Indian Ministry of Finance has set up a steering committee that will consider various issues pertaining to the financial technology or fintech sector.

The new committee will aim to make all fintech related regulations flexible and promote financial inclusion of micro, small and medium enterprises (MSMEs).

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It will also help to generate improved entrepreneurship in the sectors where India holds distinctive comparative strengths compared to other emerging economies.

The committee will comprise eight members and would be headed by the secretary of the Department of Economic Affairs (DEA). It can also invite participants from the private sector.

The panel will have a deputy governor of the Reserve Bank of India and the Unique Identification Authority of India CEO as its members.

Under the terms of reference, the committee will be responsible to assess the developments in the fintech sector globally as well as in India and devise a common shared understanding of the current state of play.

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It will also analyse how fintech can be utilised in critical sectors of the economy including the financing of MSMEs, affordable housing, access and adoption of digital payments and providing e-services to vulnerable sections.

Besides promoting ease of doing business, the new panel will assess scope of cooperation in fintech with other countries such as Singapore, the UK and China.

It will also develop regulatory interventions such as regulatory sandbox model to facilitate the role of fintech in the sectors identified for focused interventions.

The terms of reference enables the fintech panel to work with government agencies to create and use unique enterprise identification number.