Finance Minister Nirmala Sitharaman led a meeting on Monday involving approximately 50 fintech companies’ top executives to address regulatory challenges and stress adherence to norms, an official disclosed. Notable attendees from the private sector included RazorPay, PhonePe, Google Pay, and Amazon Pay, with NPCI officials also in attendance.
Representing the government were Financial Services Secretary Vivek Joshi, MeitY Secretary S Krishnan, and RBI Deputy Governor T Rabi Sankar. The meeting convened amidst the Reserve Bank of India’s recent actions against Paytm Payments Bank, spotlighting regulatory compliance within the fintech sector. Notably, Paytm representatives were not part of Monday’s gathering.
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On January 31, the RBI restricted Paytm Payments Bank Ltd (PPBL) from accepting fresh deposits or top-ups post-February 29 due to regulatory non-compliance, a deadline later extended to March 15. Recently, the RBI advised NPCI to explore transitioning PPBL users to four to five other banks, given its 30 crore wallets and 3 crore bank customers.