THE RECENT REPORT ON LOCAL FINTECH PLAYERS
Why in the news?
- The report highlights concerns raised by the Standing Committee on Communications and Information Technology regarding the dominance of foreign-owned fintech companies in India’s digital payment landscape.
- It underscores the need to promote and empower local fintech players.
Source: scoreme
National Payments Corporation of India’s Actions:
- NPCI imposes 30% volume cap on UPI transactions to address dominance concerns, later extending compliance deadline to 2024.
- Move aims to maintain market equilibrium and encourage growth of UPI by fostering competition among players.
What is Fintech ?
· “Fintech” refers to innovative technology aimed at enhancing and automating the provision and utilization of financial services. · Fintech facilitates easier access to capital for MSMEs, addressing the significant credit gap they face. Government Initiatives Driving Fintech Growth · Jan Dhan Yojana:
· India Stack:
· UPI:
· Digital Rupee (CBDC):
|