Session Summary

What did you learn in this session?

In this session, you learnt about the following points:

• India is an important place for finTech. It has introduced an open API infrastructure in the form of India Stack, which can be used as a foundation to build applications on.

• Some of the global first in India are as follows:

  • Aadhaar 

  • DigiLocker

  • UPI

  • Financial Services Data

• The building blocks of the financial ecosystem in India are as follows:

  • Government: Initiatives taken by the government are mentioned below.

    • India Stack: It provides an open API infrastructure to the banks and other tech players to build their application. Its four layers are given below.

      • Presence-less

      • Paperless

      • Cashless

      • NBFC-AA

    • JAM trinity

      • Direct Benefit Transfer (DBT) scheme is built on the JAM trinity. 

  • NPCI:

    • It has built a public infrastructure in the digital payments space: Unified payments interface (UPI)

    • Bharat Bill Payment System and Aadhaar Enabled Payment System

    • RuPay

  • Regulators:

    • They have created sandboxes, which are small-scale experiments to test the efficacy of new technologies.

    • They introduced innovation hubs, small payments banks, differentiated banks and small finance banks to increase financial inclusion in India.