India: Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems
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 |
|
||||
| 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
| Milestones | |||||
|---|---|---|---|---|---|
| Approval | Signing Date | Effectivity Date | Closing | ||
| Original | Revised | Actual | |||
| 05 Oct 2021 | - | - | 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 | 18 Nov 2021 | 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.
The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.
In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.
| Title | Document Type | Document Date |
|---|---|---|
| Promoting Regional Partnerships for Adoption of Fintech and Digital Payments Systems: Technical Assistance Report | Technical Assistance Reports | Oct 2021 |
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
No tenders for this project were found.
Contracts Awarded
No contracts awarded for this project were found
Procurement Plan
None currently available.