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Subhash Chandra Garg Committee Constituted to Regulate Fintech Sector

Published on March 07, 2018
The government of India has constituted an eight-member panel led by Economic Affairs Secretary Subhash Gard to find out the methods to make it easier for financial technology firms to do business.

The committee will also find ways for the authorities to use their services to promote the goals of financial inclusion. The panel will assist financial technology companies in doing business in the country.

Members of Panel

  • Ajay Prakash Sawhney, Ministry of Electronics and Information Technology (MeitY) Secretary
  • Rajiv Kumar, Department of Financial Services (DFS) Secretary
  • Arun Kumar Panda, Secretary of the Ministry of Micro, Small and Medium Enterprises (MSME).
  • Vanaja N. Sarna, Chairperson of the Central Board of Excise and Customs (CBEC)
  • Dr. Ajay Bhushan Pandey UIDAI CEO
  • RBI Deputy Governor 

Responsibilities and Objectives

  • Take stock of developments in the fintech sector globally 
  • Analysing the regulatory regime that could impact the growth of the country’s fintech industry
  • Foster international cooperation opportunities with the fintech industries 
  • Delivery of affordable housing, e-services to vulnerable sections, land record management
  • Enhancing access and adoption of digital payments
  • Find ways of using fintech in “critical sectors of the economy”, including the financing of micro, small and medium enterprises (MSMEs).
  • Delivery of e-services to the vulnerable sections of society, and management of land records and other government services
  • The regulatory regime for the fintech industry and explore the creation of a regulatory ‘sandbox model’ to foster new ideas.
  • Examine means of using data available with Goods and Services Tax (GST) Network
  • Create and use the unique enterprise identification number
  • Focus on the way financial technologies can be leveraged to bring MSMEs under financial inclusion.

What is Sandbox model?

It is a hub for the regulators where they activate the limited roll-out of new products to customers in order to minimise any risk to consumers and to ensure the stability of the sector. Sandbox helps in covering the regulatory vacuum whenever something new comes up. It encourages entrepreneurs to experiment with the fresh idea

State Of The Fintech Sector In India

As per a report by KPMG India and NASSCOM, India is currently home to more than 500 fintech startups working to attain financial inclusion. The launch of IndiaStack including Aadhaar, eKYC, UPI and BHIM helped to restructure the financial sector by disrupting the monopoly of traditional institutions like banks. The growth of this sector is forecasted to cross $2.4 Bn by 2020.

Expected Questions

The government of India has constituted an eight-member panel to assist financial technology companies in doing business in the country. Who is the head of the panel?
a. Pranjal Das Mehta
b. Saral Mishra
c.  Subhash Chandra Garg 
d. Kirpal Singh Sandhu

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