Sitharaman meets with top execs of 50 fintech companies; asks them to strictly comply with norms

Representatives of Paytm were not invited


Finance Minister Nirmala Sitharaman on Monday chaired a meeting with top executives of around 50 fintech firms to discuss regulatory issues being faced by them and impressed upon them to strictly comply with the norms, according to an official.

The meeting was attended by top executives of private sector fintech firms, including RazorPay, PhonePe, Google Pay and Amazon Pay. NPCI officials too were present.

From the government side, the meeting was attended by financial services secretary Vivek Joshi and MeitY (ministry of electronics and information technology) secretary S. Krishnan. RBI deputy governor T. Rabi Sankar was also present.

The meeting comes at a time when the Reserve Bank of India's action against Paytm Payments Bank has put the spotlight on regulatory compliance in the fintech industry.

Representatives of Paytm were not invited for the meeting on Monday.

On January 31, RBI barred Paytm Payments Bank Ltd (PPBL) from accepting any fresh deposits or top ups from customers after February 29 for not complying with regulations. The deadline was later extended till March 15.

Last week, RBI advised the National Payments Corporation of India (NPCI) to examine the possibility of migrating the users from PPBL to four to five other banks. PPBL has 30 crore wallets and 3 crore bank customers.

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