UPI makes payments cheap, fast and safe
NPCI launched India’s real-time payment system in August 2016 and it is already a role model for the developed world. India now has apps that seamlessly move money
Lower cost mutual funds true to label
Risk labelling in 2013 and scheme categorization in 2018 led to better disclosures. In 2018, Sebi tightened mutual fund expenses and rationalized fund distribution costs
Direct mutual fund plans reduce costs
Sebi-mandated direct plans in 2013 cut costs for DIY investors. Also made room for RIAs to charge a fee, rather than work on commissions, lowering conflicts of interest
Tech transforms financial sector
Speed, cost and options are all features of a tech-based rehaul of banking, payments and investment; regulators, firms and the government have worked together on this
More power to IRDAI over costs and fines
Insurance sector FDI limits got a hike in 2015 and Irdai got more power to decide on costs. Firms can no longer deny death claims after a three-year holding period
Real estate gets a regulator at last
Rera finally got off the ground in 2016. Though it is dealing with teething troubles and reluctant states, it still is a win for builder transparency and accountability
Health insurance gets a new life
PMJAY, the ₹5 lakh free cover for economically backward Indians, has pushed both insurers and hospitals towards fairer contracts, exclusions and transparency
More equity and tax-free NPS
In 2018, the equity limit of NPS was hiked to 75% and the tax-free component of the NPS corpus on maturity from 40% to 60%, bringing the product at par with EPF
Retail loans get a fair benchmark
Banks have gamed RBI efforts to pass on the policy rate cuts to borrowers. From October 2019, RBI has linked retail loans to an external benchmark that banks can’t game
Faster and safer stock markets
E-IPO made mandatory in 2012, IPO processing time down from 22 days to six. In 2011, Sebi started a centralized web-based investor complaints redressal system, SCORES
Source: livemint
