Government sets up fintech panel to address regulatory challenges

To address regulatory concerns and long-term strategy for the financial technology sector, the government has set up an inter-ministerial-industry committee on fintech (IMICF), which will be chaired by chaired by the secretary of the department of financial services (DFS).

The committee will focus on how fintech has influenced the broader banking and financial services industry, identify obstacles that hinder growth, and analyse global best practices in governance and regulation, said the order issued on March 17. Moneycontrol has reviewed a copy of the order.

"The key terms of reference (ToRs) of the Committee are as follows; to analyse the growth of fintech sector and its contribution to BFSI sector; to understand the issues and challenges of the fintech sector; to take stock of the regulatory and policy developments in the fintech sector; to identify the global best practices related to governance and regulation of FinTech's," it said.

The committee will bring together senior officials from key government departments, including the ministry of electronics and information technology (MeitY), the department for promotion of industry and internal trade (DPIIT), the department of economic affairs, and NITI Aayog, said the order.