According to officials, Finance Minister Nirmala Sitharaman urged the Reserve Bank of India (RBI) to meet monthly with fintech and startup companies to discuss their issues. The minister also asked the Department of Financial Services (DFS) to hold a workshop with law enforcement agencies so that partners in the fintech ecosystem could voice their problems and concerns, they said, during a meeting with top executives from roughly fifty startups and fintech companies.

To help listed fintech companies comply with regulations, the RBI, the Department for Promotion of Industry and Internal Trade (DPIIT), and the Finance Ministry will also examine any changes in ownership or control. This information was released in an official statement. The startups met after the RBI’s action against Paytm Payments Bank, which raised questions about regulatory compliance in the fintech sector.

“During the discussions, Sitharaman urged the regulatory bodies, such as the RBI, to arrange virtual meetings once a month to address any queries, concerns, or questions raised by startups and fintech companies,”

an official statement

Following the meeting, an official stated that the fintech companies and startup founders displayed no signs of anxiety or concern regarding Paytm. Representatives from the venture capital firm PeakXV, Policybazaar, MakeMyTrip, Razorpay, CRED, and other organisations attended the meeting. Following the meeting were officials from the National Payments Corporation of India, Canara Bank, Bank of Baroda, RBI Deputy Governor T Rabi Sankar, State Bank of India Chairman Dinesh Khara, Secretary Vivek Joshi of the Department for Promotion of Industry and Internal Trade, Secretary Rajesh Kumar Singh of the Department for Promotion of Industry and Internal Trade, Secretary S Krishnan of the Ministry of Electronics and Information Technology.

The startups demanded that KYC be made simpler and more digital for all fintech companies, and they wanted the government to take the initiative to combat cyber crimes. According to the statement, the government assured businesses that the new Digital India Act would appropriately address cybercrime. During the meeting, the DPIIT also promised to shorten the time it takes to process patent applications.