The Union government has set up an inter-ministerial industry committee on fintech (IMICF) to address the regulatory concerns and long-term strategy for the sector.
Fintech representatives image (Photo:X)
The Union government has set up an inter-ministerial industry committee on fintech (IMICF) to address the regulatory concerns and long-term strategy for the sector.
As per the information shared by the government, the committee will focus on how fintech has influenced the broader banking and financial services industry, identify obstacles that hinder growth, and analyse global best practices in governance and regulation.
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The inter-ministerial-industry committee will analyse the growth of the fintech sector and its contribution to the BFSI sector, understand the issues and challenges, and take stock of the regulatory and policy developments.
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Post the deliberations, it will submit its report within three months from the date of the first meeting.
The committee will be chaired by the secretary of the Department of Financial Services (DFS). It will bring together senior officials from key government departments, including the ministry of electronics and information technology (MeitY), NITI Aayog, Reserve Bank of India, Sebi, department for promotion of industry and internal trade (DPIIT).
The Finance Ministry had earlier held detailed discussions with fintech industry representatives, where they had flagged the need to address several regulatory issues that came in the way of technological innovation.
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