Business Standard

Rules apply to firms of all sizes: MOS IT on RBI move on Paytm PB

Says have received two proposals for semiconduc­tor fab units, entailing $22 bn investment

- MOS IT AJINKYA KAWALE Mumbai, 19 February

Rules and the law of the land are applicable to companies of all sizes, and entreprene­urs cannot live in denial of it, said Union minister Rajeev Chandrasek­har on Monday. “One cannot live in denial of the reality that there are rules and laws that are applicable. It applies to big companies, small companies, startups, legacy (companies), or anything,” he said while responding to a query on the recent RBI action on Paytm Payments Bank, at the Mumbai Tech Week 2024. Chandrasek­har, minister of state for electronic­s and IT, skill developmen­t and entreprene­urship, and Jal Shakti, explained that the momentum of entreprene­urship and innovation in sectors, such as fintech, can outpace regulation, but it is the responsibi­lity of the financial regulator

THE PACE OF THE MOMENTUM OF ENTREPRENE­URSHIP OR INNOVATION CAN BE BEYOND WHAT THE REGULATOR HAS ALLOWED THEM TO DO AT A PARTICULAR TIME RAJEEV CHANDRASEK­HAR

to identify any instance of harm in the ecosystem.

“The pace of the momentum of entreprene­urship or innovation can be beyond what the regulator has allowed them to do at a particular time. Without linking this to Paytm, a financial regulator could always look at harm such as money laundering, Know Your Customer (KYC), the need to identify the nature of transactio­n,” he said.

Chandrasek­har explained that innovators in the country have always been ahead of the curve, and it is the role of the government to keep up with the pace of innovation.

“The reality is that the innovation economy or innovators are always ahead of the curve. This government, in particular, because of our consultati­ve approach, is trying to keep pace with it and our regulatory frameworks are already beginning to upgrade,” Chandrasek­har said. On the semiconduc­tor fabricatio­n front, he said India has received two proposals representi­ng an investment of $22 billion.

“The two fab proposals that have been received by India and represent an investment of $22 billion will be one from Tata and one from Tower (Semiconduc­tor), which is a big semiconduc­tor company in Israel, the US and Mexico,” he explained.

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