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Fintech

Why in news?

India and UN-Based Better Than Cash Alliance has recently organized a joint Peer learning exchange on fintech solutions for responsible digital payments at the last mile.

Department of Economic Affairs ( DEA), Ministry of Finance today hosted a learning session “Accelerating Responsible Digital Payments:  Unlocking the Role of Fintech in Last Mile Service Delivery” with leaders from States and Union Territories across India.

What is Fintech?

Financial technology is the technology and innovation that aims to compete with traditional financial methods in the delivery of financial services.

  • It is an emerging industry that uses technology to improve activities in finance.
  • It is the implementation of traditional financial services and modern technology in the management of financial aspects in various companies and businesses.

 Importance:

  • In earlier times, to withdraw money from the bank, you had to maintain a register, which also took a lot of time.
  • But now with the use of technology in the banking system, the core banking system has come into vogue and the transaction of money has become easier, we can also call it fintech.
  • For example, UPI or Bhima App which is a part of financial technology, solves the problem of sending money immediately.
  • Fintech companies have been instrumental in providing banking services to every corner of the country due to their innovation.
  • These fintech start-ups are proving to be very helpful in services such as payment, cash transfer for banks.
  • Also, they are providing banking services to far-flung areas of the country.
  • Fintech providers are now beginning to offer savings, lending, insurance and other financial products and advisory services.
  • Companies like Paytm, MobiWeek and Free Recharge are moving fast in the country today and coordination with banks is giving small companies a chance to work on their new ideas

About  the Better Than Cash Alliance:

  • The Better Than Cash Alliance is a global partnership of 75 governments, companies, and international organizations.
  • It helps & accelerates the digital payments in order to reduce poverty and drive inclusive growth.
  • India became a member of the Better Than Cash Alliance in 2015 to digitize payments to achieve financial inclusion

Facts for Prelims:

Vadhavan Port Yojana:

The Union Cabinet has approved a proposal to set up a major port at Vadhavan near Dahanu in Maharashtra with a total cost of Rs 65,545 crore.

Key facts:

  1. This will be 13thmajor port in India.
  2. With the development of this port, India will become one of the countries in the top-10 container ports in the world.
  3. A special purpose vehicle (SPV)will be formed with Jawaharlal Nehru Port Trust (JNPT)as the lead partner, with equity participation equal to or more than 50% to implement the project.
  4. The port will be developed on the landlord model.

 

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