NEW DELHI

Economic Affairs Secretary S C GargThe government has set up a steering committee to consider various issues relating to the development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship.

The move is a follow up to the announcement made by Finance Minister Arun Jaitley in his Budget speech of 2018-19. The eight-member committee headed by Economic Affairs Secretary, Subhash Chandra Garg will also focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs.

According to the terms and reference, the Committee will take stock of the developments in the fintech sector globally, and in India. It will also work with Government agencies like UIDAI to explore creation and use of unique enterprise identification number.

The eight-member panel, led by department of economic affairs secretary Subhash Chandra Garg, will find ways of using fintech in “critical sectors of the economy”, including the financing of micro, small and medium enterprises (MSMEs), delivery of e-services to the vulnerable sections of society, and management of land records and other government services, said an official statement.

The panel, which includes Ajay Prakash Sawhney, secretary in the ministry of electronics and information technology; Rajiv Kumar, secretary in the department of financial services, and Arun Kumar Panda, secretary in the ministry of micro, small and medium enterprises, will look into the regulatory regime for the fintech industry and explore the creation of a regulatory ‘sandbox model’ to foster new ideas.