Union Finance Minister Sitharaman with start-up, fintech ecosystem stakeholders, recommends monthly meeting with RBI
GIFT City and the IFSCA and noted that they were creating new opportunities for the startups and fintechs. The number of startups in India has grown significantly from just over 300 in 2016 to over 1.17 lakh in 2023 as recognised by DPIIT, generating more than 12.4 lakh jobs, and 47% of the startups have at least one Women Director.
Additionally, India is home to over 10,000 fintech companies working in diverse sectors and segments. The Union Finance Minister also noted that India's fintech ecosystem is the 3rd largest in the world and growing at 14% CAGR and that the RBI recently floated a draft framework for the recognition of self-regulatory organizations (SROs) for the fintech sector for stakeholder consultation.The following key action points emerged from the deliberations: DFS will conduct a day-long workshop with law enforcement agencies (LEAs) wherein fintech ecosystem partners can voice their issues/concerns.
DPIIT mentioned that new patent examiners have been added, which will reduce the turn-around time of patent applications. The other points that emerged were that; the cost of lending/funding for critical areas, including the priority sector, should be rationalised; Simplification and digitisation of KYC across all fintech segments; RBI, DPIIT and MoF to look at the change of ownership holding and control of listed fintech companies to enable them to be in sync with regulatory compliance; Issues about cybercrime will be suitably addressed in the new Digital India Act.Milestone Alert!
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