M Nagaraju, Secretary, Department of Financial Services (DFS), Ministry of Finance, chaired a meeting with FinTech ecosystem partners in Delhi yesterday. The meeting was also attended by senior officials of the Reserve Bank of India (RBI), National Payments Corporation of India (NPCI), Financial Intelligence Unit–India (FIU-IND), Ministry of Electronics and Information Technology (MeitY) and around 60 founders/co-founders of various FinTech entities and FinTech associations.
The engagement with partners from the start-up and FinTech ecosystem was designed to foster an open exchange of ideas aimed at elevating the FinTech sector to a global standard. Throughout the discussions, there was a strong emphasis on the need for FinTech companies to consistently deliver innovative solutions to the financial services industry, while adhering to strict regulatory compliance.
The DFS Secretary stated that the Centre has taken up various initiatives to create an enabling environment for FinTech organisations. It was noted that Aadhar, United Payments Interface (UPI) and Aadhaar-enabled Payment System (AePS), among others have acted as enablers for FinTech sectors.
Similarly, regulatory sandbox, FinTech repository, SRO Framework for FinTech, etc, have facilitated the FinTech ecosystem in India. RBI also informed that various initiatives have been taken at their end, including developing an emerging technology and FinTech repository for capturing baseline information in a secured and confidential manner, launched Unified Lending Interface (ULI) and urged Non-Banking Financial Companies (NBFCs) to onboard the ULI platform, conducting regular interactions with FinTech companies, and also working on video-based Know Your Customer (KYC) projects in their regulatory sandbox framework.
Nagaraju pointed out that the digital payment infrastructure plays a crucial role in the FinTech industry’s expansion, highlighting the need to improve digital payment systems in rural and north-east regions, particularly through UPI, and to encourage lending based on digital footprints for MSMEs.
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