In order to address the regulatory concerns of start-ups and fintech companies, Finance Minister Nirmala Sitharaman has encouraged the Reserve Bank of India to arrange monthly meetings with these entities. The Minister stated that creative solutions provided by fintech companies are crucial to the financial services industry yesterday, while presiding over a meeting with chief executives from over fifty start-ups and fintech companies. She did, however, emphasize that they had to make sure that the rules were strictly followed.
The Minister requested that the Department of Financial Services (DFS) hold a workshop for partners in the fintech ecosystem to address issues and concerns with law enforcement agencies. She also asked prominent figures in the finance industry for recommendations on how to make life and business easier for customers. NPCI, Canara Bank, Bank of Baroda, and RBI deputy governor T. Rabi Sankar, along with SBI Chairman Dinesh Khara, were among the attendees at the meeting.
Following the RBI’s action against Paytm Payments Bank, which has focused attention on regulatory compliance in the fintech sector, this meeting has taken place.