Ministry of Finance
The Government constitutes a Steering Committee on Fintech related issues to consider various issues relating to development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive comparative strengths vis-à-vis other emerging economies;
To focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs.
Posted On:
05 MAR 2018 1:19PM by PIB Delhi
In pursuance to the announcement made by the Union Minister of Finance and Corporate Affairs, Shri ArunJaitleyin his Budget Speech 2018-19(Para 75), a Steering Committeehas been constituted under the Chairmanship of Secretary, Department of Economic Affairs(DEA), Ministry of Finance.
Objective: - To consider various issues relating to development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive comparative strengths vis-à-vis other emerging economies. The Steering Committee will also focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs.
Composition: -TheSteering Committeewould comprise of the following :-
Sl. No.
|
Designation
|
Department
|
Remarks
|
(i)
|
Secretary
|
Department of Economic Affairs (DEA)
|
Chairman
|
(ii)
|
Secretary
|
Ministry of Electronics and Information Technology (MeitY)
|
Member
|
(iii)
|
Secretary
|
Department of Financial Services (DFS)
|
Member
|
(iv)
|
Secretary
|
Ministry of Micro, Small and Medium Enterprises (MSME)
|
Member
|
(v)
|
Chairperson
|
Central Board of Excise and Customs (CBEC)
|
Member
|
(vi)
|
Chief Executive Officer
|
Unique Identification Authority of India
|
Member
|
(vii)
|
Deputy Governor (DG)
|
Reserve Bank of India
|
Member
|
(viii)
|
Joint Secretary (Investment)
|
Department of Economic Affairs (DEA)
|
Convener
|
The Steering Committee may also invite participants from the private sector.
Terms of Reference:The Terms of Reference of the Steering Committee will be as follows:-
- To take stock of the developments in the Fintech sector globally, and in India, and arrive at a common shared understanding of the current state of play;
- To analyse critically the regulatory regime spread over different entities that has impacted the growth of Fintech in India;
- To consider how Fintech can be leveraged in critical sectors of the economy, especially financing of MSMEs, affordable housing, delivery of e-services to vulnerable sections, provision of land record management and other government services, access and adoption of digital payments, and to study the developments in these areas;
- To develop regulatory interventions, e.g., regulatory sandbox model, that will enhance the role of Fintech in the sectors identified for focused interventions;
- To promote ease of doing business in the Fintech sector;
- To consider means of using data with GSTN and data residing with information utilities such as Credit Information Companies (CICs),etc in open domain with a view to developing applications for financing of MSMEs.
- To work with Government agencies like UIDAI to explore creation and use of unique enterprise identification number;
- To consider international cooperation opportunities in Fintech with countries like Singapore, UK, China, etc.
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DSM/RM
(Release ID: 1522473)
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