The Government constitutes a Steering Committee on Fintech related issues to consider various issues relating to development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive comparative strengths vis-à-vis other emerging economies;

To focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs.

In pursuance to the announcement made by the Union Minister of Finance and Corporate Affairs, Shri ArunJaitleyin his Budget Speech 2018-19(Para 75), a Steering Committeehas been constituted under the Chairmanship of Secretary, Department of Economic Affairs(DEA), Ministry of Finance.

Objective: - To consider various issues relating to development of Fintech space in India with a view to make Fintech related regulations more flexible and generate enhanced entrepreneurship in an area where India has distinctive comparative strengths vis-à-vis other emerging economies.  The Steering Committee will also focus on how Fintech can be leveraged to enhance financial inclusion of MSMEs.

Composition: -TheSteering Committeewould comprise of the following :-

Sl. No.	Designation	Department	Remarks
(i)	Secretary	Department of Economic Affairs (DEA)	Chairman
(ii)	Secretary	Ministry of Electronics and Information Technology (MeitY)	Member
(iii)	Secretary	Department of Financial Services (DFS)	Member
(iv)	Secretary	Ministry of Micro, Small and Medium Enterprises (MSME)	Member
(v)	Chairperson	Central Board of Excise and Customs (CBEC)	Member
(vi)	Chief Executive Officer	Unique Identification Authority of India	Member
(vii)	Deputy Governor (DG)	Reserve Bank of India	Member
(viii)	Joint Secretary (Investment)	Department of Economic Affairs (DEA)	Convener

The Steering Committee may also invite participants from the private sector.

 Terms of Reference : The Terms of Reference of the Steering Committee will be as follows:-

(i)    To take stock of the developments in the Fintech sector globally, and in India, and arrive at a common shared understanding of the current state of play;

(ii)   To analyse critically the regulatory regime spread over different entities that has impacted the growth of Fintech in India;

(iii)   To consider how Fintech can be leveraged in critical sectors of the economy, especially financing of MSMEs, affordable housing, delivery of e-services to vulnerable sections, provision of land record management and other government services, access and adoption of digital payments, and to study the developments in these areas;

(iv)   To develop regulatory interventions, e.g., regulatory sandbox model, that will enhance the role of Fintech in the sectors identified for focused interventions;

(v)   To promote ease of doing business in the Fintech sector;

(vi)   To consider means of using data with GSTN and data residing with information utilities such as Credit Information Companies (CICs),etc in open domain with a view to developing applications for financing of MSMEs.

(vii)   To work with Government agencies like UIDAI to explore creation and use of unique enterprise identification number;

(viii)   To consider international cooperation opportunities in Fintech with countries like Singapore, UK, China, etc.

Fintech Steering Committee to review regulations and propose flexible frameworks to boost fintech-driven MSME financial inclusion. Constitution of a Steering Committee on Fintech chaired by the Secretary, Department of Economic Affairs with senior members from MeitY, DFS, MSME, CBEC, UIDAI and RBI; tasked to review fintech developments, analyse the regulatory regime, explore fintech applications for MSME financing and other public services, propose regulatory interventions including a regulatory sandbox, promote ease of doing business, enable use of GSTN and CIC data for MSME financing, consider a unique enterprise identification in collaboration with UIDAI, and pursue international fintech cooperation.