The government has set up an inter-ministerial-industry committee on fintech (IMICF) to look into entire gamut of issues that affect growth of fintech sector and suggest long term strategy for its development.
The Panel, which is being chaired by DFS Secretary M Nagaraju, will also look into how fintech has influenced the broader banking and financial services industry, identify obstacles that hinder growth, and analyse global best practices in governance and regulation, official sources said.
“We want to look at broader ecosystem issues across segments of fintech be it payments, wealth, insurtech, regulations etc. We are keen on devising a long term strategy,” sources added.
The panel will analyse the growth of fintech sector and its contribution to BFSI sector; understand the issues and challenges of the fintech sector; take stock of the regulatory and policy developments in the fintech sector.
The Committee is also expected to frame a “vision strategy” that would outline policy interventions and come up with industry recommendations.
Besides senior DFS officials, the committee will also comprise of representatives of ministry of electronics and information technology (MeitY), the department for promotion of industry and internal trade (DPIIT), the department of economic affairs, and NITI Aayog. From the regulatory bodies, both SEBI and RBI will be represented.
The panel has been tasked to submit its report within three months (from the date of its first meeting), sources said.
Fintech founders and CEOs who are part of this Panel include Ajay Kaushal, co-founder of BillDesk; Ashish Garg, Managing Director and Senior Partner at McKinsey; Jitendra Gupta, founder of Jupiter; Varun Dua and CEO of Acko; Lalit Keshre, CEO of Groww.
