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IRDAI advises all Insurance companies for issuance of Digital Insurance Policies via DigiLocker

The Insurance Regulatory and Development Authority of India (IRDAI), in a circular dated February 9, 2021, said, "In order to promote the adoption of Digilocker in the insurance sector, the Authority advises all insurers to enable their IT systems to interact with Digilocker facility to enable policyholders to use digilocker for preserving all their policy documents."

Press Release: https://www.pib.gov.in/Pressreleaseshare.aspx?PRID=1697372

For your knowledge:

What is Digilocker?

DigiLocker is a cloud-based document storage system of the Government of India. This facility is to store important documents such as PAN cards, mark sheets, insurance policies, certificates, driving licenses, etc. in the digital format. The benefit of this facility is that these documents can be accessed by the user or any government verifying authority as if these were physical documents submitted by the user. Each citizen can avail a cloud space of up to 1 GB for storing their documents on DigiLocker.

You can register on the DigiLocker with your mobile number and also register using Aadhaar number which is linked to the user's mobile number.


India is now Asia's biggest destination for financial technology (fintech) deals post Covid-19

The fintech market in India was valued at Rs 1,920 billion in pre-Covid era and is expected to reach Rs 6,207 billion by 2025, expanding at a compound annual growth rate (CAGR) of about 22 per cent during the 2020-2025 period. Rajeev Shah, the RBSA Advisors MD said, "While the fintech industry is still in its early adoption stage, we believe it is well-positioned to witness long-term growth in the coming years. The changes will be more focused on digital lending (alternative finance) and open banking".

@MarketPower.in, we're committed to contribute in this India's growth story. We welcome M&A partners to adapt to our strong business model and grow 'together'.

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