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News on Medial
Finance Ministry to meet fintech CXOs next week to alleviate concerns
VCCircle
·
1y ago
Medial
India's finance ministry is set to meet with fintech startups in an effort to ensure regulatory compliance and address any concerns. The meetings come after the recent Paytm Payments Bank crisis, where the Reserve Bank of India ordered the banking unit to shut down due to non-compliance issues. The ministry aims to proactively engage with fintech startups to prevent similar incidents and foster a conducive environment for the growth of the sector.
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Related News
Finance ministry to meet fintech startups next week: Report
Money Control
·
1y ago
Medial
The Indian finance ministry is set to meet with fintech startups next week to discuss compliance with regulations and address any concerns they may have. This comes in the aftermath of the Paytm Payments Bank crisis, where the Reserve Bank of India instructed the banking unit to cease operations due to non-compliance and supervisory concerns. The ministry aims to engage with fintech companies and ensure they adhere to the required guidelines.
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FM Nirmala Sitharaman To Meet Fintech Heads Amid Paytm Payments Bank Crisis
Inc42
·
1y ago
Medial
Finance Minister Nirmala Sitharaman is set to meet with heads of fintech startups on February 26 to address concerns and reassure the sector that it remains a priority for the government. The meeting will also be attended by a deputy governor of the Reserve Bank of India (RBI) and officials from the Ministry of Finance, Ministry of Information Technology, and Department for Promotion of Industry and Internal Trade (DPIIT). The RBI recently imposed restrictions on Paytm Payments Bank for non-compliance, prompting entrepreneurs to call for a review of the regulatory action. The RBI has since extended the deadline for the business restrictions.
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FM Nirmala Sitharaman Meets Fintech Startups, Underlines Need For Compliance
Inc42
·
1y ago
Medial
Finance Minister Nirmala Sitharaman held a meeting with fintech startups to discuss compliance with regulations and consumer protection. The meeting included representatives from the Reserve Bank of India, various government departments, and fintech founders. Sitharaman suggested that the RBI should have monthly meetings with fintech startups to address any issues. Concerns relating to KYC compliance, cybersecurity, and foreign direct investment were discussed. The meeting was seen as an attempt to alleviate concerns within the fintech ecosystem following regulatory actions against Paytm Payments Bank. Fintech continues to be a significant sector in the Indian startup ecosystem.
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Indian finance Ministry to meet fintech startup CEOs next week; Here's why
IndianStartupNews
·
1y ago
Medial
The Finance Ministry of India is set to hold a meeting with CEOs of fintech startups to discuss regulatory compliance. The government aims to strike a balance between fostering innovation in the fintech space and ensuring that companies adhere to essential regulations. Senior officials from the RBI, Finance Ministry, and Department for Promotion of Industry and Internal Trade are expected to attend. The meeting comes at a critical time as Paytm, a leading fintech company, faces regulatory challenges and RBI action over failure to meet compliance standards. Paytm has since transferred its nodal account to Axis Bank to ensure continued operations.
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FM Nirmala Sitharaman asks RBI, fintechs to hold monthly meetings in wake of Paytm crisis
Economic Times
·
1y ago
Medial
Finance Minister Nirmala Sitharaman has called for monthly meetings between regulators and startups and fintech firms to address their concerns and ensure regulatory compliance. This comes in the wake of actions taken by the Reserve Bank of India against Paytm Payments Bank. The finance ministry outlined action points including simplifying KYC processes, addressing cybercrime concerns, and reviewing ownership changes in fintech companies. Sitharaman also reassured the industry that the government prioritizes the health of the startup and fintech ecosystem. Vijay Shekhar Sharma, chairman and board member of Paytm Payments Bank, resigned on the same day.
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Budget 2025: Fintechs pitch for dedicated Rs 1,000 crore fund
Economic Times
·
5m ago
Medial
Facing rising capital costs and funding challenges, Indian fintech companies are asking the finance ministry for a dedicated ₹1,000 crore fintech fund. The Digital Lenders Association of India (DLAI) proposed this to support small- and mid-sized fintechs struggling for survival. They advocate for positive policy messaging to boost industry confidence, amid declining investments and regulatory concerns. The Indian fintech sector faced a 33% funding drop in 2024 due to broader economic issues and regulatory caution.
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Startups, SMEs increasingly covet so-called fractional CXOs
Livemint
·
1y ago
Medial
Fractional CXOs, experienced executives working part-time with multiple companies, are in high demand among startups and SMEs in India. The trend has grown notably in the last two years, with a 10-12% increase in hiring fractional CXOs observed by HR consulting firm Randstad. These executives offer flexible expertise in domains like finance, marketing, and strategy, and are sought after for their ability to fuel growth and provide specialized skills. They bring financial discipline to startups and fill the gap in areas like finance, marketing, and technology.
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GetVantage invests in logistics firms Celcius Logistics, Ohm Logistics and Fitsol
Economic Times
·
8m ago
Medial
Embedded finance fintech platform, GetVantage, has invested in three logistics companies - Celcius Logistics, Ohm Logistics, and Fitsol - to provide growth capital. This funding comes at a crucial time as the logistics sector faces increased demand during the festive season. GetVantage, through its licensed NBFC GetGrowth Capital, aims to support the next generation of innovators and contribute to India's economic ambitions. The logistics industry is evolving, integrating technology and automation, and this investment will enable the companies to scale their operations and meet working capital requirements.
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Over 1,200 online gaming sites blocked between 2022-2024: IT Minister
YourStory
·
3m ago
Medial
Between 2022 and 2024, the Indian government blocked 1,298 online gaming sites due to concerns over addiction and financial risks. The Ministry of Electronics and IT acted under amended regulations demanding gaming platforms swiftly remove unlawful content, including gambling and harmful material. Additionally, tax evasion in the digital gaming sector prompted the Finance Ministry to authorise the Directorate General of GST Intelligence to block non-compliant gaming sites. The government's digital enforcement extends to combatting online pornography, particularly involving minors.
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FM suggests RBI to hold monthly meetings with fintechs, startups via VC: Source
Money Control
·
1y ago
Medial
Union Finance Minister Nirmala Sitharaman has suggested that the Reserve Bank of India (RBI) hold monthly meetings with fintech companies and startups via videoconference. During a meeting with representatives from the fintech industry, they discussed various concerns and issues facing the sector, including cyber security and compliance with Know Your Customer (KYC) regulations. The meeting addressed the growth and security of the fintech industry and also touched on the dual listing of foreign equities. Sources indicate that there were no concerns raised about Paytm by startup founders and fintech entities during the meeting.
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