India: Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems

Sovereign Project | 54094-001

The proposed knowledge and support technical assistance (TA) aims to provide institutional support to the National Payments Corporation of India (NPCI) in accelerating adoption of digital payments and promoting financial technology (fintech ) cooperation across Asia.

Project Details

  • Project Officer
    Jeong, Hoe Yun
    South Asia Department
    Request for information
  • Approval Date
    5 October 2021
  • Country
    India
  • Sector
    • Finance
Project Name Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems
Project Number 54094-001
Country India
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 6790-IND: Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems
Republic of Korea e-Asia and Knowledge Partnership Fund US$ 500,000.00
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Gender Equity and Mainstreaming
Governance and capacity development
Knowledge solutions
Partnerships
Private sector development
Sector / Subsector

Education / Non-formal education - social protection initiatives

Finance / Finance sector development

Gender Equity and Mainstreaming Some gender elements
Description The proposed knowledge and support technical assistance (TA) aims to provide institutional support to the National Payments Corporation of India (NPCI) in accelerating adoption of digital payments and promoting financial technology (fintech ) cooperation across Asia.
Project Rationale and Linkage to Country/Regional Strategy While the government has promoted an enabling climate for the fintech industry including deepening international transactions, a dynamic policy and regulatory architecture will need to match the speed of innovation in this sector. Upgrading the existing techno-legal expertise is pivotal to NPCI for not only ensuring compliance with evolving domestic regulations but also for advancing its international engagements with other nodal fintech agencies operating in other countries.
Impact Seamless digitization of payments accelerated (Digital India Program)
Project Outcome
Description of Outcome Regional partnerships and collaborations that facilitate adoption of fintech-based digital payments systems established
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Fintech Market Development plans for promoting cross-border digital payments by NPCI/NIPL created.

NPCI and NIPL institutional capacity improved.

Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Nation-wide
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services ADB will engage a consulting firm and two individual consultants for the implementation of TA activities. The consultants will help NPCI in conducting market assessment, enable digital outreach across countries and help in establishing fintech collaborations. ADB will engage both national and international individual consultants following its Procurement Policy (2017, as amended from time to time) and its associated staff instructions.
Procurement NA
Responsible ADB Officer Jeong, Hoe Yun
Responsible ADB Department South Asia Department
Responsible ADB Division India Resident Mission
Executing Agencies
Department of Financial Services, Ministry of Finance
3rd floor, Jeevan Deep Building, 10 Sansad Marg
National Payments Corporation of India
1001A, B wing, 10th Flr., The Capital,
Bandra East, Mumbai, Maharasthra, 400051
Timetable
Concept Clearance 28 Apr 2020
Fact Finding 28 Sep 2020 to 21 Dec 2020
MRM -
Approval 05 Oct 2021
Last Review Mission -
Last PDS Update 05 Oct 2021

TA 6790-IND

Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 500,000.00 0.00 0.00 0.00 0.00 500,000.00 - 0.00

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Safeguard Documents See also: Safeguards
Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

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Evaluation Documents See also: Independent Evaluation

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Related Publications

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Tenders

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Contracts Awarded

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Procurement Plan

None currently available.