Union Government constitutes Steering Committee to study Fintech related issues

Mar 6, 2018 10:00 IST
Union Government constitutes a Steering Committee to study Fintech related issues

The Union Government on March 5, 2018 constituted a Steering Committee to study various issues related to Fintech (Financial technology) space in India. The Committee will operate under the Chairmanship of Subhash Chandra Garg, Secretary of Department of Economic Affairs (DEA), Union Ministry of Finance.

The constitution of the Committee came following the announcement made by the Union Finance Minister Arun Jaitley in his Budget Speech 2018-19.

Objective behind setting up of Steering Committee on Fintech related issues

The Committee will study the issues related to the Fintech sector in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship.

The Steering Committee will also focus on how Fintech can enhance financial inclusion of (Micro, Small & Medium Enterprises) MSMEs.

Members of the Steering Committee

This eight-member Committee, headed by Economic Affairs Secretary Subhash Chandra Garg, designates secretaries of various Departments and Ministries as its members.

The members of the Committee will be:

Role in Committee

  Present Designation

Chairman

Secretary of Department of Economic Affairs (DEA)

Convener

Joint Secretary (Investment) of Department of Economic Affairs

Member

Secretary of Ministry of Electronics and Information Technology (MeitY)

Member

Secretary of Department of Financial Services (DFS)

Member

Secretary of Ministry of Micro, Small and Medium Enterprises

Member

Chairperson of Central Board of Excise and Customs (CBEC)

Member

Chief Executive Officer of Unique Identification Authority of India

Member

Deputy Governor (DG) of Reserve Bank of India

 

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Terms of Reference of the Committee

• It will analyse the developments in the Fintech sector and will deliver a common shared understanding of the current state of the sector.

• It will examine the regulatory regime that has impacted the Fintech growth in India.

• It will study how Fintech space can be leveraged in various sectors such as MSMEs, affordable housing, delivery of e-services to vulnerable sections, access and adoption of digital payments and to study the developments in these areas.

• It will develop regulatory interventions such as regulatory sandbox model to enhance the role of Fintech in the sectors identified for focused interventions.

• It will promote the ease of doing business in the Fintech sector.

• It will work with agencies like UIDAI to explore creation and use of unique enterprise identification number.

• It will explore international cooperation opportunities in Fintech with countries like Singapore, UK, China, etc.

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