The central government has set up a special committee that will look into the growth and development of the Indian fintech industry. This committee will assist financial technology companies in doing business in the country. The committee will also focus on the ways to bring MSMEs under financial inclusion.
The main objective of this revolutionary initiative by the company is to make fintech regulations flexible and enhance entrepreneurship in the fintech sector. According to the official order issued by the Ministry of Finance, the initiative aims to “to consider various issues relating to the development of fintech space in India, with a view to make fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive strengths, vis-à-vis other emerging economies.”
“Regulatory Sandbox is the need of the hour for innovation to thrive across fintech in India and cross-ministerial discussions with industry players will be pivotal for this steering committee,” said Bhavik Vasa, Chief Growth Officer at EbixCash.
The panel is led by the Department of Economic Affairs Secretary Subhash Chandra Garg. The eight-member panel will include Ajay Prakash Sawhney, Ministry of Electronics and Information Technology (MeitY) Secretary; Rajiv Kumar, Department of Financial Services (DFS) Secretary and Arun Kumar Panda, Secretary of the Ministry of Micro, Small and Medium Enterprises (MSME).
Apart from the Deputy Governor of the RBI, Vanaja N. Sarna, Chairperson of the Central Board of Excise and Customs (CBEC) and UIDAI CEO Dr. Ajay Bhushan Pandey will also be part of the committee.