Need environment for fintech companies to partner with large financial institutions; Mr K Rajaraman
Published: Sep 08, 2020
By TIOLCORPLAWS News Service
NEW DELHI, SEPTEMBER 08, 2020: ADDRESSING a web-conference ‘PICUP Fintech', organized by FICCI jointly with Indian Banks' Association (IBA), Mr K Rajaraman, Additional Secretary, (Investment & IER), Department of Economic Affairs, Ministry of Finance yesterday emphasized on the need for creating an environment for fintech companies to partner with large financial institutions and offer innovative solutions. Mr Rajaraman further said, “With all the partnership that we have, we should be able to have an environment which enables fintech industry to innovate. It will also provide better penetration of financial services, security, and lower cost of business. Ultimately, this will offer better convenience and comfort to the users.” Mr Rajaraman further said that there are opportunities for fintech to collaborate with companies in insurance, pension sector also. “There is an opportunity for us to harness and marry the fintech companies with the flagship programs of the government. I urge the insurance industry to collaborate on micro insurance and micro pension schemes rolled out by the government,” He also stressed on the need to promote small investors to invest in the capital market. “Investment by Indians in the financial markets have been slowly rising, but a lot more work needs to be done to ensure that an ordinary citizen can invest effortlessly in the capital market. This is also a challenge that lies before us to enable investment advisory services comfortably for the ordinary Indian,”
