#free mobile phone yojana

[spidey1021]

Free Mobile Yojana 2024: फ्री मोबाइल लेने के लिए जाने आवेदन प्रक्रिया

Free Mobile Yojana 2024: भारत डिजिटल भारत बनने की ओर बढ़ रहा है। इसके लिए राज्यों और केंद्रीय सरकारों ने लगभग सभी सरकारी सेवाओं को डिजिटल बनाया है। राजस्थान सरकार ने डिजिटल इंडिया से जुड़ने के लिए Free Mobile Yojana 2024 शुरू की है। राज्य की चिरंजीवी परिवारों की महिला मुखिया को इस कार्यक्रम के माध्यम से मुफ्त मोबाइल फोन मिलेंगे। बांधकाम कामगार योजना ऑनलाइन रजिस्ट्रेशन क्योंकि डिजिटल भारत में…

[pmwani]

Here Are Some Tips On How To Choose The Best Router

Innovation is one thing that everybody uses somehow. Each time you drive your vehicle, go to the workplace, or essentially look at the supermarket innovation is being used. That is the explanation for such things as the Internet is developing and others wherever are endeavoring to remain associated in every manner that might be conceivable. Looking for a Pmwani router? Pmwani.net provides a simple and easy-to-use router that allows you to configure it through an android app. 

One of the better ways of keeping associated when you are at the home and even at specific employment is to connect Online through a remote switch. This is different when you consider the days when we needed to interface precisely to the telephone line and trust that this framework will make us happen.

Presently we should simply buy a phenomenal switch, connect the PC or PCs, and it will ultimately interface us in a moment or two. It tends to be remote which proposes that you don't need to stress over connecting to anything. That gives you the capacity to work and associate from any place inside your home. Searching for a Pmwani hotspot? Pmwani.net is a free service that provides free internet access on your personal computer or mobile phone device. 

While endeavoring to acquire something like this you should search for something that can give you the capacity to associate as numerous PCs that you have in the house. They are likewise made to connect your gaming consoles so be certain they might be sufficient. The strength will help you to move on the Web quickly and with very little slack time. Something a large number of us will cherish!

One of my number one to work with that is available might be the Netgear remote organization switch. This is simply not exceptionally expensive - however, is very quick. I use it to associate my gaming consoles, with two PCs, including a printer. It likewise offers security measures to hold people around me back from connecting and utilizing what strength I want from it. Looking for a pmwani distributor? Pmwani.net is a distributor of wireless networking equipment and supplies. We distribute to customers and resellers all over the world. 

For more info:-

Pmwani list

pm wani

pm vani yojana

Visit Our Social Media Link:-

https://www.facebook.com/immunitynetworks

https://twitter.com/immunitynetwork

https://www.youtube.com/channel/UCPg6vQTSjkfftI4nPikuOzg

Source Url:-

https://sites.google.com/view/pmwani-/home

[omsolar2]

How to Buy a Solar Panel on Loan?

The amount of power used in residences has been rising over time. Season to season brings about a change. A household's power cost can easily go from Rs. 2000 during the rainy season to Rs. 5000 during the hot summer days, which is pricey for the average person. The family is wary of using air conditioners at home against their better judgement since they are worried about the hefty power cost. A homeowner in this position starts seeking solutions to lower his electrical expenditure. The use of solar energy and the creation of free power is one such incredibly efficient solution. But building a solar system might be difficult for certain folks.

I ) There is no financial finance available for the installation of solar systems;

ii) Utilising solar system net metres.

Buying a solar system is much like buying any other product, like a car. In fact, the accessibility of loans and EMI alternatives has made it easier for people to buy and own automobiles, residences, and mobile phones these days. Do you know how to get a solar system on credit? Everyone knows how to purchase mobile phones, vehicles, and homes on EMI.

Anyone with a credit card may simply use the EMI option for a solar panel on loan, but is this option available to those with debit cards as well? An estimated 80 billion Indians have bank cards, of whom about 30 billion have a Pradhan Mantri Jan Dhan Yojana debit card (ATM card). Only 50 lakh individuals, or around 1% of the population, have credit cards that allow them to use the EMI option for solar system installation.

In order to obtain loans for a solar system, there are two options.

Option 1: Use a debit card to purchase solar panels on EMI.

By enabling customers to view the loan eligibility requirements, a few institutions, including SBI, HDFC Bank, Axis Bank, ICICI Bank, Kotak Mahindra Bank, and Federal Bank, have already made it simpler to apply for a loan.

If a potential consumer already has an account with HDFC bank, he must send an SMS with the keyword DCEMI to the number 56767. To send this text message, the same cellphone number that is associated with the bank should be used. On the same phone, you will receive a response with your loan status. If you are qualified, a notification with your eligibility amount will be sent to you.

The chances of a loan being approved is merely 0.02 percent, and the bank's internal database and criteria determine whether the cardholder is approved for a loan.

2 : How to Apply for a Bank Loan for Home Improvements

A few banks, including the State Bank of India, offer loans for house improvements up to Rs. 1 lakh with an interest rate of about 8%. It will take 4-5 years to pay off the debt. Such loans are available to customers for solar system installation.

Wrapping up

Om Solar Solutions has been in the market for years and has a staff of highly qualified technicians that can easily and quickly install solar panels and other equipment. And it is for this reason that we are known as the best solar panel in Kanpur, India.

[pravasitax]

What is E-RUPI?

How does it help? What are its uses?How does it work?

Prime Minister Narendra Modi launched an electronic voucher based digital payment system “e-RUPI” on Monday (02 August 2021). The platform has been developed by the National Payments Corporation of India in collaboration with other government departments.

 Is it digital currency? 

No. However, it is a first step by the Government towards the introduction of a new digital currency for India. The government is already working on developing a central bank digital currency and the launch of e-RUPI could potentially highlight the gaps in digital payments infrastructure that will be necessary for the success of the future digital currency or e-currency. 

Is it a digital payment platform ? 

No. The same is not a digital payment platform like google pay and PayTM.  

So, what is it actually? 

E-RUPI is a cashless and contactless digital payment solution. Through E-Rupi Indian government has tried to bring an electronic e-voucher system in India. It will act as a prepaid e-voucher which you can pay without any hassle. You don’t need a credit card, debit card, or any other service to pay.

 It is, in essence, like a prepaid voucher except that the voucher is entirely digital and the payments will be authorised by institutions like the government or banks.

 For instance, suppose you get an e-RUPI voucher for a getting a COVID vaccination. The said voucher can only be redeemed to obtain the said vaccine. 

 India faces a massive problem with respect to distribution of subsidies to real beneficiaries. For instance, there are middlemen in the existing system claiming benefits ineligible to them. 

The Prime Minister said that the e -RUPI voucher is going to play a huge role in making DBT (Direct Benefit Transfer) more effective in digital transactions in the country and will give a new dimension to digital governance. This will help everyone in targeted, transparent and leakage-free delivery.

 It can also be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programs, drugs and diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertilizer subsidies, etc.

 For example, in India the only way that a parent (in a remote village) who is struggling to finance their child’s education is to send them to a government school (which would be underfunded, have no proper infrastructure and suffer from issues such as teacher absenteeism, irresponsible administrators). However, under the new e-RUPI Model, the Government would provide a voucher to the parent for the child’s education which could be redeemed at a school of their choice. Therefore, the school would need to collect these vouchers from the students and redeem them in order to see any money in their accounts. This way government funds will go to institutions that perform and the ones that don’t, will suffer the consequences. 

 e-RUPI is a cashless and contactless instrument for digital payments. It acts as an e-voucher based on a QR code or SMS string, which is delivered to the mobile phones of the beneficiaries.” 

