Recently, the central government of India announced that it will be setting up a proper committee for the Fintech sector. The committee will be headed by Subhash Chandra Garg, Secretary of Department of Economic Affairs. The aim of the committee will help the Fintech sector establish their business in India.
Currently, Fintech sector is facing a lot of obstacles in India. The aim of this company is to remove all those obstacles that the Fintech companies are able to easily establish their business. Also, the committee will encourage entrepreneurs in the Fintech industry as well. This is expected to bring new jobs to the country.
SMEs will also be focused on the Fintech committee in order to help them establish their business. With the help of the sandbox model, the committee will be able to promote newer ideas related to the Fintech sector. The sandbox will permit the various start-ups to launch their products for the consumers directly. The regulatory sandbox will indeed help the companies bring the products to the consumers at a rapid pace. They will also be able to test their products much sooner.
Mention of the special Fintech committee in the budget:
The Finance Minister of India, Arun Jaitley highlighted the formation of a Fintech committee during his budget speech as well. We clearly mentioned that experts will be part of this committee. It will enable the Fintech start-ups to establish business easily without facing a lot of hurdles.
Objectives of the committee:
One of the main objectives of the committee will be to work with Fintech based start-ups in other countries like China, United Kingdom, and Singapore. Also, the objective of the committee will be to encourage Fintech start-ups to work in the field of affordable housing, electronic services as well as land record management. In addition to that, the object of the company will be to increase the usage of electronic payments with the help of these Fintech start-ups. Thus, the Fintech start-ups will be able to get all the help which they need from this Fintech community in order to take their services and products to the consumers.
With such favorable atmosphere being given by a country like India, Fintech start-up surely has a proper ecosystem in which they can grow and prosper. According to a forecast by KPMG India, the Fintech sector is slated to grow to $ 2.4 billion by the year 2020. Also, the government is trying to create a cashless economy which can only be done with the help of the Fintech sector.