Print This Post
14 March 2019, Gateway House

India’s evolving Fintech laws

Fintech refers to a service or product which cuts across technology and finance. Covering everything from blockchain/cryptocurrency and Artificial Intelligence to data and the Internet-of-Things, it is becoming integral to India’s development agenda. This table sets out the various constituents of fintech and the regulations governing them

Senior Researcher, International Law Studies Programme

post image

The term ‘fintech’, so widely used in India, is not defined by any Indian law. Fintech is broadly (and popularly) understood as that service or product which cuts across technology and finance. This means everything from blockchain/cryptocurrency, Artificial Intelligence and data to the Internet- of-things (IoT), falls within the ambit of fintech. It involves a multiplicity of regulators and stakeholders. With fintech now becoming integral to India’s development agenda, and given its dynamic nature, it is critical to create a holistic legal definition for the term and ensure a comprehensive interplay of regulations/ policies/ laws for all the elements that are considered to be fintech. This will enable the streamlined growth of fintech in India, where it is currently at a nascent stage. 

 With the objective of providing a deeper understanding of the dynamism of the term ‘fintech’, this infographic sets out its core elements in India and their corresponding regulatory status.

(PDF)

Infographic - Fintech_Finalw_logo

Ambika Khanna is Senior Researcher, International Law, Gateway House

Designed by Daniella Singh, Design Associate, Gateway House

This infographic was exclusively written for Gateway House: Indian Council on Global Relations. You can read more exclusive content here.

For interview requests with the author, or for permission to republish, please contact outreach@gatewayhouse.in or 022 22023371.

© Copyright 2019 Gateway House: Indian Council on Global Relations. All rights reserved. Any unauthorized copying or reproduction is strictly prohibited.

