The report of the committee on fintech related issues is likely to be made public soon, Finance Secretary Subhash Chandra Garg said on Thursday.
“The recommendations of the steering group have been finalised. It has made 48-50 specific and succinct recommendations. The report will be announced soon,” Garg said at a conference organised by FICCI and IBA.
The Finance Ministry had, in March last year, set up the eight-member steering committee led by Garg, who is also the Economic Affairs Secretary, to consider various issues relating to development of fintech space and how it can help in financial inclusion.
He further said the government is keen to work with the fintech sector and while there has been much advancement in the payments sector, there is still scope for a lot of growth in sectors such as pension and credit delivery.
Noting that the Supreme Court judgment on Aadhaar has impacted the fintech sector, he said the government is trying to work out a solution where data is available to the industry without compromising on the personal and private information of individuals.
“There has been an attempt to bring personal data protection law for privacy. There is a conflict we need to resolve satisfactorily,” he said, adding that the government is working with the Ministry of Electronics and Information Technology to suggest that instead of a protection law, there is a data use and protection law.
“The new system will have to be designed to ensure that data is not misused. This is the big challenge, which going forward needs to be resolved,” he said, noting that the primary goal has to be economic growth and efficient delivery of services.
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