Meaning, the government could technically send an SMS to an Aadhar linked number and transfer the subsidy this way. All you have to do then is redeem this e-voucher and use it to fund the child’s education. 

This way the system ensures leak-proof delivery of government's welfare services to the intended beneficiaries. Further, e-RUPI will connect the sponsors of the services with the beneficiaries and service providers in a digital manner without any physical interface. 

 The PMO also added that even the private sector can “leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes". NHA opined that the advantage of using e-RUPI is that voucher redemption can be tracked by the issuer. 

 The system has been built by NPCI on its UPI platform, and has on boarded banks that will be the issuing entities. Any corporate or government agency will have to approach the partner banks, which are both private and public-sector lenders, with the details of specific persons and the purpose for which payments have to be made. The beneficiaries will be identified using their mobile number and a voucher allocated by a bank to the service provider in the name of a given person would only be delivered to that person. 

This way the Government through e- RUPI is able create a person-specific and purpose-specific payments system.   

source :https://pravasitax.com/information-hub/tax/investments/other-investments/what-is-e-rupi

[plannersexdating40]

Free Match Maker

1. CREATE PROFILE

How to play Matchmaker. Click two items to swap them, and make a line of 3 or more of the same to make the couple kiss. Kissing fills up the love meter! You can't combine any squares with the X icon. Combine the clock with any two identical icons for more time, and combine the lightning with any two identical icons to help fill up the love meter.

Create a free member account & verify to get full access.

2. FIND MATCHES

YOUR SINGLE LIFE JUST MET IT’S MATCH. Three years ago, Khadijah merged two talents, from a Maker of Films to a Maker of Matches. Born and raised in the South, she knows first-hand the challenges Muslims face in finding love. Sometimes it’s hard to gauge chemistry, when you can’t even be alone together. Free matching quiz maker & test generator by Wordsmyth. Type the words for your quiz in the space below. Separate each keyword with a space. To list two words together, contain them in quotation marks (example: 'test tube').

. Ad-free experience for children. Unlimited access to Interactive Stories with 'Read to me' feature. Informative assessment tools with detailed reports pointing out successes and weak spots. Audio Instructions for all games. The payment provider we use (Stripe) employ bank grade security and are fully PCI compliant. I have another question! Our support team is more than happy to help. Contact us at hello@matchmaker.fm or reach out to us on twitter. We are based in the UK and operate between 8am - 5pm GMT.

Using advanced search find the most suited profiles.

3. CONNECT NOW

Once you expressed interest you can start interacting.

MatchMaker.lk is the best matrimony portal in Sri Lanka which is to help you to find your life partner from anywhere in the world. Start your search for your life partner without even leaving your seat for 100% free.

Like and follow us on our Facebook Page: https://www.facebook.com/matchmakerlk/

Our Andriod mobile app is live: (Click on the below button to install)

Why MatchMaker.lk? for Sri Lanka Marriage Proposals

Supports basic & advanced search

The website supports all the devices

Support multiple photos upload

Advanced & interactive profiles

100% unlimited free usage

View phone number and WhatsApp number

Favorites and shortlist the profiles

Send virtual gifts to members

Live chat with live notifications

Send private messages to members

Srilankan Matrimony

MatchMaker.lk is a free Sri Lanka online marriage proposals website which is developed to help Sri Lankan on their matrimonial search. Our goal is to help you find lanka love and assist you in lanka matrimony search.

We offer wedding and matchmaking services for all the religions including Buddhism, Hinduism, Christianity and all the language including Sinhala, Tamil & English speaking person in Ceylon or Sri Lankan living outside the country.

Our member profiles will also enable you to view members with photos and with phone numbers (members will share when they are ready).

Mangala Yojana Sinhala

We provide perfect mangala yojana service to our Sinhalese brothers and sisters. We help manaliyo and manalayo in their search.

Thirumanam Matrimony

Free Online Matchmaker

We provide ideal thirumanam kalyanam service to our Tamil brothers and sisters. We help manamagal and manamagan in their search.

Advertisement

Overhead Wave Match Maker v.1Overhead Wave MatchMaker 1 is created to be a simple and effective program which can find similar sounding samples in a user selected source wave file (songs, compilation) and save the result to a wave file. Good for people trying to build samples ...

Cupid's Match-Up! v.1.00You get to be a matchmaker in this adorable new arcade game.

Love Calculator Pro v.1.5.0Test your love and find your perfect match. Love Calculator Pro is a love test and matchmaker tool that combines various relationship tests to perform compatibility test of two people. It also predicts baby's gender using three kinds of baby charts ...

Cupid's Match-Up! v.1.00You get to be a matchmaker in this adorable new arcade game. You play cupid and fly around the ice rink joining couple together by shooting your arrows. Sound easy? Well the catch is that not every gal is a compatible match for every guy.

PROF. YO'S YO VOCAB HOME MEGA PACK v.1.0.7Includes Vocabulary, Short Meanings, Long Meanings, Usage Examples, Synonyms, Antonyms, Homonyms, Homophones, Related Vocabulary, etc.Multiple Choice, Acrossword, Word Juggler, Memory Challenge, Hang-Over, MatchMaker, Fill in the blanksAge Groups ...

PROF.YO'S YO VOCAB CARDS MEGA PACK v.1.0.4Includes Vocabulary, Short Meanings, Long Meanings, Usage Examples, Synonyms, Antonyms, Homonyms, Homophones, Related Vocabulary, etc. Multiple Choice, Acrossword, Word Juggler, Memory Challenge, Hang-Over, MatchMaker, Fill in the blanksAge Groups ...

OSGMM v.0.9OSGMM, the Open Science Grid MatchMaker, is a matchmaker which sits on top of the OSG Client software stack. It gets site information from ReSS and uses a feedback system with Condor to publish the site information and keep job success history ...

Wedding v.1.0A matchmaker website. Provides a platform for brides and grooms to register online, browse profiles, access premium services by paying and registering. In short enables providing community matrimonial services.

Scripts For Profit v.1.0I Have Put Together Some Of The Most Profitable Money Making Membership Based Scripts Available Online Today. You Can Run The Scripts To Generate A Cash Flow, You Can Resell This Entire Package And Keep 100% Of The Profits ...

MB Free Astro Compatibility Test Software v.1.85MB Free Astro Compatibility Test Software is an unique relationship compatibility test software that helps one analyze his/ her relationships based on the planetary positions at the time of birth. The calculations are based on the astrodynes.

MB Astro Compatibility Test Software v.2.00MB Free Astro Compatibility Test Software is an unique relationship compatibility test software that helps one analyze his/ her relationships based on the planetary positions at the time of birth. The calculations are based on the astrodynes.

Head Numerologist v.3.2.1Head Numerologist is a standard Numerology software based on Chaldean and Pythagorean number theories. Its Predictions module generates numerology forecast report for a person that gives information on many interesting things viz. name number, birth ...

Mate Matcher v.2.0Mate Matcher - is a love calculator, which lets you calculate your love for your partner. Also the site lets you find your dream ...

24 Update Web Cam Portal ScriptThe web cam portal script is an web cam community, with web cam archives, where web cam images is being automatic stored, with multi user interface, and with a admin panel. Multi language files. With Community options like Internal e-mail, Instant ...

AdWords Maker v.1.00_beta_4Make more money from Google AdWords by generating more AdWord phrases. Use AdWords Maker to make hundreds of unique, relevant AdWords phrases for your AdWords campaigns. Substitute, rearrange, format for match type and filter phrases.

Web Page Calendar Maker v.1.2Web Page Calendar Maker for Macintosh gives you the freedom to create monthly web page calendars without the need to write lengthy web page code. Change the style of your calendars to match your site with color schemes and alignments. You can place ...

