Peer-to-peer lending startups, through their industry association, have written to the Reserve Bank of India seeking a relaxation of stringent norms for the fledgling sector.

Financial area regulators are all bringing initiatives to boost startups in their parts by presenting data and systems open to them. Last month RBI declared a regulatory sandbox where startups could examine out new financial products in real time by limited regulations. On Monday, insurance regulator IRDAI and markets regulator Sebi also stated alike initiatives.

The banking regulator’s process has freed up possibilities for the fintech area, with innovative medians of leveraging the Aadhaar database. Some hurdles concerning the comfort of use, yet, persist. “Banks have been permitted to take out Aadhaar authentication/ offline-verification of a person who willingly accepts his Aadhaar number for identification persistence,” the RBI announced in a revision to the KYC guidelines

The Reserve Bank of India’s three-year vision for payments and settlements systems will offer huge opportunities for technology-enabled disruptions in finance, says fintech players. Merchant acquiring of non-banks, the aid of private entities in retail payments and a broader impact to electronic mandates will begin new market roads for fintech startups, they say.

TKOLKATA/MUMBAI: Recruitment across India’s non-banking finance companies has slowed to a crawl, with hiring practically at a standstill other than for critical roles. And, despite the government throwing the sector a lifeline in the recent budget, it is unlikely that hiring will pick up at least for the next three to six months, say head hunters and industry insiders.