New Delhi : Finance Minister Nirmala Sitharaman has instructed the Reserve Bank of India (RBI) to convene monthly meetings with fintech companies to address regulatory concerns according to a source familiar with the matter. During a meeting on Monday attended by top executives from prominent fintech firms including Amazon Pay Zerodha Cred LendingKart Pine Labs and others Sitharaman and an RBI deputy governor discussed various topics including cybersecurity foreign direct investment (FDI) policy and data sharing. The source speaking on condition of anonymity noted that there were no expressions of apprehension or concern regarding Paytm among startup founders and other fintech entities present during the meeting. Late on Monday Vijay Shekhar Sharma founder of Paytm resigned as non executive chairman of Paytm Payments Bank as the institution reshapes its board in response to regulatory constraints. Last month the RBI prohibited Paytm Payments Bank from accepting customer deposits after 29 February due to repeated non compliance with its regulations. This deadline was subsequently extended to 15 March. Some entrepreneurs had appealed to both RBI Governor Shaktikanta Das and Finance Minister Sitharaman to reconsider the imposed restrictions arguing that such regulatory actions could potentially damage the fintech industry. Despite these challenges the source mentioned above emphasized that Monday’s meeting highlighted positive government initiatives that have bolstered the startup ecosystem including streamlining the company incorporation process classifying peer to peer lenders as non banking financial companies (NBFCs) and establishing a regulatory sandbox and fintech repository. Representatives of startup and fintech entities in attendance at the meeting expressed appreciation for the processes and effectiveness of GIFT City the source added.