The Union Government has set up 8 member steering committee look into the development and regulation of the financial technology (fintech) sector in India. It will be headed by Economic Affairs Secretary Subhash Garg. The move follows an announcement by Finance Minister Arun Jaitley in the Budget.
Members: Electronics and Information Technology Secretary, Financial Services Secretary, MSME Secretary, Chairperson of Central Board of Excise and Customs, Deputy Governor of Reserve Bank of India, Chief Executive Officer of Unique Identification Authority of India (UIDAI) and Joint Secretary Department of Economic Affairs.
Terms of References
Committee’s objective is to consider various issues relating to development of fintech sector in India. It will look into issues to make fintech-related regulations more flexible and generate enhanced entrepreneurship in area where India has distinctive comparative strengths vis-à-vis other emerging economies.
It will find ways of using fintech in critical sectors of economy, including financing of micro, small and medium enterprises (MSMEs), delivery of e-services to vulnerable sections of society, management of land records and other government services. It will also focus on how fintech can be leveraged to enhance financial inclusion of Micro, Small and Medium Enterprises (MSMEs).
It will examine means of using data available with Goods and Services Tax Network (GSTN) and information utilities such as credit information companies to make applications for financing of MSMEs. It will also work with entities such as UIDAI to create and use unique enterprise identification number.