Nirmala Sitharaman encourages finTechs to connect more with Indian Government

Finance Minister Sitharaman urged the fintech sector to break down barriers and connect with the government and its institutions more frequently in order to build confidence.

The prime minister, cabinet members, and the think tank Niti Aayog, according to Sitharaman, are all continually open for interaction, conversations, and idea exchange.

“So greater the engagement, greater the trust, which gets built up. So, I think one sure shot way of retaining and building on trust is to keep the constant engagement going,” she said.

In response to a query on the central bank’s and the finance ministry’s roles in the planned digital currency, Sitharaman stated the Reserve Bank would create the currency.

She had stated in her Budget address on February 1 that the RBI will issue Digital Rupee or Central Bank Digital Currency (CBDC) during the current fiscal year.

The minister said during her speech at GFF 2022 that the RBI’s regulatory sandbox system has given fintech businesses a structured and institutionalized environment through which they may test new products and ideas before growing them.