Finance Minister’s meeting with fintech companies, RBI-NPCI will also attend.

FM-Fintech Meeting: Finance Minister Nirmala Sitharaman will hold a meeting with fintech companies today, which will also be attended by the Deputy Governor of the Reserve Bank of India. Today, many companies will attend this meeting with the Finance Minister regarding ongoing regulatory issues in the fintech sector. The Finance Minister will interact with several prominent companies like Amazon Pay, Zerodha, LendingCart, Pine Labs and Cred to discuss the ongoing compliance issues in the sector as well as what innovative steps can be taken in the sector. .

SBI and NPCI will also be involved.

Apart from private players, senior officials of the country’s largest public sector bank State Bank of India (SBI) and National Payments Corporation of India Company (NPCI) will also attend the meeting. Sources say that Finance Minister Nirmala Sitharaman will try to strike a balance between regulators and companies in this meeting. The meeting will seek to reach consensus and debate to promote regulatory compliance and innovation in the fintech sector.

Paytm will not be part of this meeting – Sources

According to Business Standard, fintech company Paytm, caught in the financial crisis, will not be a part of this meeting. On January 31, the RBI had imposed strict sanctions on Paytm Payments Bank, taking regulatory action against the company for violating KYC rules, which has been extended from February 29 to March 15.

The finance minister will reach an agreement between companies and regulators on compliance and innovation.

According to the news, the finance minister may ask fintech companies to keep this in mind and ensure compliance like KYC is being properly maintained. Along with this, it can tell regulators like RBI and NPCI that the compliance burden should not be so high that it starts discouraging innovation in the sector.

Also read this

NITI Aayog: Poverty has reduced and prosperity has increased, NITI Aayog chairman says ‘Country is progressing’

Leave a Comment