Finance Minister’s Meeting with Fintech Startups Amid Paytm Crisis Next Week.

TLDR:

• Finance Minister Nirmala Sitharaman will meet fintech startups next week to address regulatory concerns after RBI imposed curbs on Paytm Payments Bank.
• The meeting will emphasize the importance of regulatory compliance for these entities.

Finance Minister Nirmala Sitharaman is set to meet with fintech startups in Delhi next week to discuss rising regulatory concerns following the Reserve Bank of India’s restrictions on Paytm Payments Bank. The meeting, organized by the Department of Financial Services, aims to stress the significance of regulatory compliance to the entities involved.

Earlier reports indicated that Paytm’s founder and CEO, Vijay Shekhar Sharma, had met with Nirmala Sitharaman on February 6 to seek assistance after the RBI’s actions. However, he was advised to address the regulator directly. In response to the situation, RBI extended the deadline for Paytm Payments Bank restrictions to March 15, urging customers and merchants to shift transactions away from the bank.

Overall, the upcoming meeting between the Finance Minister and fintech startups highlights the growing importance of regulatory compliance in the industry, particularly in light of recent developments affecting Paytm Payments Bank.