You are here: Home » News-ANI » Business
Business Standard

Govt. committee to redress FinTech grievances


The Centre on Monday announced the formation of a steering committee to examine issues faced by the FinTech industry in India.

The decision follows an announcement made by Finance Minister Arun Jaitley on the setting up of a group under the Finance Ministry that will help devise institutional development measures to spur growth of FinTech firms.

The new committee will be chaired by Subhash Chandra Garg, Secretary, Department of Economic Affairs, and will examine various issues pertaining to the FinTech space.

On February 1, Jaitley in his budget speech highlighted the need for FinTech start-ups to be empowered to fulfil the working capital needs of the micro, small, and medium enterprises (MSMEs) segment.

Owing to the large credit deficit of the aforementioned segment, Jaitley had emphasised that FinTech firms and NBFCs could drive the growth of MSMEs in India, and hence must undertake necessary steps to increase lending activity.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, March 05 2018. 13:20 IST