A government constituted Committee has recommended for putting in place a comprehensive legal framework for consumer protection keeping in mind the rise of Fintech and digital services. The Steering Committee on Fintech (Financial Technology) related issues submitted its report to Finance Minister Nirmala Sitharaman in New Delhi yesterday. In its report, the Steering Committee recommended adoption of regulation technology by all financial sector regulators to develop standards and facilitate adoption by financial services providers. An official release said, it has also suggested that financial sector regulators develop an institutional framework for specific use-cases of supervisory technology, testing, deployment, monitoring and evaluation. A dedicated team on digital economy and fintech is being set up in the Investment Division, Department of Economic Affairs for coordination on fintech with relevant ministries.
