Government sets up inter-ministerial committee on fintech

18 Mar 2025, 04:05 PM

Chaired by the secretary of the department of financial services (DFS), the committee will analyze fintech’s contributions to the broader BFSI industry.

Team Head&Tale

The Government has set up an inter-ministerial-industry committee on fintech (IMICF) to address key issues in the fintech sector.

Chaired by the secretary of the department of financial services (DFS), the committee will analyze fintech’s contributions to the broader banking and financial services industry (BFSI). 

The committee's key role is to evaluate the fintech sector's growth. It will identify issues and challenges faced by fintech firms; review current fintech policies and regulations; and analyze global best practices in fintech governance.

Additionally, leading industry experts such as Ajay Kaushal, co-founder of BillDesk; Jupiter founder Jitendra Gupta; Acko founder Varun Dua; Groww CEO Lalit Keshre; Vishnu Pillai, partner and head of FS Tech at KPMG; and Ashish Garg, managing director and senior partner at McKinsey, will also contribute to the committee.

The IMICF will also include representatives from Ministry of Electronics & Information Technology (MeitY), Department for Promotion of Industry and Internal Trade (DPIIT), Department of Economic Affairs (DEA), NITI Aayog, Reserve Bank of India (RBI), and Securities Exchange Board of India (SEBI).

The CS&FT section of the Department of Financial Services (DFS) will act as the secretariat for the committee.

The committee is expected to submit its report within three months from the date of its first meeting.