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The committee will comprise members from economic affairs department, NITI Aayog, financial services department, electronics and IT ministry, RBI, among others
It will also have representation from founders of fintech startups like Groww, Jupiter, Acko General Insurance and BillDesk
The panel will analyse the challenges, regulatory developments, among others, and submit a report within three months from the date of first meeting
The central government has reportedly formed an inter-ministerial committee to address the issues being faced by the country’s burgeoning fintech sector.
Citing an order issued by the financial services department, ET reported that the panel will have members from economic affairs department, NITI Aayog, financial services department, electronics and IT ministry, Department for Promotion of Industry and Internal Trade (DPIIT), Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI).
Besides, the committee will also comprise fintech founders like Groww’s Lalit Keshre, Jupiter’s Jitendra Gupta, Acko General Insurance’s Varun Dua and BillDesk’s Ajay Kaushal.
The purpose of establishing the committee is to analyse the fintech sector’s growth and its contribution to the banking, financial services and insurance sector, while also breaking down the issues and challenges being faced by startups and taking stock of the regulatory and policy developments, the agency said.
As per the report, the committee will submit a report within three months from the date of the first meeting.
The development comes months after officials of the financial services department secretary met executives of fintech startups in January.
It is pertinent to note that the fintech startup has been hit by some of the regulatory actions by the Centre and the RBI over the last couple of years. The central bank increased the risk weightage for consumer credit exposure of banks and non-banking financial companies (NBFCs) in 2023.
Last year, it also tightened the norms for non-banking financial company-peer to peer (NBFC-P2P) lending platforms and slapped penalties on four such platforms, Faircent, LEO1, Finzy and Rang De, earlier this month for non-compliance.
The Centre has also been hosting discussions with fintechs and law enforcement agencies to foster collaboration and mitigate challenges like cybersecurity, digital financial frauds, among others.
