Fintech committee recommends new legal framework for consumer protection

A panel on issues related to financial technology (fintech), in its report submitted to Finance Minister Nirmala Sitharaman on Monday, has recommended a new legal framework for consumer protection.

The framework encompasses fintech and digital services, a National Digital Land Records Mission, a unified database (stacks) for small industries and the agriculture sector, removing discriminatory regulatory barriers in digital payments infrastructure, and allowing non-banking financial companies (NBFCs) into agriculture credit.

The Steering Committee on fintech-related issues has also suggested cash flow-based financing for micro, small and medium enterprises (MSMEs); using drones and remote sensing to assess risk in agriculture credit and insurance;