Govt sets up panel on fintech for easier norms

The finance ministry has set up an 8-member committee to consider various issues related to fintech for making regulations more flexible and promoting financial inclusion.

The panel headed by Economic Affairs Secretary will suggest ways to enhance entrepreneurship in the fintech or financial technology space where India has distinctive comparative strengths visà-vis other emerging economies, the finance ministry said on Monday.

“In pursuance to the announcement made by the Finance Minister Arun Jaitley in his Budget Speech, a steering committee has been constituted under the chairmanship of secretary, Department of Economic Affairs,” it said.

The committee will also focus on how fintech can be leveraged to enhance financial inclusion of MSMEs, it said.

The other members of the high level committee would include, information technology secretary, financial services secretary, MSME secretary, chairperson of Central Board of Excise and Customs.

Besides, the chief executive officer of the Unique Identification Authority of India and Deputy Governor of RBI would also be part of this panel.

Joint secretary (investment) in economic affairs department would be the convener of the panel, which may also invite participants from the private sector.

The statement further said the panel would take stock of the developments in the fintech sector globally, and in India, and arrive at a common shared understanding of the current state of play and to promote ease of doing business in the sector.

It would also analyse critically the regulatory regime spread over different entities that has impacted the growth of fintech and also consider international cooperation opportunities in the space with countries like Singapore, UK, China, etc.

The panel will consider how Fintech can be leveraged in critical sectors of the economy, especially financing of MSMEs, affordable housing, delivery of e-services to vulnerable sections, provision of land record management and other government services, access and adoption of digital payments, and to study the developments in these areas.