Govt forms Inter-ministerial committee to strengthen fintech ecosystem

Entrackr · 16d

The Government of India has constituted an Inter-Ministerial-Industry Committee on Fintech (IMICF) to address key issues in the fintech sector and recommend measures to enhance its ecosystem, according to a government order reviewed by Entrackr. The decision has been taken with the approval of the Hon’ble Finance Minister. The newly formed committee will be chaired by the Secretary, Department of Financial Services (DFS) and will include representatives from the Ministry of Electronics & Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Department of Economic Affairs (DEA), NITI Aayog, Reserve Bank of India (RBI), and Securities Exchange Board of India (SEBI). Additionally, industry experts such as Ajay Kaushal (Bill Desk), Jitendra Gupta (Jupiter), Varun Dua (Acko General Insurance), Lalit Keshre (Groww), Vishnu Pillai (KPMG), and Ashish Garg (McKinsey) will also be part of the committee. The newly constituted committee has been tasked with assessing the growth of the fintech sector and its contribution to the broader Banking, Financial Services, and Insurance (BFSI) industry. It will examine challenges faced by fintech companies, review existing policies and regulations, and analyze global best practices in fintech governance. Based on these insights, the committee will develop a long-term vision strategy and propose recommendations to enhance the fintech ecosystem in India. The committee is expected to submit its report within three months from the date of its first meeting. The CS&FT section of the Department of Financial Services (DFS) will act as the secretariat for the committee.