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None of the startup founders and fintech entities who were part of the meeting with Finance Minister Nirmala Sitharaman on Monday showed anxiety or concerns about the Paytm matter, according to sources.
During the meeting, the finance minister suggested that the regulators may hold a meeting on a fixed day every month via virtual mode with the startup and fintech firms to address their concerns and issues. During the meeting, it was highlighted that India has approximately 10,244 fintech entities, which is the third largest in the world. It was noted that Aadhar, UPI, API Setu, among others, have acted as enablers for the startups. During the meeting, it was asserted that simplified incorporation of companies, recognition of P2P Lenders as NBFCs, regulatory sandbox, Fintech repository, SRO Framework for Fintech, have facilitated the startups in India. The startup and fintech entities appreciated the processes and efficacy of GIFT City in Gujarat. (ANI)
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