News & Articles
Minister of Finance, Nirmala Sitharaman declared that non-banking financial companies are going to be permissible to use the Aadhaar based bank mandated KYC to avoid repetition of the process for the customers.
The RBI gave permissions to startups, banks, and financial institutions to set up a regulatory sandbox (RS) for live testing of innovative products in areas like retail payments, digital KYC and wealth management.RS usually refers to live to test of latest products or services in a very controlled/test regulatory atmosphere that regulators might (or might not) allow certain relaxations for the restricted purpose of the testing. The RS permits the regulator, innovators, financial service providers, and customers to conduct field tests to gather proof on the advantages and risks of latest financial innovations, while rigorously watching and containing their risks.
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.
AP Government invites Kenvault to speak on The 4 Quadrants - Customers, Technology, Big Data, and Analytics in Vizag Fintech Festival2018
A Complete IT Solution designed to accelerate your business.
Kenvault is invited for
2nd Fintech Dubai Conference 2019
on 7th and 8th of January 2019
Kenvault is successfully hosted on Whub,
and this collaboration paves way for
Kenvault embarking in Asia region
Membership on Fintech world finance council and Fintech India
Kenvault is now the official members of IFTA and World Finance Council, this collaboration will help to disrupt the Fintech ecosystem globally