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FM Nirmala Sitharaman Bats For Regulatory Support For Fintechs, Says ‘Compliances Have To Be Simplified’

Inc42 · 1y

Indian Finance Minister Nirmala Sitharaman has assured fintech startups of the government's support and assistance, saying that the problems faced by a few startups should not be seen as a sectoral issue. Sitharaman highlighted the need to simplify compliances and make them more user-friendly. She also emphasised that fintech startups are crucial for innovation and reiterated the government's commitment to supporting the sector. The comments were made during a meeting with fintech entrepreneurs, where concerns were raised regarding regulatory support and clarifications. Despite challenges, the Indian fintech sector has seen significant funding, with over $28 billion raised by 726 startups between 2014 and 2023.