Tuesday, July 23, 2024

Paytm Crisis: FM Sitharaman Direct Message to RBI on Fintech Startups, Know in Detail

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Amidst the ongoing Paytm crisis Union Finance Minister Nirmala Sitharaman has urged the Reserve Bank of India (RBI) to conduct monthly meetings with startup and fintech firms, aiming to address their concerns directly, officials revealed. Sitharaman proposed this initiative during a gathering of representatives from approximately 50 firms, including Razorpay, CRED, and venture capital firm PeakXV.

Sitharaman’s suggestion entails organizing virtual meetings on a fixed day every month to facilitate open dialogue and problem-solving between the RBI and stakeholders in the startup and fintech ecosystem. Notably, the meeting did not witness any apprehensions related to Paytm crisis, despite recent regulatory actions against Paytm Payments Bank by the RBI.

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Government officials, including Financial Services Secretary Vivek Joshi, and RBI Deputy Governor T Rabi Sankar, participated in the discussions alongside industry leaders.

The meeting underscores the increasing importance of regulatory compliance in the fintech industry, highlighted by recent actions against Paytm Payments Bank. Additionally, cybersecurity-related concerns raised by startups underscore the need for proactive measures from the government to address such threats effectively.

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Moreover, startups and fintech entities appreciated the operational processes and effectiveness of GIFT City, emphasizing its role in facilitating industry dialogue and collaboration.

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