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
    Challa, Keerthi Kumar
    South Asia Department
    Request for information
  • Country/Economy
    India
  • Sector
    • Finance
Project Name Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems
Project Number 54094-001
Country / Economy India
Project Status Active
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

TA is supporting fintech collaborations between NPCI/NIPL and nodal fintech agencies in SASEC and ASEAN countries, along with strategic engagement with nodal fintech agencies like KFTC.

The TA has been made effective in March '22 and implementation is underway.

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)

ADB facilitated signing of MOU between Korea Financial Tele-communications & Clearings Institute (KFTC) and NPCI/NIPL for exploring further business opportunities in both and other countries.

ADB is facilitating dialogue between NPCI/NIPL and nodal fintech agencies in Asia-Pacific region.

ADB is also extending knowledge support to NIPL for preparing a strategy note to facilitate fintech partnerships in Europe and Americas region

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 Challa, Keerthi Kumar
Responsible ADB Department South Asia Department
Responsible ADB Division India Resident Mission
Executing Agencies
Department of Financial Services, Ministry of Finance
National Payments Corporation of India
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 09 Dec 2022

TA 6790-IND

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
05 Oct 2021 22 Mar 2022 22 Mar 2022 31 Oct 2023 - -
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 09 Dec 2022 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.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

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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.

None currently available.


Evaluation Documents See also: Independent Evaluation

None currently available.


Related Publications

None currently available.


The Access to Information Policy (AIP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.

Tenders

Tender Title Type Status Posting Date Deadline
Fast Payments Infrastructure UPI Firm - Consulting Closed 27 May 2022 17 Jun 2022

Contracts Awarded

Contract Title Approval Number Contract Date Contractor | Address Executing Agency Total Contract Amount (US$) Contract Amount Financed by ADB (US$)
Capacity Development Technical Assistance Technical Assistance 6790 03 Oct 2022 Pricewaterhousecoopers Pvt. Ltd. (INDIA) | 8-2-624/A/1, 4th Floor, Road No. 10, Banjara Hills, Hyderabad, Andhra Pradesh 500 034 India Dept. of Financial Services, Ministry of Finance 145,200.00

Procurement Plan

None currently available.