The Centre has begun working on a new telecom policy that will provide an enabling environment for the growth of the fintech industry in the country, a top government official has said.
The development of the fintech industry is fundamental if the country were to chart into a higher growth trajectory, said Aruna Sundararajan, Secretary, Department of Telecommunications, at a CII Fintech 2017 event here on Friday.
The aspect of how India can create a telecom regulatory sandbox will be reflected in the new policy, she noted.
She said that there are regulatory challenges and that the country needed to retain the strengths of its financial services and, at the same time, see how new platforms have the room to grow.
Later, Sundararajan told reporters that the draft of the new telecom policy is expected to be ready by December-end, and it will be firmed up by March next year.
Meanwhile, a Deloitte-CII report on ‘Regulatory Sandbox: Making India a Global Fintech Hub’ was released at the event by Sundararajan and NITI Aayog CEO Amitabh Kant.
The report highlighted that a regulatory sandbox can be the way forward to address the uncertainty around fintech regulations, build investor confidence and foster innovation.