FinTech Conclave 2019 Organized by NITI Aayog

Published on March 30, 2019
NITI Aayog organised a day-long FinTech Conclave 2019 in New Delhi.
FinTech Conclave 2019 Organized by NITI Aayog

Details:

  • The objective of the conclave was to shape India's continued ascendancy in FinTech, build the narrative for future strategy and policy efforts, and to deliberate steps for comprehensive financial inclusion.
  • The conclave looked into various dimensions of the future of the FinTech, particularly the areas of:
    • Digital Onboarding of Customers and Merchants for Financial Inclusion.
    • Building Financial Products for Bharat.
    • Emerging Areas of FinTech.
    • Fast-tracking investment in FinTech industry.
    • Financial Inclusion of MSMEs.

FinTech in India:

  • Fintech or financial technology companies use technology to provide financial services such as payments, peer-to-peer lending and crowdfunding, among others.
  • India is one of the fastest growing fintech markets globally and it has been projected that $1 trillion, or 60% of retail and SME (small and medium-sized enterprises) credit, will be digitally disbursed by 2029.
  • The Indian fintech ecosystem is the third largest in the world and attracts nearly $6 billion in investments since 2014.
  • Reserve Bank of India (RBI) is encouraging banks to explore the possibility of establishing new alliances with fintech firms to further drive the agenda of financial inclusion through innovation.

Question:

Q. Who organised the FinTech Conclave 2019 in New Delhi?
a. Reserve Bank of India
b. Ministry of Finance
c. NITI Aayog
d. Indian Chambers of Commerce

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