Government Establishes Fintech Panel to Address Regulatory Challenges

To address regulatory concerns and devise a long-term strategy for the financial technology sector, the Indian government has set up an Inter-Ministerial-Industry Committee on Fintech (IMICF). The committee, chaired by the Secretary of the Department of Financial Services (DFS), aims to evaluate fintech’s impact on the banking and financial services industry (BFSI), identify obstacles to growth, and study global best practices in governance and regulation.

Key Highlights

Purpose of the Committee

• Formulated to address regulatory challenges and design a long-term fintech strategy.
• Examines fintech’s role in BFSI, hurdles to growth, and global regulatory best practices.

Committee Composition

Led by DFS Secretary and includes officials from,

• Ministry of Electronics and Information Technology (MeitY)
• Department for Promotion of Industry and Internal Trade (DPIIT)
• Department of Economic Affairs
• NITI Aayog
• Representatives from RBI and SEBI will also participate.

Industry Experts and Fintech Leaders on the Panel

• Ajay Kaushal (Co-founder, BillDesk)
• Jitendra Gupta (Founder, Jupiter)
• Varun Dua (CEO, Acko)
• Lalit Keshre (CEO, Groww)
• Vishnu Pillai (Partner & Head of FS Tech, KPMG)
• Ashish Garg (MD & Senior Partner, McKinsey)

Committee’s Key Objectives

• Analyse fintech’s growth and contribution to the BFSI sector.
• Identify sectoral challenges and assess policy developments.
• Review international best practices in fintech governance.
• Draft a comprehensive “Fintech Vision Strategy”, proposing policy interventions and industry recommendations.

Timeframe for the Report

• The committee will submit its report within three months from its first meeting.