Current Affairs

Fintech Committee Final Report

Current context: A steering committee headed by the Department of Economic Affairs (DEA) Secretary, has submitted its report to the Finance Minister on 2nd September 2019.
Fintech Committee Final Report 
  • The committee was constituted as per the announcement made by Arun Jaitley, then Finance Minister in his Budget speech 2018-19.
  • The committee gave some recommendations on Fintech space globally and in India.
  • The suggestions are as follows:
    • It recommended a Cash flow-based financing for micro, small and medium enterprises (MSMEs) may be considered by the RBI.
    • Suggested Using drones and remotes by the Insurance companies and lending agencies, sensing to assess risk in agriculture credit and insurance.
    • Recommends the Department of Financial Services (DFS) to work with PSU banks to reduce fraud and security risks.
    • NABARD to take immediate steps to create a credit registry for farmers by using Fintech
    • Increasing the use of artificial intelligence among state-owned banks.
    • Setting up a dedicated National Digital Land Records Mission for modernisation and standardisation of land records to making available land ownership data on an online basis to Financial Institutions.
    • Adoption of Regulation technology (or RegTech) by all financial sector regulators to develop compliance standards.
    • To set up an Inter-Ministerial Steering Committee on fin-tech Applications in Department of Economic Affairs (DEA), to carry on the tasks of implementing this report.

Question: 

Q.1 Recently a Fintech committee was constituted by the government as per the announcement of which year’s Budget proposal?
a. 2019-2020
b. 2018-2019
c. 2017-2018
d. 2016-2017
Fintech Committee Final Report Fintech Committee Final Report Reviewed by Neha on September 03, 2019 Rating: 5

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