NEW DELHI :
A panel, set up by the finance ministry, has recommended steps to leverage financial technology in a host of sectors to improve efficiency and governance, including use of drones by insurers to assess crops, digitization of land records and creation of a credit registry for farmers.
An official statement from the finance ministry said the panel has suggested ways to improve financial inclusion of small businesses using fintech as well as to ease rules to support entrepreneurship. The panel also recommended new regulations to encourage fintech innovation. Use of financial technology in governance will reduce the role of individual discretion and help in combating corruption.
While a credit registry will bring more transparency in the creditworthiness of farmers and improve their access to credit, digital land records will be useful for policy making, besides helping land owners. The statement said an inter-ministerial panel will be set up to implement the recommendations.
“The committee recommends a special drive for modernisation and standardisation of land records by setting up a dedicated National Digital Land Records Mission," said the report. The Committee also recommends a legal framework for consumer protection keeping in mind the rise of fintech and digital services.