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Recommendations for Open API Policy in India

India FinTech Forum along with Arthimpact had organised a Fintech Policy Roundtable as a part of Fintegrate Zone 2018 to discuss – What should be India’s Open API Policy to encourage fintech innovation on 1st March, 2018.

Recommendations made to the Policy Makers are:
1) There should be a policy with respect to ownership of data, when Open API frameworks are utilized along with clear guidelines on data sharing.
2) There should be a simpler mechanism for enabling SMEs and Corporates over Open APIs of Banks / NBFCs.
3) Indian banking system offers limited set of Open APIs focused on Payments (UPI / IMPS). There is a need to provide APIs across deposit accounts (like account opening, account closure etc), loan accounts, trade finance etc.
4) Consent Layer of Indiastack should have a framework for monetization, so that more entities join the platform as “data providers” beyond current set of government institutions.
For complete set of recommendations :

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