FM Signals Policy Aid to Fintechs in Pine Labs Visit

Sitharaman May Visit More Fintech Companies and Global Capability Centres Across Major Cities

- RUCHIKA CHITRAVANSHI

In a signal that the government wants to understand the issues faced by the fintech sector and help it grow, Finance Minister (FM) Nirmala Sitharaman on Tuesday visited the office of digital fintech company Pine Labs in Noida and interacted with its employees. The FM highlighted that the government wants every state to speed up efforts on digitization.

Sources in the government said that the FM is likely to visit more fintech companies and global capability centres (GCCs) in different cities, including Bengaluru, Mumbai and Hyderabad. The feedback being gathered is likely to feed into the next set of big-ticket reforms and also the Budget for the next financial year, sources said.

"We want every state to speed up digitization. We are also helping them in expediting it. While giving the 50-year interest-free loans to states for capital expenditure, we underline that we will incentivize those states that get on to digitize their records at the earliest. So, we want digitization to happen sooner and in every sector," Sitharaman said.