PART-1: Policy Initiatives
3. BODY PART-2: Challenges
4. CONCLUSION: Way Forward + Summary
4. CONCLUSION
• Despite these obstacles, the FinTech industry in India has
shown remarkable resilience and potential.
• Policy initiatives have provided the necessary foundation
for innovation and financial inclusion, allowing FinTech
companies to flourish.
• The future of FinTech in India will depend on the
continued collaboration between regulators, industry
players, and other stakeholders to address these
challenges while harnessing the sector's vast potential for
economic growth and financial empowerment.
WRITE YOUR ANSWERS IN THE COMMENTS SECTION

Highlight the role played by policy

initiatives in driving the FinTech
Revolution in India. Are there any
challenges involved? Discuss.
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600 WORDS – 15 MARKS