Updated February 26th, 2024 at 19:07 IST

Finance Minister chairs meeting with 50 fintechs

The meeting was attended by top executives of RazorPay, PhonePe, Google Pay and Amazon Pay among others, along with NPCI officials

Reported by: Business Desk
Finance Minister meeting with FinTechs | Image:X
Advertisement

Finance Minister Nirmala Sitharaman chaired a meeting with top-level executives of around 50 fintech firms on Monday.

The Finance Ministry's official handle confirmed the meeting on X, saying, “Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman chairs the meeting with Startup and FinTech Ecosystem Entities, in New Delhi, today.” 

Advertisement

The meeting is also being attended by Union Minister of State for Finance Bhagwat Karad, Vivek Joshi, Secretary of Department of Financial Services, Rajesh Kumar Singh, Secretary of DPIIT, S Krishnan, Secretary of MEITY (Ministry of Electronics and Information Technology), T Rabi Sankar, Deputy Governor of RBI, SBI Chairperson (Dinesh Kumar Khara and) and founders/ co-founders/ MDs/ CEOs/ Heads of various Start-ups and Fintech companies and various other Associations, as per the statement.  

The meeting was aimed at discussing regulatory issues faced by the fintech platforms, and impressed upon them to strictly comply with the norms, an official quoted by PTI said. 

Top executives of private sector fintech firms, including RazorPay, PhonePe, Google Pay and Amazon Pay were present in the meeting. NPCI officials were also part of the same.

Advertisement

The meeting was attended by Financial Services Secretary Vivek Joshi and MeitY (Ministry of Electronics and Information Technology) Secretary S Krishnan from the governmeny side. RBI Deputy Governor T Rabi Sankar was also part of the meeting.

Representatives of Listed fintech Paytm, which faces curbs from the RBI over its banking arm Paytm Payments Bank and linked features like wallets and FASTag, was not part of the meeting.

On January 31, the RBI had mandated Paytm Payments Bank (PPBL) to halt onboarding of customers after ‘persistent’ supervisory concerns which were serious in nature. The deadline to halt its wallet, FASTag and banking operations, was extended from February 29 to March 15.

The RBI also issued a 30-pointer guideline on business restrictions imposed on Paytm Payments Bank, for savings and current accounts, deposits and recurring payments, among other concerns.

Advertisement

The RBI also advised the National Payments Corporation of India (NPCI) last week to look into the possibility of migrating the users from PPBL to four to five other banks. PPBL has 30 crore wallets and 3 crore bank customers.

Advertisement

Published February 26th, 2024 at 19:07 IST