The committee has allowed aggrieved fintech players to share details on consumer grievances, shareholding, and compliance with regulatory norms. The players are seeking a review of the takedown orders and have attempted to address concerns over regulation and consumer complaints.
The Inter-Ministry Committee, under the IT Rules, is currently considering submissions from fintech players seeking a review of interim takedown orders. The committee has been empowered under the emergency provisions of IT Rules to revisit these orders.
The committee has allowed aggrieved fintech players to share details on consumer grievances, shareholding, and compliance with regulatory norms. The players are seeking a review of the takedown orders and have attempted to address concerns over regulation and consumer complaints.
Concerns have also been raised over the “volume” and “nature” of consumer complaints against loan apps and their recovery practices. The Inter-Ministry Committee is expected to finalise its recommendations after hearing from the fintech players. The Secretary of MEITY will issue the final orders based on the committee’s recommendations.
This review process provides an opportunity for the fintech industry to address the concerns raised by the Inter-Ministry Committee and resolve any issues related to consumer complaints and regulatory compliance. The outcome of this review will have significant implications for the fintech industry and will determine the future of these players in the market.