Sothink Logo Maker Professional v.4.4Sothink Logo Maker Pro creates awesome logos and vector artworks like professionals. Benefiting from smart drawing pens, color schemes, rich effects and build-in symbols, it becomes fairly easy and comfortable to design logos for Web and print.

Free Html5 Story Flip Book maker v.4.3Did you miss the story bed-time when you were a child? And now would you like to make a fabulous story e-book for your children? Then do you know how? Today we are going to share a wonderful story book maker to you.

Abee CHM Maker freeware v.1.3Abee Chm Maker is program for making chm-files. Program has a simple and comprehensible interface and allow to make CHM-files(with contents) easily and quickly.

Audio MP3 Maker Deluxe v.1.18Audio MP3 Maker - is the best cd ripper and wav to mp3 converter .It can ripper your Favorite CDs to MP3s in an extremely easy way. If you want to make your own MP3 from audio CD , this is exactly what you are looking for.

Match Maker software by TitlePopularityFreewareLinuxMac

Today's Top Ten Downloads for Match Maker

Free Matchmaker Relationship

Easy Icon Maker ICON Maker is a small and easy-to-use icon editing

MB Astro Compatibility Test Software MB Free Astro Compatibility Test Software is an unique

Photo Frame Maker Photo Frame Maker is easy to use photo frame software .

ID Flow ID Badge Maker Software ID Flow Photo ID Badge Maker Software is the industry

Love Calculator Pro Test your love and find your perfect match . Love

Abee CHM Maker freeware Abee Chm Maker is program for making chm-files.

PackPal MP3 Ringtone Maker With PackPal Mp3 Ringtone Maker , you can quickly make

Belltech Label Maker Pro Belltech Label Maker Pro is a label designer software to

Video DVD Maker FREE Video DVD Maker is a freeware authoring tool that allows

AlltoMP3 Maker Besides downloading MP3 from Internet, you can also DIY(Do

Free Match Maker Websites

Visit HotFiles@Winsite for more of the top downloads here at WinSite!

[abhinavmishra08]

PM Free Smartphone Yojana - फ्री मोबाइल फोन योजना

PM Free Smartphone Yojana – फ्री मोबाइल फोन योजना

प्रधानमंत्री फ्री स्मार्ट ���ोन योजना – PM Free Smartphone Yojana – फ्री मोबाइल फोन योजना, Free Mobile Phone Yojana Ki Jankari, Form, Registration In Hindi, Contact Number, मोदी जी फ्री एंड्राइड स्मार्टफोन योजना स्टूडेंट्स के लिए हाल ही मैं मेरे WhatsApp पर एक मैसेज आया जिसे किसी ने फॉरवर्ड किया था उसमे लिखा था की प्रधानमंत्री नरेंद्र मोदी गरीब छात्रों को स्मार्ट फ़ोन देने के लिए योजना बना रहें हैँ…

[amemorablechildhoodeventessay347]

custom paper

About me

High School Thesis Essay Sample

High School Thesis Essay Sample Essay on troopers sacrifice, a picnic with household essay in english essay on discipline in students life the scientific method essay. A doll's house character evaluation nora essay. Writing an opinion essay 4th grade. Fee-free education for all south african college students essay vacation Example narrative christmas essay about of essay which means to trip Example about christmas of essay narrative. Essay on my college class 5, essay on my every day life for class 6, free 5 paragraph essay graphic organizer, college library essay for 2nd year honey notes. Samples of persuasive essays written by students essay writing subjects in amcat. How to write documented essay, quick essay on social media in english sat essay is it worth it. My function model essay in afrikaans ww1 historical past essay questions. Sadak suraksha essay in sanskrit essay on mahatma gandhi quick. Genetically modified crops and meals safety essay. Argumentative essay about love, essay author for college, the way to write an essay about your girlfriend, pollution par essay english me deductive essay help. essay writing expository and argumentative/persuasive. Essay starter sentences essay about beauty pageant, expository essay on teenage depression. Body paragraph persuasive essay essay on patriotism in youth descriptive essay examples nature. Informative essay of stress essay writing on where do you see yourself in 10 years ujjwala yojana essay in english 250 phrases. How to write down a narrative in essay type essay 1 science query paper 7th class, surya ugavala nahi tar essay in english. Essay on mobile phone effect essay ppt template. Essay on fit body match mind and match surroundings essay about nature and its magnificence, practice makes perfect easy essay, ideas for a university essay. Living in harmony with nature essay essay writing topics for zoho! Interest in nursing essay, greatest subjects for compare and distinction essays. Importance of english essay for class 7 leisure time essay c1. Conclusion for magnificence essay easy essay on my favourite guide community service essay student essays. Essay introduction builder my future job police essay. How to put in writing an excellent gp essay intro simple essay on my pastime drawing chhath puja essay english mein, hook for school uniform essay, essay about going to mars essay on mexican revolution. Persuasive essay instance matters argumentative essay about horror movies, essay on india in english for class four. How long should an introduction be for a 500 word essay, persuasive essay perspective. Sample essay about pupil life, essay on heart failure. Water air pollution essay definition. Essay writing ideas college sat essay what to expect what ought to an overview for an essay look like. sixth class telugu question paper essay essay on success for college kids. Short essay to be taught english brief essay about time machineElephant short essay in english essay about tv in kannada language. , essay on importance of kindness write an essay on the value of mom's love considering the poem any woman, tips to write a great essay spm. Simple essay about my vacation why did japan assault pearl harbor background essay solutions write an essay in french about your school. I need to become a trainer essay in hindi. How to start out the primary paragraph of a compare/distinction essay, profitable college essay samples conclusion for reconstruction essay, english essay spm horror story. Essay header sample good essay writing skills how to write short film essay pattern introduction paragraph for compare and distinction essay the beautiful bones movie vs guide essay? How i write paragraph essay essay on air pollution for class 4th water disaster in india essay 250 phrases. Why cash doesn't purchase happiness essay essay the worth of video games and sports essay on melancholy and anxiousness 5 paragraph essay writing conclusion jrotc essay contest rubric for sy 19-20.

[vsplusonline]

Sharp Strategist

New Post has been published on https://apzweb.com/sharp-strategist/

Sharp Strategist

Inspection round: Agrawal at a corona ward in Vadodara. Photo Nafees Khan

When the first COVID-19 case surfaced in Vadodara on March 24, collector Shalini Agrawal immediately chalked out a strategy to deal with the emergency situation. And leakproof containment emerged as an integral part of the district administration’s strategy.

On April 4, when a COVID-19 case was discovered in Ikhar village in the bordering Bharuch district, she sealed eight neighbouring villages in the district. The district administration ensured that essential items were home-delivered to the villagers. The strategy paid off as these villages have been Covid-free.

The three areas of Vado­­dara city which first saw positive cases, Nagarwada, Saiyadwada and Tandalja, were also sealed and designated red zones. Door-to-door screening was done, during which Agrawal also started random sampling for COVID-19 cases, the first time in Gujarat. For this, she had a mobile ambulance with a team of two doctors and two nurses accompanying the health officials. As many as 75 asymptomatic cases were discovered. They were moved to a special quarantine facility created at the Ebrahim Bawany Industrial Training Institute on the city’s outskirts. Vadodara has 500 beds for COVID-19 patients with another 500 beds are coming up by next week. There is quarantine facility of 2,500 beds with provisions being made for another 2,500. The authorities have 156 ventilators.

Agrawal has also been taking measures to support the marginalised classes during the lockdown. Around 35,000 people without ration cards in the district, mostly migrant labour, have been brought under the Gujarat Anna Brahma Yojana, so that they are eligible for free rations. She also supervised the distribution of rations to 1.2 million people who were not covered under the National Food Security Act.

