Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) conducted a 3 day program on “Sensitization programme on Fintech” recently with a goal to sensitize and acquaint the participants with “Fintech” in India, its applications and implications for the banking and financial services sectors.
The program was especially designed in collaboration with Shri Dewang Neralla, CEO, ‘Atom Technologies’- a pioneer in Fintech in India and Prof Dr Amarendra Sahoo, Chairman, ‘Atom Technologies’ & Professor, SRM University , reads a press release from Vamn
Specialist Faculty members for the program included Dr. Amarendra Sahoo, Chairman Atom Technologies, Professor, SRM University, Amaravati, Ex RD, RBI, Dr. H K Mishra, Professor, IRMA, Anand ,Dr D V Deshpande, Professor, VAMNICOM & Ex Director BIRD, Lucknow, Dr Y S Patil, Assoc. Prof VAMNICOM and Ms Anshu Singh Asstt Prof., VAMNICOM.
The broad objectives of the program was to sensitize the bank officials to “Fintech” and its present status in India, to understand the applications of Fintech in Banking and other financial services industries, to share good case studies on Fintech collaboration and Innovation and to understand the role of Fintech in Financial Inclusion.
Fintech is a word loosely used for “Finance” and “Technologies”. It aims at tackling the emerging challenges in the banking and the financial sectors which are undergoing technological disruptions like never before. This has led to the emergence of an altogether new sector called “Fintech”.
“In a country like India, Fintech Revolution is gaining momentum rapidly. New technologies like mobile wallets, artificial intelligence and block chain, ever rising access to mobile communications etc. are leading to huge investments in Fintech Start- ups”, reads a press release sent by Vamnicom.
VAMNICOM is a premier national institute for cooperatives. It caters to the emerging training needs of the cooperative sector through Management Education, Training, Research & Publication, and Consultancy etc.
It is said that the states like Maharashtra and Andhra Pradesh were the first ones to have developed Fintech Policy framework but the remaining states continue to be laggards. RBI too constituted an expert panel to work on regulatory requirements of Fintech and Digital Banking so as to further mainstream this business and align it with the Indian Financial Sector.