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.