Being fintech or tech firm doesn’t absolve it of regulatory oversight: MoS

Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar on Saturday stated that a sectoral regulator has the absolute authority to take action within their sector, and being a fintech or a technology company doesn’t absolve them of regulatory oversight.

“A sectoral regulator has absolute authority to regulate every firm that is a regulated entity within the sector. The Reserve Bank of India (RBI) has done so and it is within their purview. Being a fintech or a tech company doesn’t absolve anybody from regulatory oversight,” said Chandrasekhar on the sidelines of an event in Delhi.