FM Nirmala Sitharaman tells regulators to meet fintechs, startups every month
Finance Minister Nirmala Sitharaman has asked regulators to hold monthly meetings with startups and fintech firms to address their issues and concerns while emphasising strict regulatory compliance.
Sitharaman met startup and fintech stakeholders on Monday along with senior government officials.
The much-anticipated meeting comes amid the Reserve Bank of India’s actions against Paytm Payments Bank (PPBL).
The finance ministry put out six action points after the meeting which was also attended by RBI deputy governor T Rabi Sankar, State Bank of India chairman Dinesh Kumar Khara and officials from the National Payment Corporation of India (NPCI), among others.
These action points include simplification and digitisation of KYC (Know Your Customer) across all fintech segments and interaction with law enforcement agencies to allow fintech firms to voice their issues or concerns.
