The national institute for cooperatives Vaikunth Mehta National Institute of Cooperative Management (VAMNICOM) recently conducted a three day training program in Mumbai for UCBs. RBI ex-deputy governor H.R. Khan inaugurated the program.
The topic of the program was “Sensitization Program on Fintech”. More than 30 participants from various banks from across the country including Maharashtra, Tamil Nadu, Bihar, Madhya Pradesh and Gujarat attended the Program.
The program was designed to sensitize executives working in banks and in the field of finance to the emerging trends in Fintech – the abbreviation for finance and technologies. so as to equipthem with the required talent for developing new business models.
Discussions on digital wallets, cyber-security, mobile banking, NPCI block chain and artificial intelligence were held during the program. Several experts participated in these discussions.
Talking about the purpose of the program ,the press release sent to Indiancooperative says, among other things, ” the banking and the financial sectors 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, where Fintech revolution is gaining ground rapidly, the emerging sector needs to be thoroughly understood, the press release underlined.
There are states like Maharashtra and Andhra Pradesh that have developed the Fintech Policy framework. RBI too has 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.
Dr K. K. Tripathy, IES, Director, VAMNICOM welcomed the participants to this innovative program and expressed his hope that it would be useful.
