CHENNAI: Tamil Nadu’s FinTech policy, unveiled by Chief Minister MK Stalin in Coimbatore on Tuesday, proposes an Apex Skill Development Centre (APSDC) to be developed by the Tamil Nadu State Development Corporation (TNSDC) for Banking, Financial Services, and Insurance (BFSI). It will offer courses on FinTech and serve as a Centre of Excellence.
“The APSDC shall be established in a PPP mode as a Special Purpose Vehicle with TNSDC and an industry partner,” the policy says. The policy says a FinTech city in Chennai with a built-up area of at least 1 million square feet will be developed in a phased manner along with other FinTech centres in Tier 2 & 3 cities. Specialised financial services funding agencies would be encouraged to set up operations in the FinTech City to establish the necessary funding ecosystem. “The Government shall encourage and assist in the establishment of an Innovation Hub to attract financial institutions that seek to engage in R&D activities,” the policy says.
Similarly, to promote digital payments in the State, a pilot project to develop a Digital Payment Zone in Chennai within 5km-radius of the FinTech City has been proposed. Within these zones, the Government shall accelerate FinTech adoption by encouraging digital payment modes such as UPI, Mobile Wallets, Point of Sale (PoS), and Micro-ATMs.
The policy calls for relaxing planning permission norms for FinTech firms in high-rise developments by providing them with an FSI of 3.75 with no additional premium FSI charges. Similarly, the policy stresses on transit-oriented development for FinTech Hubs across the Metro Rail corridor within a distance of 500m from the central line.
The policy also calls for exempting start-ups from online inspection under the labour laws for a period of three years from the date of commencement of work/business (except branches of establishment existing beyond three years). “Establishments submitting a combined annual return for labour and having no violations consecutively for three years are also exempt from inspections under the labour laws,” the policy states.