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TN to release Fin Tech policy

Fin Tech companies amalgamate technology and financial services to help make mobile banking, insurance and investment applications more user-friendly.

Published: 24th February 2021 05:32 AM  |   Last Updated: 24th February 2021 05:32 AM   |  A+A-

Express News Service

CHENNAI: With an aim to make the State a global hub for Fin Tech enterprises, Tamil Nadu is working on a Fin Tech policy which will soon be released, said Deputy CM O Panneerselvam on Tuesday. While presenting the Interim Budget, he said, “The Tamil Nadu Industrial Development Corporation (TIDCO) is developing a Fin Tech City, sprawling over 260 acres, at Kavanoor near Chennai, to attract domestic, overseas financial institutions and Fin Tech companies.”

Fin Tech companies amalgamate technology and financial services to help make mobile banking, insurance and investment applications more user-friendly. He added that TN had attracted the largest number of investments in the country with a total of 101 Memoranda of Understanding (MoUs) signed, with an investment commitment of Rs 88,727 crore and an employment potential for 1,69,496 persons, during the pandemic.

“The developments in 2020-21 have reaffirmed that TN is the most-preferred investment destination.”
“Of the 304 MoUs signed in the Global Investors Meet 2019 (GIM), as many as 81 projects have commenced commercial production and 191 others are at various stages of implementation. This accounts for 89 per cent project implementation,” he added.

In addition, Panneerselvam said that the State’s industrialisation will further be advanced by the new Industrial Policy launched recently. To facilitate industrial growth in the State, at least 3,000 acres of land is available for immediate allotment while State Industries Promotion Corporation of Tamil Nadu is now promoting establishment of industrial parks on the joint venture mode.

Industrial housing facilities are being established at Vallam Vadagal. Stating that the MSME sector was the worst hit due to the pandemic, he said the government is acting on the recommendations of the C Rangarajan Committee to help in revival of the sector.

Rs 1,000 cr
Will be infused as additional capital to the Tamil Nadu Industrial Investment Corporation to strengthen and expand its role as a term lending institution


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