On February 26, finance minister Nirmala Sitharaman met the representatives of the fintech companies in Delhi. The meeting, which comes in the wake of the Jan 31 clampdown by RBI on the banking operations of Paytm Payments Bank, saw Sitharaman suggest that the Reserve Bank of India (RBI) hold monthly meetings with fintech companies and startups through the mode of video conferencing.
The meeting, which was attended by RBI deputy governor T Rabi Sankar, SBI chairman Dinesh Kumar Khara, and officials from the National Payment Corporation of India (NPCI), among others, saw Sitharaman release six action points, as per a Moneycontrol report.
The six action points stressed on the simplification and digitization of KYC (Know Your Customer) processes across all fintech sectors. This also included facilitation of interactions between fintech firms and law enforcement agencies to address concerns or issues.
The meeting touched upon the challenges and opportunities in the fintech industry, concerns surrounding cybersecurity, compliance with KYC regulations etc. Another point raised during the discussion also involved dual listing of foreign equities of fintech companies.
Read More: FM Nirmal Sitharaman, RBI deputy governor and top officials to meet fintech heads