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Finance ministry sets up 8-member committee on fintech for easier norms

The Committee will also focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs

Press Trust of India  |  New Delhi 

Union Minister for Finance and Corporate Affairs Arun Jaitley
Union Minister for Finance and Corporate Affairs Arun Jaitley

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

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

"In pursuance to the announcement made by the Minister in his Budget Speech 2018-19 (Para 75), a has been constituted under the Chairmanship of Secretary, (DEA), Ministry of Finance" it said.

The Committee will also focus on how can be leveraged to enhance of MSMEs, it said.

The other members of the high level committee would include, (MeitY) Secretary, Financial Services Secretary, Ministry of Micro, Small and Medium Enterprises (MSME) Secretary, (CBEC).

Besides, the of the of and Deputy of RBI would be part of this panel.

Joint (Investment) in would be the convener of the panel which may also invite participants from the private sector.

The statement further said the panel would take stock of the developments in the Fintech sector globally, and in India, and arrive at a common shared understanding of the current state of play and to promote ease of doing business in the sector.

It would also analyse critically the regulatory regime spread over different entities that has impacted the growth of Fintech in and also consider international cooperation opportunities in the space with countries like Singapore, UK, China, etc.

The panel will consider how Fintech can be leveraged in critical sectors of the economy, especially financing of MSMEs, affordable housing, delivery of to vulnerable sections, provision of and other government services, access and adoption of digital payments, and to study the developments in these areas.

As per the terms of reference, the committee "will develop regulatory interventions, e.g., regulatory sandbox model, that will enhance the role of Fintech in the sectors identified for focused interventions."

It will also consider means of using data with GSTN and data residing with such as Credit Information Companies (CICs) in open domain with a view to developing applications for financing of MSMEs, it said.

It will work with government agencies like UIDAI to explore creation and use of unique enterprise identification number, it added.

First Published: Tue, March 06 2018. 01:00 IST