India Fintech Stack (IFS)

DRAFT V 1.0

OBJECTIVE: 

IFS will endeavor to provide a open, standardized API Stack (Platform) from GOI, BFSI (Banking, Insurance, Financial Services and Fintech) services providers, Regulators and other ecosystem stakeholders - to accelerate digitization, financial inclusion and innovation across India and to integrate with the global financial community. 

POSITIONING: 

Position India’s Financial Capital, Mumbai as leading IFC (International Financial Center) by providing India Fintech Stack (IFS) as single platform for the global financial / fintech community to interface with Indian financial ecosystem. 

(Other countries like Singapore have already published similar API stack Playbook, which is attached here as reference) 

IFS BUILDING BLOCKS: 

The IFS to be developed a ‘open community’ project by fostering collaboration among industry players, regulators and developers - for all common processes, functions, work flows, operations and standardizing them in to a set of API’s, 

These programmatic API’s will then be post finalization, published and made available on GitHub.com and StackOverFlow.com 

The IFS Building Blocks will include service layers offered by various GOI programs - along with the one offered by the private and public industry players - to democratize access ad further broaden, deepen and widen the Banking, Insurance, Financial Services and Capital markets. 

I) KYC Stack: 

API’s for foll llustrative products / services - Identity Management, Background Verification, Passport, Visa ad OIC, Skills Certification et al..

1. Aadhaar - Verify anyone with an Aadhaar anywhere, anytime. 

2. eKyc - Digitise your KYC process & go paperless 

3. eSign - Sign any document electonically using Aadhaar. 

4. Digilocker - Retrieve, Store & Share verified digital documents.

5. Passport - Authenticate Passport, Visa, OIC and other information securely 

6. Kaushal Vikas Yojana - NSDC (National Skills Development Corporation) interface to provide and verify skill training, certification et al for BFSI and Fintech 

7. Private Companies - e.g. OnGrid 

II) Banking Stack: 

API’s for full illustrative products/ services - Checking / Savings accounts, Credit / Debit cards, CD's & FD's, Wire & EFT, Loans, Payment Gateways, Wallets, ATM’s, POS et al...

1. UPI - Transfer money between bank accounts in India.

2. JanDhan - 

3. India Post - 

4. RuPay Card - 

5. Nationalized and Private Banks - 

6. Private Companies - incl. Fintech

III) Payment Stack 

API’s for full illustrative products / services - Payment Gateways, Wallets, Pre-paid and post-paid products, 

1. Payment Gateway API 

2. Wallet API

3. Crypto Currencies - 

4. Digital Repositories - Blockchain

IV) Insurance Stack: 

API’s for full illustrative products / services - Term & Whole Life, Health, Travel, Accident, Hazard, Industry, Company, Director’s et al 

1. Jeevan Jyoti Bima Yojana 

2. Suraksha Bima Yojana 

3. Govt & PSU - LIC, Oriental & National Insurance 

4. Private Companies - incl. Fintech 

V) Investment Services Stack: 

API’s for full illustrative products / services - Investments & Trading in Equity / Bonds / Fixed Income / FX / Interest Rate / Pension / MF / Index / ETF / Gold / Real Estate / Venture Fund / Angel Fund et al. 

1. PPF (Public Provident Fund) 

2. NPS (National Pension Scheme) 

3. Atal Pension Yojana 

4. Sukanya Samridhi Yojana 

5. StartUp India Fund - Through DST (Dept of Science & Technology), AIM (Atal Innovation Mission) and MSME

6. Private Companies - incl Fintech, Broking, Financial Advisory, Investment Banking, et al...

VI) Debt Services Stack: 

API’s for foll illustrative products / services -  Ioans for Consumer, Housing, Education, Vehicle, Agriculture, Micro-Finance / Funding, Corporate, SME, Start-Up, Project Financing, Short & long term debt et al. 

1. Mudra Loan 

2. StartUp India Loan Scheme 

3. NBFC 

4. Micro Finance & Development Institutions 

5 Private Companies - 

VII) Credit Rating Stack: 

API’s for foll illustrative products / services -  Consumers, Public listed Companies, Private companies, SME, Startups et al. 

1. Credit Rating Reports

2. Information Reports

3. Consumer Reports - on services 

4. GOI Interface - ROC, MCA et al..

5. Private Companies - CRISIL, CARE, FITCH et al.

VIII) Capital Market Stack: 

API’s for foll illustrative products / services -  Market Information on equities, commodities, currencies, bonds, interest rates, indices, MF, ETF, energy et al all exchange traded products including derivatives (futures & options)

1. Exchanges - BSE, NSE, MCX, MSEI, IEX et al 

2. Central Depositories and Repositories - NSDL, CDSL,et al 

3. Information providers - Reuters, Bloomberg, ET, CNBC, TickerPlant, et al 

4. Training & Advisory service providers - 

5. Fintech Companies - 

IX) Regulator Stack: 

API’s for foll illustrative products / services - Regulatory, Risk, Compliance data and policies defined by RBI, SEBI, MOF et al 

We can keep adding Blocks as we start building the Stack.