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Sitharaman encourages fintech players to interact more with the government

MUMBAI: Minister of Finance Nirmala Sitharaman on Tuesday promote fintech industry to break down barriers of distance and have more engagement with government and government agencies to improve trust. Sitharaman was answering a question from Kris Gopalakrishnan, Chairman of the Global Fintech Fest (GFF) 2022 Advisory Board, who wanted to know how to ensure trust between industries, regulators and governments.
“I don’t want to sound cliché, but distance brings mistrust. So let’s cut the distance, be more engaged with the government,” the minister said.
Sitharaman added that everyone in the government, whether prime minister, ministers or thinkers Niti Aayogalways available to participate, discuss and exchange ideas.
“So the greater the engagement, the greater the trust, the more it is built. So I think a surefire way to retain and build trust is to maintain a constant interaction,” she said. .
To a question regarding the role of the central bank and the finance ministry in the proposed digital currency, Sitharaman said the Reserve Bank will launch the RBI-driven digital currency.
On February 1, she announced in her Budget keynote that the Digital Rupee or Central Bank Digital Currency (CBDC) will be issued by RBI during the current financial year.
In his speech at GFF 2022, the Minister said the RBI’s regulatory sandbox mechanism provided a structured and institutionalized framework through which fintech companies could test their new products. , new enhancements before scaling.
“So this really helped in testing it in a controlled environment and given that you can scale quickly so markets can benefit and you can push accelerate its product innovations,” she said.
The minister added that there is an opportunity for fintech companies to play a role in a sustainable financial environment and take advantage of specific opportunities in green finance – a financial arrangement to use specific funds for environmentally sustainable products.

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