Dr Vinay Kumar Singh
Head (Self-Regulation & Compliance), Microfinance Industry Network
Dr Singh is a PhD in Economics and a management professional with nearly two decades of experience in financial services across multinational organizations. He has multi-business experience in consumer lending, retail banking and insurance. Dr Singh has worked across geographies with cross-functional stints in sales, distribution, strategy, credit & risk, learning & development, and wealth management. Sugandh is an engineering graduate from MNNIT, Allahabad and a postgraduate from the London School of Economics and Political Science (LSE).
Dr Vinay Kumar Singh at the Defining Responsibility Framework, an India 2047 - Centre of Excellence Workshop
Dr Vinay Kumar Singh
Head (Self-Regulation & Compliance), Microfinance Industry Network
Key Points
- Advocacy for a consumer-centric approach in policymaking, prioritising the well-being of citizens over innovation.
- Recognition of the need to challenge existing frameworks that may not adequately protect consumers from potential harms associated with digital technologies.
- Digital lenders can do better from a self-governance perspective.
- Strengthing KYC framework will lead to handling negative externalities in the financial sector better.
- Call for the promotion of alternate narratives that redefine societal norms around responsible behaviour, particularly in the context of digital consumption.
- Emphasis on aligning regulations across industries to ensure consistency in consumer protection measures and addressing similar issues.
- Proposal for implementing tracking and oversight mechanisms to prevent impulsive borrowing, spending, and addictive behaviours, possibly through the establishment of registries or databases.
- Advocacy for education and awareness initiatives to promote responsible practices in lending, borrowing and digital consumption.
- To develop and enforce regulatory frameworks that prioritise consumer protection and responsible behaviour in digital lending, OTT platforms, gaming and other sectors.
Recommendations
Consumer-Centric Approach
- Advocate for policies that prioritise the well-being and interests of consumers and citizens. Challenge frameworks that prioritise innovation over consumer protection and responsibility.
Challenge Existing Frameworks
- There is a need to critically assess and challenge existing regulatory frameworks that may not adequately safeguard consumers from potential harms associated with digital technologies. This involves questioning norms that prioritise innovation over consumer protection.
Alternate Narratives
- Address the normalisation of potentially harmful behaviours by promoting alternative narratives that frame responsible actions in a positive light. Encourage linguistic and cultural shifts to redefine societal norms.
Regulatory Alignment
- Align regulations across industries to ensure consistency in consumer protection measures.
Regulatory Frameworks
- Develop and enforce regulatory frameworks that prioritise consumer protection and responsible behaviour in digital lending, OTT platforms, gaming, and other sectors.
- Adapt existing regulations where applicable and fill gaps to address emerging challenges.
Tracking and Oversight
- Implement mechanisms for tracking and oversight to prevent excessive borrowing, impulsive spending, and addictive behaviours. Consider establishing registries or databases to monitor user activity and intervene when necessary.
Education and Responsibility
- Acknowledge that consumers may not always make informed or responsible decisions and advocate for regulations that protect them from potential harm. Encourage responsible lending, borrowing, and consumption practices through education and awareness initiatives.
