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FM Nirmala Sitharaman To Meet Fintech Heads Amid Paytm Payments Bank Crisis

Inc42 · 1y ago

FM Nirmala Sitharaman To Meet Fintech Heads Amid Paytm Payments Bank Crisis

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.

Related News

FM Nirmala Sitharaman asks RBI, fintechs to hold monthly meetings in wake of Paytm crisis

Economic Times

Economic Times · 1y ago

FM Nirmala Sitharaman asks RBI, fintechs to hold monthly meetings in wake of Paytm crisis

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.

FM Nirmala Sitharaman Meets Fintech Startups, Underlines Need For Compliance

Inc42 · 1y ago

FM Nirmala Sitharaman Meets Fintech Startups, Underlines Need For Compliance

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.

Paytm CEO Vijay Shekhar Sharma meets FM Sitharaman

Inshorts · 1y ago

Paytm CEO Vijay Shekhar Sharma meets FM Sitharaman

Paytm CEO Vijay Shekhar Sharma met Finance Minister Nirmala Sitharaman on Tuesday, ANI reported quoting sources. They reportedly discussed the recent curbs imposed by the Reserve Bank of India (RBI) on Paytm Payments Bank. It was earlier reported that Sharma and other Paytm executives met the RBI officials on Monday and discussed a roadmap to address the regulatory concerns.

Indian finance ministry asks RBI to conduct monthly meetings with fintechs on regulatory issues

IndianStartupNews

IndianStartupNews · 1y ago

Indian finance ministry asks RBI to conduct monthly meetings with fintechs on regulatory issues

Finance Minister Nirmala Sitharaman has urged the Reserve Bank of India (RBI) to hold monthly meetings with fintech companies in order to address regulatory concerns and foster a collaborative environment. This move comes after recent regulatory actions taken against Paytm Payments Bank, highlighting the need for better communication and understanding between regulators and fintech firms. In a meeting with fintech stakeholders, Sitharaman stressed the importance of regulatory compliance while supporting innovation. The government also outlined action points to support the fintech sector, including simplifying KYC processes and addressing cybercrime issues.

FM suggests RBI to hold monthly meetings with fintechs, startups via VC: Source

Money Control

Money Control · 1y ago

FM suggests RBI to hold monthly meetings with fintechs, startups via VC: Source

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.

Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM

YourStory

YourStory · 2m ago

Fintech firms enabling secure, inclusive financial services for merchants, MSMEs: FM

Finance Minister Nirmala Sitharaman praised fintech innovations for enhancing secure and inclusive financial services during her visit to Pine Labs. She highlighted their role in expanding India’s Digital Public Infrastructure, benefiting merchants and MSMEs. Sitharaman witnessed demonstrations of fintech solutions related to prepaid instruments and the Account Aggregator framework, emphasizing their transformative impact. A recent study showed 90% of MSMEs accept online payments, but only 18% utilize digital lending, indicating growth potential.

FM urges fintechs to tackle digital arrests, deepfakes, and cyber fraud

YourStory

YourStory · 1m ago

FM urges fintechs to tackle digital arrests, deepfakes, and cyber fraud

Finance Minister Nirmala Sitharaman urged fintech startups to address digital arrests, deepfakes, and cyber fraud at the Digital Payments Awards 2025. She emphasized the sector's role in accelerating financial inclusion and urged fintechs to develop solutions for emerging challenges. Sitharaman highlighted India's fintech potential as global public goods and encouraged exporting successful models. She noted India's real-time digital transaction prominence and the significance of combining digital and physical customer service for trust-building.

Inside Paytm’s Big Reset: CEO Vijay Shekhar Sharma Takes Charge Of Key Verticals As Leaders Exit

Inc42 · 1y ago

Inside Paytm’s Big Reset: CEO Vijay Shekhar Sharma Takes Charge Of Key Verticals As Leaders Exit

Paytm, the Indian fintech giant, is undergoing a major restructuring amid a wave of top leadership exits. CEO Vijay Shekhar Sharma will take charge of key verticals and work directly with new leadership. Several business heads, including those focused on UPI, merchant payments, and consumer payments, have recently resigned. The changes come as Paytm faces compliance issues and the Reserve Bank of India's restrictions on its payments bank. CEO Sharma aims to strengthen the company's leadership, reinvigorate its approach, and address regulatory compliance concerns. Paytm is expected to disclose its financial performance at the end of May.

Use UPI’s Digital Footprints To Expand Business Prospects: FM To Banks

Inc42 · 11m ago

Use UPI’s Digital Footprints To Expand Business Prospects: FM To Banks

Finance Minister Nirmala Sitharaman emphasized the significant role of the Unified Payments Interface (UPI) in India's banking sector. She urged banks to capitalize on the digital footprints established by UPI to expand their businesses. Sitharaman also highlighted that India accounts for 45% of all real-time payments globally, encouraging banks to seize this opportunity for growth.

Finance ministry to meet fintech startups next week: Report

Money Control

Money Control · 1y ago

Finance ministry to meet fintech startups next week: Report

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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