(MENAFN- KNN India) Consumer Unity & Trust Society (CUTS) International organised a high level seminar on the subject, including a discussion on differentiated banking, yesterday in New Delhi.
Dr. M S Sahoo, Member, Competition Commission of India (CCI) mentioned that payment banks are innovative models of reaching to the unbanked and regulations should prescribe the entry norms to address the market failure, but should not interfere with day to day management of such entities.
Pradeep S Mehta, Secretary General, CUTS International, said that banking sector has come a long way from its initial days of state led mandates and market players are taking numerous initiatives to target the unbanked segments. It is for the stakeholders to preserve and take forward this momentum and make differentiated banking a success.
Dr. Arvind Mayaram, former Finance Secretary, who chaired the panel discussion, highlighted the concerns in uptake of digital financial inclusion, including poor data connectivity.
The seminar attracted participation from key stakeholders in the sector. These included Shinjini Kumar, CEO, Paytm Payments Bank, Dr. Arvind Mayaram, former Finance Secretary, Government of India, and Bindu Ananth, senior industry practitioner. Shinjini highlighted the concerns with respect to the central KYC registry and treatment of differentiated entities being treated similarly.
CUTS International, a well-known economic policy research and outreach organisation, is implementing an evidence based study to identify and understand the competition and regulatory challenges to growth of payments banks in India. This study is being supported by the Bill & Melinda Gates Foundation. (KNN Bureau)