Youth’s fintech contribution hailed, no comment on Paytm, says FM.

In an exclusive interview with Network18, Finance Minister Nirmala Sitharaman discussed the government’s enthusiasm for the fintech sector and its desire to engage with more stakeholders. While not commenting directly on the ongoing crisis at Paytm, Sitharaman stated that fintech is an area in which all of India is enthusiastic and that the country has made significant contributions to the sector. The Reserve Bank of India recently imposed severe restrictions on Paytm Payments Bank after noting material discrepancies and non-compliance issues. This decision has raised concerns among stakeholders in the fintech sector, with some questioning the regulator’s stance towards fintech startups. Despite these challenges, Sitharaman highlighted the global recognition of India’s fintech innovation and emphasized the contributions of Indian youth in building capacities in the sector. Finally, she expressed the government’s intention to encourage and support new-age fintech firms in their future endeavors.