Vadodara has opened 4,500 of the 9,000 big and medium industrial units in rural areas. Some 45,000 workers have reported for duty so far. Agrawal’s office has put out a fixed format online where units can apply for permission to open with an undertaking that they will adhere to all social distancing rules. Economic activity in areas under the Vadodara Municipal corporation will take time to start.

For the people of Vadodara, Agrawal’s proactive measures are no surprise. The 2005 batch IAS officer had earlier won recognition as the best district collector and best district development officer under the Gujarat government. Meanwhile, more good news, 45 COVID-19 patients who were discharged from the quarantine centre at the technical institute have said they’ll donate blood for plasma therapy to help critical patients.

Get real-time alerts and all the news on your phone with the all-new India Today app. Download from

Source link

[vignaniasacademy]

25-04-2020 Current Affairs & Daily News Analysis

PM greets people on the beginning of holy month of Ramzan

About: The Prime Minister, Shri Narendra Modi has greeted the people on the beginning of holy month of Ramzan. “Ramzan Mubarak! I pray for everyone’s safety, well-being and prosperity. May this Holy Month bring with it abundance of kindness, harmony and compassion. May we achieve a decisive victory in the ongoing battle against COVID-19 and create a healthier planet”, the Prime Minister said. Ramadan Ramazan, or Ramathan is the ninth month of the Islamic calendar, observed by Muslims worldwide as a month of fasting (sawm), prayer, reflection and community. A commemoration of Muhammad's first revelation, the annual observance of Ramadan is regarded as one of the Five Pillars of Islam and lasts twenty-nine to thirty days, from one sighting of the crescent moon to the next. Source: PIB (Culture) Pioneer IAS Coaching institute in Bangalore

Search for solutions to Covid-19 from AYUSH healthcare disciplines

About: The Ministry of AYUSH has announced a mechanism to support short-term research projects for evaluating the impact of AYUSH interventions/ medicines in the prophylaxis and clinical management of COVID-19. Hospitals/Institutions involved in the management of COVID-19 cases have been invited to participate in this scheme which falls under the extramural (i.e., for those from outside the AYUSH Ministry establishment) research category. The proposals should be related to evaluating the role and impact of AYUSH interventions/medicines in the prophylaxis and clinical management of SARS-CoV-2 infection and COVID-19 disease. Project proposals of a maximum of six months duration with Institutional Ethics Committee (IEC) clearance will be considered for support up to Rs. 10.00 lakhs to meet the expenditure on engaging AYUSH clinicians, technical manpower, laboratory investigations and related contingencies. The details including eligibility criteria, mode for submission of application, application form are uploaded on Ministry of AYUSH website, ie. ayush.gov.in. The link to the webpage is: https://main.ayush.gov.in/event/mechanism-support-short-term-research-projects-evaluating-impact-ayush-interventions-cum. The application will be received only through email and the address is: emrayushcovid19@gmail.com. Source PIB (Health) Pioneer IAS Coaching institute in Bangalore

15th Finance Commission holds meeting with its Advisory Council

About: The Advisory Council also felt that the magnitude of the impact of these developments on public finances is uncertain, but will certainly be significant. Governments will have substantial expenditure burden on account of health, support to poor and other economic agents. hey felt that the following considerations, inter alia, would be very important.  (a)      Small scale enterprises were cash-starved even prior to the onset of Covid. As their activity levels and cash flows are affected, it is important that a support mechanism be devised to help them overcome this problem.  (b)     Non-banking financial companies are also affected by the slowdown. In order to avoid bankruptcies and deepening of NPAs in the financial sector, measures should be appropriately designed. Measures like partial loan guarantee may help. The Reserve Bank of India will have a key role in ensuring that financial institutions are well-capitalized.  (c)      The finances of the Central and State Governments need to be watched carefully. As of now, adequate provision for ways and means advances can largely help governments to manage cash-flow mismatches. As we move ahead, we need to think of options for financing the additional deficit. It is important to ensure that the State governments get access to adequate funds to undertake their fight against the pandemic.  (d)     The Council also felt that it is likely that different States may come out of the severity of the impact of the pandemic in different stages. Hence, the revival of activity in different States will be at varied pace. Fifteenth Finance Commission along with its Advisory Council is keenly watching the evolving situation globally as well as domestically. Source: PIB (Economy) Pioneer IAS Coaching institute in Bangalore

PM Says to become self-reliant and self-sufficient is the biggest lesson learnt from Corona pandemic: PM

Prime Minister Shri Narendra Modi interacted with Sarpanchs of Gram Panchayats throughout the country today through Video Conferencing, on the occasion of National Panchayati Raj Day 2020. During this event he launched a unified e-GramSwaraj Portal and mobile application and Swamitva Scheme. The e-GramSwaraj helps prepare and execute Gram Panchayat Development Plans. The portal will ensure real time monitoring and accountability. The portal is a major step towards digitization down to the Gram Panchayat level. The Swamitva scheme which is launched in pilot mode in 6 states helps to map rural inhabited lands using drones and latest survey methods. The scheme will ensure streamlined planning, revenue collection and provide clarity over property rights in rural areas. This will open up avenues for applying for loans from financial institutions by the owners. Disputes related to property would also be settled through the title deeds allotted through this scheme. Addressing the Sarpanches all over the country, the Prime Minister said the Corona pandemic has changed the way people worked and taught a good lesson. He said the pandemic taught us that one has to be self-reliant always. “This Pandemic has thrown at us new challenges and problems which we have never imagined, but it also taught us a very good lesson with a strong message. It has taught us that we have to be self-reliant and self-sufficient. It has taught us that we should not look for solutions outside the country. This is the biggest lesson we have learnt.” “Every Village has to be self-sufficient enough to provide for its basic needs. Similarly every district has to be self-sufficient at its level, every state has to be self-reliant at its level and the whole country has to be self-reliant at its level”, he said. Shri Narendra Modi said that the Government worked hard in trying to provide self-sufficiency to villages and making the Gram Panchayats stronger. “In the last five years nearly 1.25 Lakh Panchayats have been connected through broadband from a mere 100 before. Similarly, the number of Common Service Centres had crossed 3 Lakhs”, he said. He said since mobile phones are being manufactured in India, the cost of smartphones has become cheaper and the low cost smartphones have reached every village and this would further strengthen the digital infrastructure at village level. The Prime Minister said the “Progress of Panchayats will ensure the development of the nation and democracy”. The occasion today was an opportunity to establish direct dialogue between the Prime Minister and the Gram Panchayat representatives. During his interaction with the sarpanchs PM complimented the villages for giving the mantra - 'Do gaj doori' to define social distancing in simpler terms. He said that the slogan of "Do gaj Deh ki doori" given by rural India showed the wisdom of the people. He appreciated the slogan, saying that it motivates people to practice social distancing. Prime Minister said that notwithstanding the limited resources at its disposal, India has taken the challenge proactively and showed its resolve to move forward with new energy and new ways. He said, “the collective power of the villages is helping the country move forward”. He stressed that amidst these efforts, we have to remember that the negligence of any one can endanger the whole village and therefore, there is no scope for relaxation. The Prime Minister urged the Sarpanch’s to work towards the Swachhata Campaign in the villages, to take care of the old, divyang and other needy in the villages, while ensuring quarantine, social distancing and covering the faces with masks. He urged the Sarpanches to provide correct information to every family on various aspects of COVID-19. Pioneer IAS Coaching institute in Bangalore He also appealed to people in rural India to download the Aarogya Setu app and asked Panchayat representatives to ensure that every person in their Panchayat downloads the app. The Prime Minister said that serious efforts are made to ensure that poor people of the village get the best healthcare. He said that Ayushman Bharat Yojana has emerged as a big relief for the poor of the village and nearly 1 crore poor patients have received free treatment in the hospital under this scheme. He urged the use of digital platforms such as e-NAM and GEM portal to reach out to larger markets for better prices for village produce. The Prime Minister interacted with Sarpanch’s from Jammu-Kashmir, Karnataka, Bihar, UP, Maharashtra, Punjab & Assam. Pioneer IAS Coaching institute in Bangalore He remembered Mahatma Gandhi's conception of Swaraj as being based on Gram Swaraj. Quoting the Shastras, he reminded the people that the source of all strength is unity. The Prime Minister wished the Sarpanches on Panchayati Raj Day and for defeating Corona with their collective efforts, solidarity and determination. Contact Best IAS Academy in Bangalore Enroll for Foundation Course Enroll for General Studies Integrated Course Read UPSC Current affairs and Daily News Analysis from Best IAS Academy in Bangalore Vignan IAS Academy Discounts on IAS coaching fee in Bangalore Pioneer IAS Coaching institute in Bangalore Contact Vignan IAS Academy Enroll For IAS Foundation Course from Best IAS Academy in Bangalore Read the full article

