Inter-Ministerial-Industry Committee on Fintech Established
The Inter-Ministerial-Industry Committee on Fintech, or IMICF, has been formed by the Government of India to tackle critical challenges within the fintech sector. This initiative aims to enhance the ecosystem through thoughtful recommendations, as revealed in a government order reviewed by Startup Superb. This significant decision has received approval from the Hon’ble Finance Minister.
Key Members of the Fintech Committee
The committee will be led by the Secretary of the Department of Financial Services (DFS) and will comprise representatives from various governmental bodies. These include:
- Ministry of Electronics & Information Technology (MeitY)
- Department for Promotion of Industry and Internal Trade (DPIIT)
- Department of Economic Affairs (DEA)
- NITI Aayog
- Reserve Bank of India (RBI)
- Securities Exchange Board of India (SEBI)
Additionally, the committee will incorporate insights from industry experts including Ajay Kaushal from Bill Desk, Jitendra Gupta from Jupiter, Varun Dua from Acko General Insurance, Lalit Keshre from Groww, Vishnu Pillai from KPMG, and Ashish Garg from McKinsey.
Mandate of the Committee
This newly constituted committee has a vital role in evaluating the growth trajectory of the fintech sector and its significance within the overarching Banking, Financial Services, and Insurance (BFSI) industry. Key objectives include:
- Identifying challenges encountered by fintech companies
- Reviewing existing policies and regulatory frameworks
- Investigating global best practices regarding fintech governance
With the insights gathered, the IMICF is set to craft a long-term strategic vision and present recommendations aimed at bolstering the fintech ecosystem in India.
Expected Outcomes and Timeline
The committee aims to deliver its report within three months following its inaugural meeting. The CS&FT segment of the Department of Financial Services (DFS) will serve as the committee’s secretariat.