Session 2: Potential of FinTechs as a New Age Financial Institution
[L-R –Mr. Vaibhav Anand; Mr. Vivek Singla; Dr. Aruna Sharma; Mr. Arvind G.; Mr. Milan Dolansky]
FinTech has been changing the game of digital banking in India, making banking and related services increasingly accessible to everyone. Their key function is to provide technical support to already existing financial systems. However, in recent times these entities have been seen indulging in backward integration and obtaining licenses to operate as NBFCs. Even globally, the investment in FinTech is increasing at a good speed, which provides them financial banking to carry out the activities of the bank. Their business models are so diverse that the RBI has set up sandbox to study them in cohorts. They discussed the extent to which Fintech needs regulation, their potential for the growth of the banking sector in India and how they can best contribute to making banking services more inclusive.