Govt panel looking into fintech application in agri, insurance

"We are also looking at applications of fintech in cooperatives, in insurance and agriculture sector," Additional Secretary at the Department of Economic Affairs, K Rajaraman, said. The inter-ministerial steering committee on fintech, headed by the economic affairs secretary, has been meeting every month.

A panel on financial technology headed by the economic affairs secretary is looking at a number of aspects, including its application in cooperatives, insurance and agriculture, an official said on Wednesday. "The Committee has worked on a number of areas, MSMEs ... to enable connectivity with GSTN to enable invoice based financing, which enables reduced risk perception of lenders. These are some of the solutions... "We are also looking at applications of fintech in cooperatives, in insurance and agriculture sector," Additional Secretary at the Department of Economic Affairs, K Rajaraman, said. The government is also actively working on an international cooperation agreement in the form of a joint working group to enable cross-border cooperation in regulation of the fintech sector, Rajaraman said at a webinar organised by industry chamber Ficci. He further said the committee is looking at how some of the indigenous payment gateways like RuPay cards and UPI-QR code based payments can be used across borders. "We are working with National Payments Corporation of India and MAS (Monetary Authority of Singapore) to see how we can roll this out as fast as possible," Rajaraman said. The inter-ministerial committee is also looking at allowing video know-your-customer (KYC) based solutions to be done on a real-time basis without the presence of a bank employee. "We are working with the Reserve Bank of India and hope to come up with a solution in near future," he said. The inter-ministerial steering committee on fintech, headed by the economic affairs secretary, has been meeting every month. "We hope to convene the meeting in next fortnight," Rajaraman added.

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