[juudgeblog]

All you need to know about Fintech in India

In this article, Kashish Khattar discusses All you need to know about Fintech in India. Kashish is a 4th-year student at Amity Law School, Delhi. This article is a discussion revolving around the FinTech space and the regulations surrounding them. 

Introduction

You would have heard of Berkshire Hathaway’s investment into Paytm recently. According to a Livemint article, it was Warren Buffett’s first investment in the country. Berkshire invested Rs 2500 Cr in the parent company of Paytm i.e One97 Communications Ltd, this gives the company a valuation of USD 10-12 billion. Further, the Indian fintech software market is forecasted to touch USD 2.4 billion by 2020 from a current USD 1.2 billion, as per NASSCOM. The transaction value in the FinTech space was recorded around USD 33 billion in 2016 and is expected to shoot up to USD 73 billion by 2020. According to an EY report, India is just behind China in the adoption of FinTech services in the world. The adoption rates are through the roof, the EY report states that the sample in the survey done by this particular report had used 2 FinTech services in the last 6 months.

According to a livemint article, the FinTech Industry in India can be divided into 12 broad categories and they can be listed as follows:

Alternative Funding;

Banking Tech;

Crowdfunding;

Consumer Finance;

Cryptocurrency;

Enterprise Finance;

Foreign Exchange;

Insurance Tech;

Investment Tech;

Mobile Wallets;

Payments; and

Software for Institutional Investor.

Reasons for rapid growth

The FinTech industry’s rapid growth can be attributed to the holy trinity of India’s Fintech revolution: The Banks, Government and Startups. Let us now analyse all these three aspects and how they helped in the exponential growth of the FinTech space in India.

Government – The Central government’s push towards a cashless digital economy through its various policy initiatives has helped in laying a strong foundation for the FinTech sector in the economy. These factors can be listed as follows:

India Stack – With the introduction of India Stack, which is basically a set of APIs that allows governments, businesses, startups and developers to utilise a unique digital infrastructure. The government has tried to introduce a world-class technological framework to the startup sphere, innovators and MNCs which would, in turn, accelerate the growth of the FinTech space in the country. The scenario is just like the policy support given by the government in the late 1990s to the Telecom industry which took paramount importance in many reform initiatives of those times.

Startup India – The startup India program as launched by the Centre includes various tax exemptions, simplification of regulations, reforms to the patent regime, mentorship and a substantial increase in government funding.

Pradhan Mantri Jan Dhan Yojana – Financial inclusion drives such as the  PMJDY is regarded as the world’s biggest financial inclusion program which had a target to get basic banking activities to the underserved section of the Indian population.

Adoption of Aadhar – You would know about RBI’s KYC norms involving Aadhar based biometric authentication which will make opening a bank account to be a hassle-free task.

National Payments Council of India Initiatives or the NPCI – With the introduction of Unified Payment Interface or UPI, the NPCI has tapped into the exponential growth of the mobile phones and the Jio revolution and in turn, reduced the cost of infrastructure for the FinTech startups. The smartphone user base which is expected to touch about 500 million users by 2020, from about 150 million users in 2016. This aggressive growth will ensure a bigger digital banking footprint in the economy. The NPCI has come up with numerous innovative initiatives which give a solid base for a digitally enable FinTech sector in the country. Which gives the startups in this space, to leverage this time and the numerous opportunities to grow and be adopted as mainstream banking activities. Services such as Digital KYC, BHIM (Bharat Interface for Money), Bharat Bill Payments Scheme (BBPS), Aadhar Enabled Payment System (AEPS) are all trying to ease the process of digital payments for all classes of people in the Indian society.

Public Relations – Centre has also marketed the whole digital monetary system well. Space still requires regulations for various FinTech industries such as the P2P transactions, crowdfunding and data security. PM Modi’s formula of IT + IT = IT (Indian Talent + Information Technology = India Tomorrow) can be seen as the government’s stand on the digitisation of every sector including the finance field.

Effects of Demonetisation – The FinTech space got a major boost due to the sudden announcement of Rs. 500 and 1000 notes were demonetized by the Prime minister on 8th Nov 2016. The e-payments and e-wallet system saw a boost of 500% in terms of traffic in the first few months. Government data states that 1.7 mn transactions were done by these e-wallet services in the first month after the announcement of demonetisation. Approximately, 46% of the FinTech space are involved in the payment services business.

Regulators – The four main regulators who will be taking care of the FinTech space will be the Reserve Bank of India, Securities and Exchange Board of India, the Telecom Regulatory Authority of India (TRAI) and finally, the Insurance Regulatory and Development Authority (IRDA).

Startups – India’s Fintech space got it’s much-needed attention in 2016 and has been growing ever since the Payments sector got a boost after the Demonetization. Alternate lending also has been enjoying a good growth rate because of a number of unbanked, new to the bank, underbanked consumers. But the FinTech system still has a lot of scope for growth, let us look at the various sectors in the startup sphere of the FinTech space:

Payments – The digital payments sector in the country is expected to grow to USD 500 billion by 2020, representing around 15% of the GDP. It is estimated that 80% of the economic transactions in India still happens through cash, whereas it is 21% for developed economies. This leaves a significant room for growth. There was a rapid growth in transactions in the year 2016-2017 and has grown ever since. Mobile payments applications such as wallets, P2P transfer applications and mobile points of sale are as popular as ever and they have a strong user adoption rate among the tech-savvy youth of the country. Some players in the FinTech space are taking advantage of different and innovative policy initiatives such as Payments Banks. Basically, a model of a modern bank to serve the unserved which blends together both mobile services and the traditional banking services.

Alternative Lending – Alternative Lending is said to the second most funded and one of the fastest growing sectors in the Indian FinTech space. As of October 2016, alternate lending in India had received USD 199 million in funding across 33 deals.

P2P lending has emerged to be the most sought out startup idea of the FinTech system. P2P has the characteristics of everything FinTech solution – it is quick, cheap and meant for the greater good. After the 2008 financial crisis, banks have become risk-averse, loans have got tougher to obtain and the banks have altered their own operations. P2P is the solution to this problem, the major contributors to this growth are the unmet demand loans by MSMEs with a gap of roughly USD 200 billion in credit supply. It is a really inexpensive model that runs on a sense of social responsibility. P2P is here to stay and has all the prerequisites to grow exponentially in the Indian society.

InsurTech – The insurance sector in India has not been the easiest sector to accept innovative products, but with the customers asking for a bang for their buck and an increased access to technology-enabled efficiencies. The insurance companies are not looking out to incorporate technologies and products that improve basic factors of customer engagement, retention and improving the complete customer lifecycle. Internet-of-Things or IOT has gained quite some reputation in the InsurTech sector, which is powered by extensive customer data. Linking of data of health and wellness can help the insurers to predict the know-hows of customer behaviour and lead to an increase in their earnings through better pricing strategies.

