look news india
Finance Minister Nirmala Sitharaman will hold a meeting with fintech companies today in which the Deputy Governor of the Reserve Bank of India (RBI) will also attend. Many companies will participate in this meeting with the Finance Minister today regarding the ongoing regulatory issues in the Fintech sector. The Finance Minister will interact with several well-known companies like AMAZON PAY, Zerodha, Lending Cart, Pine Labs and Cred and discuss the ongoing compliance issues in the sector as well as what innovative steps can be taken in this sector.
SBI and NPCI will also be involved
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 participate in the meeting. Sources say that Finance Minister Nirmala Sitharaman will try to strike a balance between the regulator and the companies in this meeting. Through this meeting, efforts will be made to reach consensus and debate so that compliance with regulations and promoting innovation in the fintech sector can go hand in hand.
Paytm will not be in this meeting – Sources
According to information received from sources, fintech company Paytm, which is stuck in financial crisis, will not be a part of this meeting. RBI had on January 31 taken regulatory action against the company for violating KYC norms and imposed strict restrictions on Paytm Payments Bank, which have been extended from February 29 to March 15.
Explaining Innovation
The Finance Minister may ask fintech companies to keep this in mind and ensure that compliances such as KYC are properly maintained.