A committee on FinTech headed by India’s economic affairs secretary has submitted a comprehensive legal framework about how the sector should be regulated in the future.
Among other things, the inter-ministerial committee recommended the adoption of RegTech by all financial regulators, the Economic Times reported.
It also included suggested that the regulator should develop an institutional framework for specific use-cases of supervisory technology and consumer protection. To ensure the best possible outcome, the report suggested that the Department of Financial Servies should work with banks to bring about boosted efficiencies and to minimize the risk of fraud and other security concerns.
Additionally, it also recommended insurance companies and lenders to use drones and remote sensing technology to better gauge how something should be insured.
The committee was called to get a better idea of the current landscape in India and abroad to provide better recommendations.
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