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Fintech festival at Singapore addressed by PM
Context
- Narendra Modi became the first Head of Government to deliver the keynote address at Singapore Fintech Festival.
- PM Modi launched APIX (Application Programming Interface Exchange), a global Fintech platform with Deputy PM of Singapore T Shanmugaratnam after his address at the event.
Fintech festival:
The recent International Monetary Fund and World Bank annual meetings marked the launch of the Bali Fintech Agenda. It is set of 12 policy recommendations aimed at better harnessing the benefits and opportunities of rapid advances in financial technology.
Significance
- Fintech has the potential to broaden the reach of formal financial services, sharply lower costs and spur efficiency gains.
- It has created wave of innovation in payments, clearing and settlement, offering both the banked and unbanked cheaper and faster services, besides powering e-commerce.
- Fintech providers are now beginning to offer saving, borrowing, insurance and other financial products and advisory services.
- Financial inclusion can fundamentally reshape the lives of people and have a hugely positive economic and social impact.
- Another positive spillover comes from governments benefitting from reduced leakages and better targeting of public services, while an expanding tax base through improved compliance allows greater resource-generation for public investment.
Concerns
- Fintech tends to be lightly regulated or unregulated in some jurisdictions and soundness and stability are concerns.
- Payments and e-money operators use essentially private money, which carries credit and settlement risks.
- Broader financial stability questions arise as fintech expands from a low base and linkages with banks grow. There are increasing concerns associated with data privacy, data security and money laundering.
Yuva Sahakar-Cooperative Enterprise Support and Innovation Scheme
Context
- Union Agriculture Minister launches NCDC’s new scheme to promote young entrepreneurs in cooperatives.
Details
- The National Cooperative Development Corporation (NCDC) has come up with a youth-friendly scheme for attracting them to cooperative business ventures.
- The scheme will be linked to Rs 1000 crore ‘Cooperative Start-up and Innovation Fund (CSIF)’ created by the NCDC.
- It would have more incentives for cooperatives of North Eastern region, Aspirational Districts and cooperatives with women or SC or ST or PwD members.
- All types of cooperatives in operation for at least one year are eligible.
Funding
- The funding for the project will be up to 80% of the project cost for these special categories as against 70% for others.
- The scheme envisages 2% less than the applicable rate of interest on term loan for the project cost up to Rs 3 crore including 2 years moratorium on payment of principal.
National Cooperative Development Corporation (NCDC)
- It was established by an Act of Parliament in 1963 as a statutory Corporation under the Ministry of Agriculture & Farmers Welfare.
- Its core functions include Planning, promoting and financing programmes for production, processing, marketing, storage, export and import of agricultural produce, foodstuffs, certain other notified commodities e.g. fertilisers, insecticides, agricultural machinery, lac, soap, kerosene oil, textile, rubber etc., supply of consumer goods and collection, processing, marketing, storage and export of minor forest produce through cooperatives, besides income generating stream of activities such as poultry, dairy, fishery, sericulture, handloom etc.
- It is an ISO 9001:2015 compliant organisation and has a distinctive edge of competitive financing.
‘Tall ships sail together’ expedition
Context
- Chief of the Naval Staff Admiral Sunil Lanba will flag off a ‘tall ships sail together’ expedition that will cover a distance of 1,200 nautical miles from Kochi to Muscat
- The event is held as part of the 10th anniversary celebrations of the Indian Ocean Naval Symposium (IONS).
Details
- It seeks to retrace the maritime trade route of yesteryears between the Malabar Coast and the Persian Gulf.
- The event carries with it the memories of a glorious maritime past and the ancient cultural exchange that opened long-distance political and economic relations between the great civilizations of India and those in Persia and Arabia.
- The special cover carries a map of the Indian Ocean and littoral countries of the IOR, signifying the geopolitical importance of the region.
Young Champions Awards
Context
NITI Aayog’s Atal Innovation Mission (AIM) and UNICEF India, have come together on Children’s Day 2018, to provide an open platform to young children of India, to contribute towards sustainable development.
The awards were presented to the top six most innovative solutions from across the country, which were shortlisted through the Atal Tinkering Marathon.
Atal Tinkering Marathon
The Marathon will be open to all ATL schools across the country who aspires to make a difference and contribute to the school’s success in becoming an Innovation Hub.
The Marathon’s focus is on identifying a problem and developing innovative solutions that align with the National Agenda of creating a New India by 2022.
The innovative solutions should ideally focus on the 6 focus areas in alignment with National Agenda namely, clean energy, water resources, waste management, healthcare, smart mobility and agri-technology.
The objective was to encourage students to observe community problems and develop innovative solutions.
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Also See:
| Atal Tinkering Labs |
| NITI Aayog |
| IMF & World Bank |
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