Key Points
Finance minister Nirmala Sitharaman will meet heads of fintech firms along with a Reserve Bank of India (RBI) deputy governor and top officials of stakeholder ministries on February 26 in the backdrop of the banking regulators action against Paytm Payments Bank, ET has learnt..
The meeting has been called to reassure the fintech industry that the sector remains a key priority for the government and allay any concerns in view of the RBI action...
Officials from the ministries of finance, information technology and the Department for Promotion of Industry and Internal Trade (DPIIT) will attend the meeting scheduled for next Monday.. Fintech and innovation in fintech are high on the governments agenda with digital payments a mainstay of its social sector programmes...
In an order issued on January 31, the RBI directed Paytm Payments Bank to stop all basic payment services through various platforms and technology railroads, including the Unified Payments Interface (UPI), Immediate Payment Service (IMPS), Aadhaar Enabled Payment System (AEPS) as well as bill payment transactions, with effect from February 29..
Subsequently, a group of startup founders wrote to RBI governor Shaktikanta Das and finance minister Nirmala Sitharaman on the Paytm crisis, urging the authorities to review and reconsider the regulatory directive..
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