Paytm Payments Bank crisis impact: Finance Ministry to hold meeting with Fintech startups next week

In a bid to address concerns amidst regulatory scrutiny, the Finance Ministry is set to convene a crucial meeting with Fintech startups next week, sources revealed to CNBC TV18.

This move comes in the wake of recent actions taken by the Reserve Bank of India (RBI) against Paytm Payments Bank, prompting the government to initiate outreach efforts with startups operating in the financial technology sector.

The government aims to foster a conducive environment for innovation in the fintech and banking space, emphasizing the importance of adhering to regulatory compliances. As part of its outreach strategy, the Finance Ministry seeks to reassure startups that they will not face punitive measures if they operate within the confines of the law.

The meeting is expected to provide a platform for startups to engage with policymakers and regulatory authorities, facilitating discussions on regulatory frameworks and compliance standards. By promoting dialogue and collaboration, the government intends to bolster confidence within the fintech community and promote responsible innovation in the sector.

Fintech players are expected to call on the Finance Minister, officials from Finance Ministry and other government departments will also be present.