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Youth-powered Fintech: FM Sitharaman praises Paytm, stays mum on specifics.

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TLDR: Finance Minister Nirmala Sitharaman has hailed the contribution of youths to the fintech sector in India, stating that the government remains enthusiastic about working in the space. In an exclusive interview, Sitharaman refrained from commenting on the recent crisis at Paytm, where the Reserve Bank of India imposed severe restrictions on Paytm Payments Bank due to material discrepancies and non-compliance issues. However, she expressed the government’s interest in engaging with more stakeholders in the fintech industry. Sitharaman also highlighted the global recognition of India’s fintech innovation and the country’s role as a key provider of fintech solutions. This article discusses the ongoing crisis at Paytm and the concerns raised by stakeholders in the fintech sector regarding the regulator’s stance towards fintech companies.

The Reserve Bank of India recently imposed restrictions on Paytm Payments Bank, citing material discrepancies and non-compliance issues. This decision raised concerns among stakeholders, especially fintech startups, about the regulator’s stance towards the industry. Ashneer Grover, former MD of BharatPe, criticized the RBI, stating that it “does not want FinTechs in business.” He called for intervention from the finance ministry and the Prime Minister’s Office to address the issue and prevent further harm to the fintech sector.

In the exclusive interview with Network18, Sitharaman acknowledged the contributions of Indian youths to the fintech sector and expressed the government’s enthusiasm for working in the space. She highlighted India’s global recognition in the fintech industry and the country’s potential to provide solutions in the field. The finance minister emphasized the government’s intention to work with and encourage new-age firms in the fintech sector.

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