FM Sitharaman stresses on compliance of norms at meet with fintech heads

Finance Minister Nirmala Sitharaman emphasized the importance of adhering to regulations and protecting consumer interests during a meeting with fintech companies. Representatives from firms like Google Pay and PhonePe attended, along with top government officials, in light of the RBI action against Paytm Payments Bank.
The meeting, which included officials from the NPCI, discussed the vital role of the fintech sector in the Indian economy. While regulatory compliance is non-negotiable, the government has assured support for fostering the growth of these entities.
The RBI’s directive to PPBL to cease accepting deposits after February 29 was extended to March 15 to allow customers more time for alternative arrangements. No further credit transactions will be permitted after this date, but efforts are being made to migrate users to other banks to minimize disruption.
The RBI’s move aims to safeguard customer interests and maintain the integrity of the financial system. The focus is on ensuring a smooth transition for PPBL users while upholding regulatory standards in the fintech sector.