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Fintech sector can't deliver if data is kept personal: Finance Secy Garg

He said Supreme Court's Aadhar judgement was a setback for the fintech industry, and that Aadhar offered an advantage to the industry, but taking it away may not help the sector

Subhash Chandra Garg
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“When we don’t have any shortfall on the revenue side, where is the need for curbing expenditure?"

Nikhat Hetavkar Mumbai
It will not be possible for the digital and fintech industry to deliver its services if financial data is kept personal, said Subhash Chandra Garg, Economic Affairs Secretary and Finance Secretary of India, at a fintech event in Mumbai. He added that the Supreme Court's Aadhar judgement was a setback for the fintech and digital space. 
 
The government recognises the importance of fintech and had constituted a working group to closely look at all aspects of the fintech industry. There are 48-50 recommendations by the group which are succinct and cover all direct and indirect aspects related to fintech,"