Wealth Management – The asset and wealth management will witness a wave of automation, and so will India. The technological advancements have to lead to a better product offering. The rise of e-payments, e-KYC through Aadhar and online fund transactions, online statements of investments have made the future of an automated wealth management sector quite bright. India’s young and largely under-banked population has been largely absent from the stock and the bond markets and this present quite a room for improvement for players in this sector. Furthermore, SEBI and RBI have encouraged simplicity. All in all, this has lead to quite a lot of users being guided towards formal investments.

Banking Technology – Financial Institution has been investing heavily in emerging technologies to improve the customer experience, their internal operations etc. Globally, it can be seen that large commercial banks are investing in Artificial Intelligence, Machine Learning and Blockchain startups for both back office and front office purposes.

Blockchain Tech – Blockchain based system offer vastly improved trust and transparency and due to its regulatory uses, the adoption of Blockchain or Distributed Ledger Technology (“DLT”) in the Indian banking sector is also finding some traction and support from the regulatory bodies. DLT in India presently has only reached the proof of concept stage, where a commercial bank is trying it out to enforce a smart contract, its application in remittances and trade finance. DLTs are overall attractive from a regulatory and audit point of view. The three main applications of the DLT in the coming future could be: (i) Efficient payments transfer infra; (ii) Enforcement of smart contracts; and (iii) Digital Identity i.e. a tamper-proof history of a transaction and gives the users an option of choosing who to give access to their personal data.

AI and ML – Artificial Intelligence (“AI”) and Machine Learning (“ML”) are all set to disrupt the Banking sector in India in the near future. AI can be explained as a bigger and broader concept which relates to machines doing activities that we consider to be smart, while MI is one of the particular applications of AI which basically learns from the data given to it to make predictions and inferences that can be used by the user. AI can have a lot of applications in the banking sector ranging from customer acquisition, KYC and Onboarding, Accounts and Loans, Customer Service, Brand Management, to Risk and Credit etc.

Click here

Legal framework governing the Fintech Space

Most of the sectors in the Fintech space are not yet regulated. Sectors such as P2P lending and payments systems are some of the sectors that need to be regulated on an urgent basis because they handle public money. P2P lending does not fall under the regulatory framework of the RBI. Therefore, these alternative lending entities have quite an edge over banks and financial institutions who charge higher rates of interest and demand a collateral.

However, the alternative lending platforms do fall under the Usurious Loans Act, 1918. This Act has given the power to the courts in India to intervene in cases where the interest rates are really high, which basically keeps a check on unfair rates of interest. Further, almost 22 states have different and separate acts on money lending to be complied with. Furthermore, the platforms also need to have a license from the state under the Act to carry out the business of lending.

RBI has gone ahead and regulated with some sectors of the Fintech, which mainly include the e-wallets and payment services. These entities have to be registered with the RBI under the Payment and Settlements Act, 2007. The RBI has made sure to have stringent rules and regulations regarding these. This ensures the security of the information given and the public money at large, which are basically moved around through the means of the FinTech space. Apart from these, there has not been much of regulation in any of the other sectors of the FinTech space. This does put an opportunity in the hands of the regulator and the businesses to try different approaches.

The RBI has as per its press release of 14th July 2016, set up Inter-regulatory Working Group on FinTech and Digital Banking to review and appropriately reorient the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech scenario.

Various security risks faced by the FinTech space

There are a number of risks faced by the Fintech Companies at present. There are various new avenues that have come up due to the evolution of the FinTech revolution. You must have heard of the all the famous line that data is the new oil. The most valuable thing in the world is not a fossil fuel, but sensitive information collected by apps from its users. The more FinTech revolution spreads nationwide, the more will be the amount that they deal with. As more people go online, things like data ubiquity, data security are becoming a major challenge for the FinTech industry. A tremendous amount of data is gathered by the FinTech space, which is then analysed to gather insight into more of customer buying patterns and retention strategies. This includes a lot of personal data, including financial, health, and social data of a user. Protection of this kind of data is the need of the hour. Seamless data is another avenue which helps survive the dynamics of the partnerships formed between Financial Institutions and the Fintech space. They have provided the users with better products at better prices and have improved the existing products and services also. Another challenge that is faced by the FinTech space can be of data ownership. This kind of a risk must be overcome through a combination that consists of both technical and legal measures. Furthermore, trying to manage customer access to various solutions and services becomes a lot more complicated for the ever-increasing customer base. Options of cyber security concepts like data labelling, selective data sharing and identity-aware data shareholding can be solutions to various risk-related problems for this space.

FinTech Companies v. Financial Institutions

The Fintech Space has really evolved over time with the emergence of multiple mature players especially in the payments segment and consumers giving preference to new innovative products that offer different financial services. This puts the FinTech companies in direct competition with the traditional large bank and financial corporations. The ecosystem by no doubt has shifted from a traditional competitive edge where the financial institutions introduce their own products and services to compete to more of a collaborative one. Where both the startups are looking for growth with the help of Large institutions who have been in this game for very long. And open innovation and new ideas can be adopted by big institutions. The financial institutions have realised over time that collaboration with the FinTech industry is more an effective strategy than competing with them. These institutions now even embrace the disruption that this space is creating in the financial world.

Basically, institutions are trying to blend existing technologies offered by the FinTech space in their operations or are developing their own innovative solutions in partnership with various startups. Partnering with a FinTech startup allows the institution to effectively outsource their research and development and develop services that can be introduced and brought to the market quickly. Which in term also makes them gain access to different technologies that can build solutions for bigger and better problems they may face in the future. The FinTech scene benefits from this partnership with the access to the large customer base of financial institutions as well as their management and deployment capabilities. Collaboration makes sense for startups as they have to compete in the marketplace where a lot of similar services are already being offered by major telecom or public sector players.

The methods by which Indian financial institutions use while working with new FinTech technologies can be summarised as follows:

(i) Supplementary Offering – Use of new or existing subsidiaries to offer new services;

(ii) Partnerships – where both the parties develop solutions together;

(iii) Acquisitions – of various startups and enhancing their value;

(iv) Incubation – Where you run startup programs to incubate companies relevant to the market they are involved in;

(v) Investing – Setting up of venture funds to invest in the FinTech space; and

(vi) Bridge makers – Bridging the gap between demand and supply by curating the best business ventures to meet the needs of the market.

The road to collaboration is not an easy one, there are a couple of hurdles that have to bridged by both the parties to come up to a suitable solution. The obstacles arise from the new challenging the old, the different business models of both the businesses, a difference of the culture between both the places. Institutions have a problem because of their slow adoption of change and innovation, their slow acceptance to disruption in the market. The difference also arises in terms of goals where FinTech wants to bring in new levels of efficiency in what they do, whereas Institutions have to go slow and steady as they have to take care of the whole range of products and services required in the transaction. However, these challenges can be overcome and make way for a highly promising future for both the FinTech space and the financial institutions. Opportunities for collaboration and growth will only grow over time and there will be so much room for innovation and disruption.

(A graph comparing India v. Other FinTech hubs globally.)

Conclusion

India needs to regulate, invest, and promote its business, startup environment only after which it can emerge as a startup haven. It has got a huge potential to change into a developed economy. FinTech space has made use of new technologies and disruptive approaches to come up with better and innovative products. This trend is expected to continue and go bigger in the coming years. Banks will go through a revolutionary change with AI and MI in the centre of all the disruption that will happen in this sector. Wealth management which consisted mainly of high net worth individuals now has room due to cheaper services to advise more customers in the coming times. There is automation in Corporate and Investment Banking, which has led to cost reduction and improved efficiency in all major banks. India is on the cusp of the FinTech revolution, accelerated in part by the Government’s policy initiatives and development of the Indian Stack. India’s vast underbanked and new-to-bank population makes it the most exciting opportunity place to be in right now. It is now to be seen as to how the FinTech revolution is going to change the habits and behaviour of the Indian population.

