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India's Fintech Reckoning Arrives

Published on June 26, 2022
Current Context: India’s fintech industry faces a regulatory reckoning as India’s central bank banned the loading of so-called prepaid payment instruments (PPIs).
India's Fintech Reckoning Arrives
  • Fintech players have issued hundreds of thousands of such cards with the aid of PPI licenses and loaded them using credit lines from banks and nonbanking financial institutions.
  • According to recent data, in the past 18 months, the financial technology sector in India has absorbed about $14 billion of investment capital.
  • Fintech lending companies doubled disbursements in the financial year ending in March 2022 to a total of $2.3 billion.
  • In the coming months, RBI will likely introduce formal rules for India’s loosely regulated digital-lending ecosystem.
  • Apart from that, RBI also formed a new fintech department to regulate it properly.

Question:

Q.1 According to a recent report, the financial technology sector in India has absorbed _________ of investment capital.
a. $15 billion
b. $16 billion
c. $ 17billion
d. $ 14 billion
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