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.
a. 2019-2020
b. 2018-2019
c. 2017-2018
d. 2016-2017
- 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
