India Forms High-Level Panel To Overhaul Fintech Regulations

(MENAFN- KNN India) New Delhi, Mar 19 (KNN) In a significant move to streamline fintech regulations, India has established a high-level committee to address challenges in the country's rapidly expanding financial technology sector.

The panel comprises senior officials from key government ministries, regulators, and industry leaders, aiming to create a robust framework that balances innovation with financial stability.

The committee includes representatives from the Department of Financial Services (DFS), Department of Economic Affairs (DEA), Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Electronics and Information Technology (MeitY), and NITI Aayog.

Additionally, regulatory bodies such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are actively involved, ensuring a comprehensive policy approach.

To incorporate industry insights, the government has brought in fintech leaders from prominent companies like Billdesk, Acko General Insurance, Groww, and Jupiter. This collaboration is expected to help bridge regulatory gaps and foster an environment conducive to sectoral growth.

A government source emphasised that the panel's key focus is identifying regulatory inconsistencies and proposing structured policies that encourage innovation while mitigating financial risks.

With India positioning itself as a global fintech hub, there is increasing pressure to formulate guidelines that support technological advancements while ensuring consumer protection and financial security.

The committee is tasked with submitting its report within three months of its first meeting. The recommendations are expected to shape the next phase of fintech regulation in India, providing clarity to startups, investors, and regulatory bodies alike.

The move has been widely welcomed by industry stakeholders, who view it as a step toward sustainable and inclusive growth in India's fintech ecosystem.

(KNN Bureau)

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