International Financial Services Centres Authority, IFSCA has been established as a unified regulator to develop and regulate financial products, financial services and financial institutions in the International Financial Services Centres in India.
Finance Ministry said that Global estimates suggest that there are one billion people aged 60 years and above with a combined spending power of 15 trillion dollar and the size is ever expanding.
The Ministry said, development in medicinal science and technology will support extending of lifespan and longevity of this generation. It is estimated that by 2040, there will be more members of this generation than people under 20 years.
This demographic change will throw open new challenges and opportunities especially in the areas of wealth management, health, insurance, and other investment products.
The Expert Committee is being co-chaired by Kaku Nakhate, President and Country Head (India), Bank of America and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Company Limited.
The committee members comprise of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.