Finance Minister Nirmala Sitharaman conducted a meeting with stakeholders from the startup and fintech ecosystem in New Delhi on Monday, seeking to enhance collaboration and address concerns. She suggested that regulators, including the RBI, hold monthly virtual meetings to address queries from startups and fintech firms. The aim of the interaction was to foster an exchange of ideas and support the growth of the fintech sector, which boasts around 10,244 entities in India, making it the third largest globally. Sitharaman acknowledged the significant growth of the startup and fintech sector in India, particularly over the past decade, and welcomed suggestions for improving ease of doing business and living for consumers. The meeting was attended by various government officials and representatives from startup and fintech companies, along with industry associations. It was emphasized that while innovative solutions from fintech firms are crucial for the financial services sector, compliance with regulations is essential. Initiatives such as Aadhaar, UPI, and regulatory frameworks have facilitated the startup ecosystem in India. The stakeholders also appreciated the opportunities presented by GIFT City and IFSCA. The startup ecosystem in India has grown substantially, with over 1.17 lakh startups recognized by DPIIT in 2023, generating significant employment. Additionally, India hosts over 10,000 fintech companies, with the sector growing at a rate of 14% annually. Recently, the RBI proposed a draft framework for the recognition of self-regulatory organizations in the fintech sector for stakeholder consultation.
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