Economic Survey: Need to identify regulatory gaps in fintech sector

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Economic Survey: Need to identify regulatory gaps in fintech sector - Business Standard

Quick Summary:

In the medium term, efforts should be made to move towards data-based lending instead of judgement-based lending, especially for small businesses,” the survey said.

This observation comes as the country adopts emerging technologies such as artificial intelligence and machine learning (AI/ML), decentralised finance, and the Internet of Things (IoT).

Their usage has brought transparency, scale operation, and timely delivery of financial services to the public,” said the survey.