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, Arun Jaitley in his Budget Speech 2018-19(Para 75), a Steering Committee has been constituted under the Chairmanship of Secretary, Department of Economic Affairs (DEA), Ministry of Finance.
Objective: – To consider various issues relating to the 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: – The Steering Committee would 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:-