Govt sets up panel on Fintech to make regulations more flexible

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The finance ministry has set up an 8-member committee to consider various issues related to Fintech for making regulations more flexible and promoting financial inclusion.

The panel headed by Economic Affairs Secretary will also suggest ways to enhance entrepreneurship in the Fintech or financial technology space where India has distinctive comparative strengths vis-à-vis other emerging economies, the finance ministry said in a statement today.

“In pursuance to the announcement made by the Finance Minister Arun Jaitley in his Budget Speech 2018-19 (Para 75), a Steering Committee has been constituted under the Chairmanship of Secretary, Department of Economic Affairs (DEA), Ministry of Finance” it said.

The Committee will also focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs, it said. The other members of the high level committee would include, Ministry of Electronics and Information Technology (MeitY) Secretary, Financial Services Secretary, Ministry of Micro, Small and Medium Enterprises (MSME) Secretary, Chairperson Central Board of Excise and Customs (CBEC). Besides, the CEO of the Unique Identification Authority of India and Deputy Governor of RBI would be part of this panel.

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