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 Name | Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems: Institutional Support for National Payments Corporation of India |
| Project Number | 54094-001 |
| Country | India |
| Project Status | Proposed |
| Project Type / Modality of Assistance | Technical Assistance |
| Source of Funding / Amount | |
| Strategic Agendas | Inclusive economic growth Regional integration |
| Drivers of Change | Governance and capacity development Knowledge solutions Partnerships Private sector development |
| Sector / Subsector | Finance / Finance sector development |
| Gender Equity and Mainstreaming | No 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) |
| Outcome | Regional partnerships and collaborations that facilitate adoption of fintech-based digital payments systems established |
| Outputs | Development plans for promoting cross-border digital payments by NPCI created. NPCI institutional capacity improved. |
| 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 | |
| Responsible ADB Officer | Jeong, Hoe Yun |
| Responsible ADB Department | South Asia Department |
| Responsible ADB Division | India Resident Mission |
| Timetable | |
|---|---|
| Concept Clearance | 28 Apr 2020 |
| Fact Finding | - |
| MRM | - |
| Approval | - |
| Last Review Mission | - |
| Last PDS Update | 29 Apr 2020 |
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