Don’t forget uncertainty in post-Covid world: FM

NEW DELHI/MUMBAI: Finance minister Nirmala Sitharaman on Tuesday said that there was a need to be cautious and businesses and policymakers should not forget uncertainty in the post-Covid world.
“You are talking about the future of finance. All of us who have lived through the Covid pandemic will know the future will be VUCA — volatile, uncertain, complex and totally ambiguous. If VUCA is what it is going to be for the future, the future of finance therefore is going to be more VUCA. It is very difficult for any of us to put a finger on one aspect of finance and say what it is going to be. Yet we will have to think, plan and be ready to prevent any Black Swan event. When you talk aboutthe future, the future of finance, there is definitely a sense of urgency with which we plan for something that is going to be highly volatile and going to be more influenced by extraneous factors for each one of us,” the minister said at an event organised by Ficci.
She also said that the government and the regulators were working to implement a common KYC for the financial sector. “There is a central repository which takes care of central KYC. We are also now working in such a way that once you have given your KYC, it can be applicable at various institutions at various times for various requirements that you may have. And you may not have to do it each time even if the businesses are slightly different that you’re engaged in. ”
At the Global Fintech Fest, the finance minister said the fintech industry should break the distance barrier and increase engagement with the government to build up trust. “Greater the engagement, greater the trust which gets built up. So, one sure shot way of retaining and building on trust is to keep the constant engagement going,” she said, while responding to a question by Kris Gopalakrishnan, chairman, Global Fintech Fest 2022 advisory board.