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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.

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.

Budget 2025: Fintechs pitch for dedicated Rs 1,000 crore fund

Economic Times

Economic Times · 5m ago

Budget 2025: Fintechs pitch for dedicated Rs 1,000 crore fund

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.

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.

RBI Notifies Final Guidelines For Recognition Of Fintech SROs

Inc42 · 1y ago

RBI Notifies Final Guidelines For Recognition Of Fintech SROs

The RBI has directed the fintech self-regulatory organizations (SROs) to establish a code of conduct and regulatory standards for the industry. In addition to regular updates on sector developments, the SROs are expected to consult with the RBI when updating the taxonomy for fintechs and carry out tasks assigned by the regulator. Earlier this year, the RBI had released draft regulations for fintech SROs and welcomed stakeholder input.

Finance Ministry to meet fintech CXOs next week to alleviate concerns

VCCircle

VCCircle · 1y ago

Finance Ministry to meet fintech CXOs next week to alleviate concerns

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.

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.

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.

Indian finance Ministry to meet fintech startup CEOs next week; Here's why

IndianStartupNews

IndianStartupNews · 1y ago

Indian finance Ministry to meet fintech startup CEOs next week; Here's why

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.

Government asks Meta to combat WhatsApp scams after TRAI's appeal

Livemint

Livemint · 7m ago

Government asks Meta to combat WhatsApp scams after TRAI's appeal

The Indian government has approached Meta (formerly Facebook) to address the increasing number of scams taking place on WhatsApp. This action follows the rise in cyberfrauds in the country and concerns raised by Prime Minister Modi regarding digital arrests during a recent episode of Mann ki Baat. The Ministry of Electronics and Information Technology (MeitY) secretary, S Krishnan, confirmed the ongoing discussions with Meta on tackling these scams, highlighting the need for companies to have a grievance officer to address user issues. The Telecom Regulatory Authority of India (TRAI) has also requested the government to investigate the growing scams on WhatsApp.

RBI asks Visa, Mastercard to stop B2B payments via fintech platforms

VCCircle

VCCircle · 1y ago

RBI asks Visa, Mastercard to stop B2B payments via fintech platforms

The Reserve Bank of India (RBI) has reportedly asked Visa and Mastercard to halt card-based business-to-business payments conducted through third-party fintech firms. While the central bank has not specified the reasons behind these restrictions, sources say the impact will only affect commercial payments facilitated by fintechs, not all corporate card payments. Visa has confirmed receiving the communication and stated that they are engaging with the RBI to ensure compliance. Mastercard has not commented on the matter.

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