Union Finance Minister Nirmala Sitharaman nudges regulators, law enforcement agencies to allay fintechs’ concerns
The Hindu
Finance Minister Nirmala Sitharaman pushes for monthly meetings with fintechs to address concerns and regulatory compliance issues in India.
Finance Minister Nirmala Sitharaman nudged India’s financial sector regulators to hold monthly meetings with fintechs to address their concerns and mooted a day-long workshop with law enforcement agencies for such firms to raise any issues they may be facing.
Moreover, the Reserve Bank of India (RBI), and the Department for Promotion of Industry and Internal Trade (DPIIT) will work with the Ministry of Finance to examine issues relating to change of ownership holdings and control of listed fintech companies to enable them to be in sync with regulatory compliance requirements.
These were among the key action points that emerged after an interaction with India’s top fintech entities and the Payment Council of India chaired by the Minister on Monday, in the presence of top officials from the ministries of Finance, DPIIT and Electronics and IT, as well as the RBI.
Sources said that fintech entities and start-up founders appeared unfazed by the challenges facing the Paytm Payments Bank Limited and its parent entity. “No Paytm-related anxiety or concerns were shown by industry representatives at the meeting,” said an official aware of the deliberations.