India’s fintech entrepreneurs: no immunity, abide by the law!

India’s fintech entrepreneurs must accept that they are not above the law of the land, according to an opinion piece in Mint. The article discusses the recent regulatory action taken against Paytm Payments Bank by the Reserve Bank of India (RBI), which has barred new deposits and top-ups, due to non-compliance with regulations. The piece argues that while some entrepreneurs may protest the RBI’s actions, it is important to recognize that fintech firms are not exempt from regulation. The article highlights the need for fintech firms to conform to regulatory norms, as accepting deposits involves public funds and requires trust and financial stability. It also stresses the importance of engagement and collaboration between RBI, the government, and the fintech industry to discuss regulation and oversight. The article concludes by suggesting that policy makers should focus on finding orderly resolutions in the financial sector and encourages entrepreneurs to build enduring business models while maintaining market integrity.