Bibliography

  1. Government of Maharashtra, Setting up of Global Fintech Hub and Implementation of Fintech Policy. https://maitri.mahaonline.gov.in/PDF/Fintech.pdf
  2. Reserve Bank of India, Prohibition on dealing in Virtual Currencies. https://rbi.org.in/Scripts/NotificationUser.aspx?Id=11243
  3. https://meity.gov.in/writereaddata/files/india_trillion-dollar_digital_opportunity.pdf
  4. Press Information Bureau, 19th Meeting of the Financial Stability and Development Council held under the Chairmanship of the Union Finance Minister, Shri Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance; The Council decided that the Regulators and the Government would keep a close watch on the developing situation and take all necessary measures. http://pib.nic.in/newsite/PrintRelease.aspx?relid=184478
  5. NITI Aayog, National Strategy for Artificial Intelligence. http://niti.gov.in/writereaddata/files/document_publication/NationalStrategy-for-AI-Discussion-Paper.pdf
  6. Press Information Bureau, Finalisation of National Artificial Intelligence Missio http://pib.nic.in/newsite/PrintRelease.aspx?relid=181007
  7. Press Information Bureau, NITI Aayog, Intel and TIFR collaborate to set up a Model International Center for Transformative AI (ICTAI). http://pib.nic.in/newsite/PrintRelease.aspx?relid=183377
  8. Press Information Bureau, AI task force hands over Final Report to RM. http://pib.nic.in/newsite/PrintRelease.aspx?relid=180322
  9. Press Information Bureau, AI task force hands over Final Report to RM. http://pib.nic.in/newsite/PrintRelease.aspx?relid=180322
  10. Ministry of Electronics and Information Technology, India’s Trillion Dollar Digital Opportunity https://meity.gov.in/writereaddata/files/india_trillion-dollar_digital_opportunity.pdf
  11. Reserve Bank of India, Payment and Settlement Systems Act, 2007. https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/86706.pdf
  12. Reserve Bank of India, Dissent Note on Inter-Ministerial Committee for finalization of Amendments to PSS Act. https://rbi.org.in/SCRIPTs/BS_PressReleaseDisplay.aspx?prid=45287
  13. Reserve Bank of India, Storage of Payment System Data. https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=11244&Mode=0
  14. Reserve Bank of India, Peer to Peer Lending Platform (Reserve Bank) Directions, 2017. https://www.rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11137
  15. Department of Industries, Government of Maharashtra, Cloud Computing Policy, 2018. https://di.maharashtra.gov.in/_layouts/15/doistaticsite/english/pdf/CloudComputing.pdf
  16. https://www.firstpost.com/tech/news-analysis/indias-upcoming-cloud-computing-policy-wants-localization-of-data-storage-4892141.html
  17. GST Council, Integrated Goods and Services Tax, 201 http://gstcouncil.gov.in/sites/default/files/IGST.pdf
  18. Department of Telecommunications, National Digital Communications Policy, 2018. http://dot.gov.in/sites/default/files/EnglishPolicy-NDCP.pdf
  19. Ministry of Electronics and Information Technology, Draft Internet of Things Policy. https://meity.gov.in/writereaddata/files/Revised-Draft-IoT-Policy_0.pdf
  20. Department of Telecommunications, National Digital Communications Policy, 2018. http://dot.gov.in/sites/default/files/EnglishPolicy-NDCP.pdf
  21. Ministry of Electronics and Information Technology, India’s Trillion Dollar Digital Opportunity. https://meity.gov.in/writereaddata/files/india_trillion-dollar_digital_opportunity.pdf
  22. Office of the Director General of Civil Aviation, Requirements for Operation of Civil Remotely Piloted Aircraft System. http://dgca.nic.in/cars/D3X-X1.pdf
  23. Ministry of Civil Aviation, Drone Ecosystem Policy Roadmap. https://www.globalaviationsummit.in/documents/DRONE-ECOSYSTEM-POLICY-ROADMAP.pdf
  24. Ministry of Electronics and Information Technology, Comments / suggestions invited on Draft of “The Information Technology [Intermediary Guidelines (Amendment) Rules] 2018. https://meity.gov.in/content/comments-suggestions-invited-draft-%E2%80%9C-information-technology-intermediary-guidelines
  25. Ministry of Electronics and Information Technology, The Personal Data Protection Bill, 2018. https://meity.gov.in/writereaddata/files/Personal_Data_Protection_Bill,2018.pdf
  26. Ministry of Electronics and Information Technology, A Free and Fair Digital Economy. https://meity.gov.in/writereaddata/files/Data_Protection_Committee_Report.pdf
  27. Telecom Regulatory Authority of India, Recommendations on ‘Privacy, Security and Ownership of Data in the Telecom Sector’. https://main.trai.gov.in/sites/default/files/PRNo7816072018.pdf, and https://main.trai.gov.in/sites/default/files/RecommendationDataPrivacy16072018_0.pdf
  28. Ministry of Health and Family Welfare, Digital Information Security in Healthcare Act (draft for public consultation). https://mohfw.gov.in/sites/default/files/R_4179_1521627488625_0.pdf
  29. Ministry of Electronics and Information Technology, Information Technology Act, 2000. https://meity.gov.in/content/view-it-act-2000
  30. Ministry of Electronics and Information Technology, National Cyber Security Policy, 2013. https://meity.gov.in/sites/upload_files/dit/files/National%20Cyber%20Security%20Policy%20%281%29.pdf
  31. Press Information Bureau, 19th Meeting of the Financial Stability and Development Council Council held under the Chairmanship of the Union Finance Minister, Shri Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance; The Council decided that the Regulators and the Government would keep a close watch on the developing situation and take all necessary measures. http://pib.nic.in/newsite/PrintRelease.aspx?relid=184478
  32. Reserve Bank of India, Cyber Security Framework in Banks. https://rbidocs.rbi.org.in/rdocs/notification/PDFs/NT41893F697BC1D57443BB76AFC7AB56272EB.PDF
  33. Reserve Bank of India, Basic Cyber Security Framework for Primary (Urban) Cooperative Banks. https://www.rbi.org.in/scripts/FS_Notification.aspx?Id=11397&fn=2755&Mode=0
  34. Reserve Bank Information Technology Pvt. Ltd. https://rebit.org.in/
  35. Press Information Bureau, Cabinet approves the proposal of National Policy on Electronics 2019. http://pib.nic.in/PressReleaseIframePage.aspx?PRID=1565285
  36. Ministry of Electronics and Information Technology, National Policy on Software Products, 2019. https://meity.gov.in/writereaddata/files/national_policy_on_software_products-2019.pdf

TAGGED UNDER: , , , , , , , ,