THELOGICALINDIAN - Indias axial coffer The Reserve Coffer of India has arrive applications for Payment System Innovation Awards to animate avant-garde solutions in the acreage of Payment and Settlement System With this action the RBI is acquisitive to transform the way affairs are candy in the worlds fastest growing arising economy
Some ample areas which the challenge will achievement to awning are:
The Institute for Development and Research in Banking Technology (IDRBT), which is the technology arm of the RBI, will adapt the competition. A console of experts will shortlist the best avant-garde applications, and the best three will be adored with citations/prizes. The winners may additionally be accustomed a adventitious to present their ideas/ technologies to the industry representatives.
Chairman of adaptable acquittal aggregation Novopay Srikanth Nadhamuni told Business Standard,
“I anticipate it’s a actual acceptable abstraction to do that. The axial coffer and regulator back they appearance absorption in addition in the FinTech space, it sends the appropriate bulletin that they appetite avant-garde solutions in cyberbanking casework and cyberbanking and that’s a actual acceptable bulletin to accelerate out to companies.”
Among the best advocate technologies that are abolition the payments area is the blockchain technology, which is the technology basement the cryptocurrency bitcoin. The blockchain is able to serve the acute purpose of acid bottomward transaction costs while facilitating fast, reliable, and defended payments.
The action by the axial coffer will additionally accommodate aplomb to the cryptocurrency businesses in India as the regulator has generally maintained a cautious stance on the agenda currencies.
RBI has already issued new licenses to 10 baby banks and 11 payment banks that would use technology to agitate banking. India has been backward abaft in the fintech race, but agnate initiatives may ballista the nation to a college spot.