The post All you need to know about Fintech in India appeared first on iPleaders.

All you need to know about Fintech in India syndicated from https://namechangersmumbai.wordpress.com/

[loyallogic]

All you need to know about Fintech in India

In this article, Kashish Khattar discusses All you need to know about Fintech in India. Kashish is a 4th-year student at Amity Law School, Delhi. This article is a discussion revolving around the FinTech space and the regulations surrounding them. 

Introduction

You would have heard of Berkshire Hathaway’s investment into Paytm recently. According to a Livemint article, it was Warren Buffett’s first investment in the country. Berkshire invested Rs 2500 Cr in the parent company of Paytm i.e One97 Communications Ltd, this gives the company a valuation of USD 10-12 billion. Further, the Indian fintech software market is forecasted to touch USD 2.4 billion by 2020 from a current USD 1.2 billion, as per NASSCOM. The transaction value in the FinTech space was recorded around USD 33 billion in 2016 and is expected to shoot up to USD 73 billion by 2020. According to an EY report, India is just behind China in the adoption of FinTech services in the world. The adoption rates are through the roof, the EY report states that the sample in the survey done by this particular report had used 2 FinTech services in the last 6 months.

According to a livemint article, the FinTech Industry in India can be divided into 12 broad categories and they can be listed as follows:

Alternative Funding;

Banking Tech;

Crowdfunding;

Consumer Finance;

Cryptocurrency;

Enterprise Finance;

Foreign Exchange;

Insurance Tech;

Investment Tech;

Mobile Wallets;

Payments; and

Software for Institutional Investor.

Reasons for rapid growth

The FinTech industry’s rapid growth can be attributed to the holy trinity of India’s Fintech revolution: The Banks, Government and Startups. Let us now analyse all these three aspects and how they helped in the exponential growth of the FinTech space in India.

Government – The Central government’s push towards a cashless digital economy through its various policy initiatives has helped in laying a strong foundation for the FinTech sector in the economy. These factors can be listed as follows:

India Stack – With the introduction of India Stack, which is basically a set of APIs that allows governments, businesses, startups and developers to utilise a unique digital infrastructure. The government has tried to introduce a world-class technological framework to the startup sphere, innovators and MNCs which would, in turn, accelerate the growth of the FinTech space in the country. The scenario is just like the policy support given by the government in the late 1990s to the Telecom industry which took paramount importance in many reform initiatives of those times.

Startup India – The startup India program as launched by the Centre includes various tax exemptions, simplification of regulations, reforms to the patent regime, mentorship and a substantial increase in government funding.

Pradhan Mantri Jan Dhan Yojana – Financial inclusion drives such as the  PMJDY is regarded as the world’s biggest financial inclusion program which had a target to get basic banking activities to the underserved section of the Indian population.

Adoption of Aadhar – You would know about RBI’s KYC norms involving Aadhar based biometric authentication which will make opening a bank account to be a hassle-free task.

National Payments Council of India Initiatives or the NPCI – With the introduction of Unified Payment Interface or UPI, the NPCI has tapped into the exponential growth of the mobile phones and the Jio revolution and in turn, reduced the cost of infrastructure for the FinTech startups. The smartphone user base which is expected to touch about 500 million users by 2020, from about 150 million users in 2016. This aggressive growth will ensure a bigger digital banking footprint in the economy. The NPCI has come up with numerous innovative initiatives which give a solid base for a digitally enable FinTech sector in the country. Which gives the startups in this space, to leverage this time and the numerous opportunities to grow and be adopted as mainstream banking activities. Services such as Digital KYC, BHIM (Bharat Interface for Money), Bharat Bill Payments Scheme (BBPS), Aadhar Enabled Payment System (AEPS) are all trying to ease the process of digital payments for all classes of people in the Indian society.

Public Relations – Centre has also marketed the whole digital monetary system well. Space still requires regulations for various FinTech industries such as the P2P transactions, crowdfunding and data security. PM Modi’s formula of IT + IT = IT (Indian Talent + Information Technology = India Tomorrow) can be seen as the government’s stand on the digitisation of every sector including the finance field.

Effects of Demonetisation – The FinTech space got a major boost due to the sudden announcement of Rs. 500 and 1000 notes were demonetized by the Prime minister on 8th Nov 2016. The e-payments and e-wallet system saw a boost of 500% in terms of traffic in the first few months. Government data states that 1.7 mn transactions were done by these e-wallet services in the first month after the announcement of demonetisation. Approximately, 46% of the FinTech space are involved in the payment services business.

Regulators – The four main regulators who will be taking care of the FinTech space will be the Reserve Bank of India, Securities and Exchange Board of India, the Telecom Regulatory Authority of India (TRAI) and finally, the Insurance Regulatory and Development Authority (IRDA).

Startups – India’s Fintech space got it’s much-needed attention in 2016 and has been growing ever since the Payments sector got a boost after the Demonetization. Alternate lending also has been enjoying a good growth rate because of a number of unbanked, new to the bank, underbanked consumers. But the FinTech system still has a lot of scope for growth, let us look at the various sectors in the startup sphere of the FinTech space:

Payments – The digital payments sector in the country is expected to grow to USD 500 billion by 2020, representing around 15% of the GDP. It is estimated that 80% of the economic transactions in India still happens through cash, whereas it is 21% for developed economies. This leaves a significant room for growth. There was a rapid growth in transactions in the year 2016-2017 and has grown ever since. Mobile payments applications such as wallets, P2P transfer applications and mobile points of sale are as popular as ever and they have a strong user adoption rate among the tech-savvy youth of the country. Some players in the FinTech space are taking advantage of different and innovative policy initiatives such as Payments Banks. Basically, a model of a modern bank to serve the unserved which blends together both mobile services and the traditional banking services.

Alternative Lending – Alternative Lending is said to the second most funded and one of the fastest growing sectors in the Indian FinTech space. As of October 2016, alternate lending in India had received USD 199 million in funding across 33 deals.

P2P lending has emerged to be the most sought out startup idea of the FinTech system. P2P has the characteristics of everything FinTech solution – it is quick, cheap and meant for the greater good. After the 2008 financial crisis, banks have become risk-averse, loans have got tougher to obtain and the banks have altered their own operations. P2P is the solution to this problem, the major contributors to this growth are the unmet demand loans by MSMEs with a gap of roughly USD 200 billion in credit supply. It is a really inexpensive model that runs on a sense of social responsibility. P2P is here to stay and has all the prerequisites to grow exponentially in the Indian society.

InsurTech – The insurance sector in India has not been the easiest sector to accept innovative products, but with the customers asking for a bang for their buck and an increased access to technology-enabled efficiencies. The insurance companies are not looking out to incorporate technologies and products that improve basic factors of customer engagement, retention and improving the complete customer lifecycle. Internet-of-Things or IOT has gained quite some reputation in the InsurTech sector, which is powered by extensive customer data. Linking of data of health and wellness can help the insurers to predict the know-hows of customer behaviour and lead to an increase in their earnings through better pricing strategies.

Wealth Management – The asset and wealth management will witness a wave of automation, and so will India. The technological advancements have to lead to a better product offering. The rise of e-payments, e-KYC through Aadhar and online fund transactions, online statements of investments have made the future of an automated wealth management sector quite bright. India’s young and largely under-banked population has been largely absent from the stock and the bond markets and this present quite a room for improvement for players in this sector. Furthermore, SEBI and RBI have encouraged simplicity. All in all, this has lead to quite a lot of users being guided towards formal investments.

