NEW DELHI (Reuters) – India’s finance minister has asked the Reserve Bank of India to hold monthly meetings with fintech firms to address their regulatory concerns, the ministry said in a statement, following a crisis at Paytm Payments Bank triggered by a central bank order.
Finance Minister Nirmala Sitharaman met representatives from the fintech industry on Monday to hear their concerns in the wake of the central bank’s order to Paytm Payments Bank to stop accepting fresh deposits in its account or popular wallets from March.
However, the developments at Paytm Payments Bank – an associate of One 97 Communications – were not discussed in the meeting, said two government officials who attended the meeting.
The finance ministry will meet Indian law enforcement agencies and fintech firms soon, one of the two officials said. The meeting would help convey concerns of fintech firms to different enforcement agencies, the ministry statement said.
The central bank and government would look at the concerns raised by some listed fintech companies regarding their ownership structure, it said.
The government will also take steps to simplify ‘know your customer’ (KYC) norms across the fintech space, it added.
(Reporting by Nikunj Ohri; Editing by Emelia Sithole-Matarise)
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