The Centre has set up a steering committee under the chairmanship of the Economic Affairs Secretary to look into the development and regulation of the fintech sector in India, it said on Monday.

The move follows an announcement by Finance Minister Arun Jaitley in the Budget.

The objective of the panel is “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”.

MSME focus

The panel will also focus on how fintech can be leveraged to enhance financial inclusion of Micro, Small and Medium Enterprises.

The panel will also include among its members the Electronics and Information Technology Secretary, the Financial Services Secretary, the MSME Secretary, the Chairperson of the Central Board of Excise and Customs, Chief Executive Officer of the Unique Identification Authority of India, a Deputy Governor of the Reserve Bank of India, and a Joint Secretary Department of Economic Affairs.