Fintech startups engage with DFS and RBI officials

Shri M Nagaraju, Secretary, DFS, M/o Finance, today chaired a meeting with Fintech Ecosystem Partners, New Delhi. The meeting was also attended by senior officials from RBI, NPCI, CRF-IND, MeitY and around 60 founders/co-founders of various Fintech entities and Fintech associations.

The engagement with partners across the start-up and Fintech ecosystem has been designed to foster an open exchange of ideas aimed at elevating the Fintech sector to a global level. Throughout the discussions, there was a strong emphasis on the need for Fintech companies to consistently deliver innovative solutions to the financial services industry while strictly adhering to regulatory compliance.

The DFS Secretary said the government has taken various initiatives to create a favorable environment for Fintechs. It was noted that Aadhar, UPI, AePS, among others, have acted as enablers for the FinTech sectors. Likewise, Regulatory Sandbox, Fintech Benchmark, SRO Framework for Fintech, etc. have facilitated the fintech ecosystem in India. RBI also informed that various initiatives have been taken including development of emerging technology and fintech repository to capture core information in a secure and confidential manner, launched a Unified Lending Interface (ULI) and urged NBFCs to integrate with the ULI platform, conducting regular activities. interactions with the fintech ecosystem and also working on video-based KYC projects within their regulatory sandbox framework.

The DFS Secretary acknowledged the rapid growth of India’s start-up and fintech sectors, especially over the last decade. He highlighted that digital payment infrastructure plays a crucial role in the expansion of the fintech sector, emphasizing the need to improve digital payment systems in rural and northeastern regions, particularly through UPI , and encourage lending based on digital footprints for MSMEs.