Stocktaking on the fintech revolution

Fintechs can be important in India, given the weaknesses of the incumbent financial system. Finance is the business of serving the real economy to do better in grappling with risk and time. Doing finance right requires risk taking and innovation on products and processes to fit the lives of the people across the geographical and class diversity in India. This runs afoul of financial economic policy, where the government and its agencies run a central planning system with detailed control of products and processes. Limitations in the rule of law make financial firms cautious about innovating. Government-controlled monopoly systems, which

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper