Question
Which committee has been set up to address fintech
regulatory challenges in India?Solution
India has formed a High-Level Committee on FinTech Regulation, consisting of officials from DFS, DEA, DPIIT, MeitY, and NITI Aayog, to streamline regulations, encourage innovation, and ensure risk management in the fintech sector. To address regulatory concerns and devise a long-term strategy for the financial technology sector, the Indian government has set up an Inter-Ministerial-Industry Committee on Fintech (IMICF). The committee, chaired by the Secretary of the Department of Financial Services (DFS), aims to evaluate fintech’s impact on the banking and financial services industry (BFSI), identify obstacles to growth, and study global best practices in governance and regulation.
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