Banking Technology – Financial Institution has been investing heavily in emerging technologies to improve the customer experience, their internal operations etc. Globally, it can be seen that large commercial banks are investing in Artificial Intelligence, Machine Learning and Blockchain startups for both back office and front office purposes.

Blockchain Tech – Blockchain based system offer vastly improved trust and transparency and due to its regulatory uses, the adoption of Blockchain or Distributed Ledger Technology (“DLT”) in the Indian banking sector is also finding some traction and support from the regulatory bodies. DLT in India presently has only reached the proof of concept stage, where a commercial bank is trying it out to enforce a smart contract, its application in remittances and trade finance. DLTs are overall attractive from a regulatory and audit point of view. The three main applications of the DLT in the coming future could be: (i) Efficient payments transfer infra; (ii) Enforcement of smart contracts; and (iii) Digital Identity i.e. a tamper-proof history of a transaction and gives the users an option of choosing who to give access to their personal data.

AI and ML – Artificial Intelligence (“AI”) and Machine Learning (“ML”) are all set to disrupt the Banking sector in India in the near future. AI can be explained as a bigger and broader concept which relates to machines doing activities that we consider to be smart, while MI is one of the particular applications of AI which basically learns from the data given to it to make predictions and inferences that can be used by the user. AI can have a lot of applications in the banking sector ranging from customer acquisition, KYC and Onboarding, Accounts and Loans, Customer Service, Brand Management, to Risk and Credit etc.

Click here

Legal framework governing the Fintech Space

Most of the sectors in the Fintech space are not yet regulated. Sectors such as P2P lending and payments systems are some of the sectors that need to be regulated on an urgent basis because they handle public money. P2P lending does not fall under the regulatory framework of the RBI. Therefore, these alternative lending entities have quite an edge over banks and financial institutions who charge higher rates of interest and demand a collateral.

However, the alternative lending platforms do fall under the Usurious Loans Act, 1918. This Act has given the power to the courts in India to intervene in cases where the interest rates are really high, which basically keeps a check on unfair rates of interest. Further, almost 22 states have different and separate acts on money lending to be complied with. Furthermore, the platforms also need to have a license from the state under the Act to carry out the business of lending.

RBI has gone ahead and regulated with some sectors of the Fintech, which mainly include the e-wallets and payment services. These entities have to be registered with the RBI under the Payment and Settlements Act, 2007. The RBI has made sure to have stringent rules and regulations regarding these. This ensures the security of the information given and the public money at large, which are basically moved around through the means of the FinTech space. Apart from these, there has not been much of regulation in any of the other sectors of the FinTech space. This does put an opportunity in the hands of the regulator and the businesses to try different approaches.

The RBI has as per its press release of 14th July 2016, set up Inter-regulatory Working Group on FinTech and Digital Banking to review and appropriately reorient the regulatory framework and respond to the dynamics of the rapidly evolving Fin Tech scenario.

Various security risks faced by the FinTech space

There are a number of risks faced by the Fintech Companies at present. There are various new avenues that have come up due to the evolution of the FinTech revolution. You must have heard of the all the famous line that data is the new oil. The most valuable thing in the world is not a fossil fuel, but sensitive information collected by apps from its users. The more FinTech revolution spreads nationwide, the more will be the amount that they deal with. As more people go online, things like data ubiquity, data security are becoming a major challenge for the FinTech industry. A tremendous amount of data is gathered by the FinTech space, which is then analysed to gather insight into more of customer buying patterns and retention strategies. This includes a lot of personal data, including financial, health, and social data of a user. Protection of this kind of data is the need of the hour. Seamless data is another avenue which helps survive the dynamics of the partnerships formed between Financial Institutions and the Fintech space. They have provided the users with better products at better prices and have improved the existing products and services also. Another challenge that is faced by the FinTech space can be of data ownership. This kind of a risk must be overcome through a combination that consists of both technical and legal measures. Furthermore, trying to manage customer access to various solutions and services becomes a lot more complicated for the ever-increasing customer base. Options of cyber security concepts like data labelling, selective data sharing and identity-aware data shareholding can be solutions to various risk-related problems for this space.

FinTech Companies v. Financial Institutions

The Fintech Space has really evolved over time with the emergence of multiple mature players especially in the payments segment and consumers giving preference to new innovative products that offer different financial services. This puts the FinTech companies in direct competition with the traditional large bank and financial corporations. The ecosystem by no doubt has shifted from a traditional competitive edge where the financial institutions introduce their own products and services to compete to more of a collaborative one. Where both the startups are looking for growth with the help of Large institutions who have been in this game for very long. And open innovation and new ideas can be adopted by big institutions. The financial institutions have realised over time that collaboration with the FinTech industry is more an effective strategy than competing with them. These institutions now even embrace the disruption that this space is creating in the financial world.

Basically, institutions are trying to blend existing technologies offered by the FinTech space in their operations or are developing their own innovative solutions in partnership with various startups. Partnering with a FinTech startup allows the institution to effectively outsource their research and development and develop services that can be introduced and brought to the market quickly. Which in term also makes them gain access to different technologies that can build solutions for bigger and better problems they may face in the future. The FinTech scene benefits from this partnership with the access to the large customer base of financial institutions as well as their management and deployment capabilities. Collaboration makes sense for startups as they have to compete in the marketplace where a lot of similar services are already being offered by major telecom or public sector players.

The methods by which Indian financial institutions use while working with new FinTech technologies can be summarised as follows:

(i) Supplementary Offering – Use of new or existing subsidiaries to offer new services;

(ii) Partnerships – where both the parties develop solutions together;

(iii) Acquisitions – of various startups and enhancing their value;

(iv) Incubation – Where you run startup programs to incubate companies relevant to the market they are involved in;

(v) Investing – Setting up of venture funds to invest in the FinTech space; and

(vi) Bridge makers – Bridging the gap between demand and supply by curating the best business ventures to meet the needs of the market.

The road to collaboration is not an easy one, there are a couple of hurdles that have to bridged by both the parties to come up to a suitable solution. The obstacles arise from the new challenging the old, the different business models of both the businesses, a difference of the culture between both the places. Institutions have a problem because of their slow adoption of change and innovation, their slow acceptance to disruption in the market. The difference also arises in terms of goals where FinTech wants to bring in new levels of efficiency in what they do, whereas Institutions have to go slow and steady as they have to take care of the whole range of products and services required in the transaction. However, these challenges can be overcome and make way for a highly promising future for both the FinTech space and the financial institutions. Opportunities for collaboration and growth will only grow over time and there will be so much room for innovation and disruption.

(A graph comparing India v. Other FinTech hubs globally.)

Conclusion

India needs to regulate, invest, and promote its business, startup environment only after which it can emerge as a startup haven. It has got a huge potential to change into a developed economy. FinTech space has made use of new technologies and disruptive approaches to come up with better and innovative products. This trend is expected to continue and go bigger in the coming years. Banks will go through a revolutionary change with AI and MI in the centre of all the disruption that will happen in this sector. Wealth management which consisted mainly of high net worth individuals now has room due to cheaper services to advise more customers in the coming times. There is automation in Corporate and Investment Banking, which has led to cost reduction and improved efficiency in all major banks. India is on the cusp of the FinTech revolution, accelerated in part by the Government’s policy initiatives and development of the Indian Stack. India’s vast underbanked and new-to-bank population makes it the most exciting opportunity place to be in right now. It is now to be seen as to how the FinTech revolution is going to change the habits and behaviour of the Indian population.

The post All you need to know about Fintech in India appeared first on iPleaders.

All you need to know about Fintech in India published first on https://namechangers.tumblr.com/