The Finance Ministry has set up a steering committee led by Economic Affairs Secretary Subhash Chandra Garg to look into issues relating to the financial technology sector. The move comes following an announcement by Finance Minister Arun Jaitley in the Union Budget 2018-19.
“A group in the Ministry of Finance is examining the policy and institutional development measures needed for creating right environment for fintech companies to grow in India,” Jaitley had said.
According to the Ministry, the committee would consider issues relating to development of financial technology space in India to make related regulations more flexible and generate enhanced entrepreneurship.
“The steering committee will also focus on how fintech can be leveraged to enhance financial inclusion of MSMEs. The terms of reference include reviewing the developments in fintech sector globally and in India, and arrive at a common shared understanding of the current state of play,” the Ministry said.
Other members of the committee include Secretaries of the Department of Financial Services, Ministry of Electronics and Information Technology and MSME, Chairperson, Central Board of Excise and Customs, CEO, UIDAI and Deputy Governor, Reserve Bank of India. Joint Secretary (Investment) in the Department of Economic Affairs will be its convener.