Union Finance Minister Nirmala Sitharaman throughout an interplay with Start-Up and Fintech Entities, in New Delhi, on February 26, 2024.
| Photo Credit: PTI
Finance Minister Nirmala Sitharaman nudged India’s monetary sector regulators to carry month-to-month conferences with fintechs to deal with their considerations and mooted a day-long workshop with regulation enforcement businesses for such corporations to lift any points they could be going through.
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 look at points relating to vary of possession holdings and management of listed fintech firms to allow them to be in sync with regulatory compliance necessities.
These have been among the many key motion factors that emerged after an interplay with India’s prime fintech entities and the Payment Council of India chaired by the Minister on Monday, within the presence of prime officers from the ministries of Finance, DPIIT and Electronics and IT, in addition to the RBI.
Sources mentioned that fintech entities and start-up founders appeared unfazed by the challenges going through the Paytm Payments Bank Limited and its guardian entity. “No Paytm-related anxiety or concerns were shown by industry representatives at the meeting,” mentioned an official conscious of the deliberations.
While efforts to simplify and digitise Know Your Customer (KYC) norms throughout the fintech segments have been mooted, the necessity to rationalise price of funds for crucial areas, together with precedence sector loans was additionally raised. DPIIT Secretary Rajesh
Kumar Singh knowledgeable that new patent examiners have been added to cut back the turn-around-time of patent functions. India has over 10,200 fintech entities.
“The Finance Minister noted the rapid growth of the Start-up and Fintech sector of India, especially in the last decade, and welcomed suggestions from the FinTech leaders to achieve greater Ease of Doing Business and Ease of Living for consumers,” an official assertion mentioned, noting that points referring to cybercrime shall be suitably addressed within the new Digital India Act.
Source: www.thehindu.com
