India has taken a significant step towards strengthening its fintech sector by forming a high-level committee to address regulatory challenges. As the country’s fintech ecosystem continues to expand rapidly, the government aims to create a balanced framework that fosters innovation while ensuring financial stability.
The newly formed panel comprises senior officials from key government ministries, regulators, and fintech industry leaders. The objective is to assess the existing regulatory framework, identify gaps, and propose policy recommendations that support sustainable growth in the sector. Key members of the committee include representatives from the Department of Financial Services (DFS), Department of Economic Affairs (DEA), Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Electronics and Information Technology (MeitY), and NITI Aayog. Additionally, major financial regulators such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are actively involved in the discussions.
Recognizing the importance of industry insights, the government has included top fintech executives from leading companies such as Billdesk, Acko General Insurance, Groww, and Jupiter. This collaboration between policymakers and industry experts is expected to provide a well-rounded perspective on the regulatory challenges faced by fintech startups and established firms alike. A government source revealed that the committee’s primary focus is to bridge regulatory gaps and develop a structured policy environment that enables innovation without compromising financial security.
As India cements its position as a global fintech hub, there is a growing demand for a regulatory framework that encourages technological advancements while mitigating risks. The high-level committee has been tasked with submitting a comprehensive report within three months of its first meeting. The recommendations from this panel are expected to shape the next phase of fintech regulation in the country, ensuring a more structured and future-ready financial ecosystem. With this initiative, India aims to strike a balance between innovation and regulation, paving the way for a robust and secure fintech landscape.