A fintech panel has aimed for a marketplace model development for P2P business, virtual banking to allow lenders to work unaccompanied with branches, use of drones for field assessments and AI to scale back frauds.
The committee created wide-ranging recommendations in its report, as well as a review of the present regulatory framework within the financial sector regarding data protection and privacy considerations, keep with the rising data privacy legislation in India.Fintech Firms Asks to Ease Access of Credit History
A delegation of fintech corporations has urged the government to analyze redrafting specific limitations of India’s first Personal Data Protection (PDP) Bill to alleviate possible restraints encountered by moneylenders in accessing those perspectives of consumer data which will assist make their lending modes more prudential and less likely to frauds.
In a note addressed to Ministry of Electronics and Information Technology (MeitY), Digital Lenders Association of India (DLAI), a business body of about 50 technology-based NBFCs, presented a slew of recommendations for easing access to credit records, economic status and various information of consumers. The draft bill in its modern form acknowledges all forms of personal financial data as sensitive personal data.Fintech Start-Ups to Focus on NBFC Licence
An increasing amount of fintech startups that began as pure-play credit marketplaces or were performing as loan originations are promptly attempting to convert into lending players themselves. Any of these firms must either obtained a non-banking finance company (NBFC) license of the Reserve Bank of India or have appealed for one.
Shifting to pure-play lending with technology assures a constant root of income and benefits these startups in earning money
Receiving a lending license is one job, but increasing debt and equity uniformly to operate the business is a complex challenge, say, business insiders.