The Maharashtra government on Tuesday announced its financial technology (fintech) policy under which it aims to facilitate setting up of 300 fintech start-ups in the State. Maharashtra is the first State to announce such a policy.
The policy was cleared at the State Cabinet meeting. The Fadnavis government has framed the policy keeping in mind the Global Fintech Hub planned in Mumbai.
A press statement issued by the Chief Minister’s Office said the policy aims to nurture 300 fintech start-ups in the next three years. For the start-ups, ₹200 crore venture funds would be facilitated by the State government. Another ₹250-crore corpus would be raised by the State government for supporting the start-ups. The companies would be provided with co-working space.
The proposed Global Fintech Hub will get additional FSI. Out of the total area at the hub, 85 per cent will be reserved for fintech companies. The State government will be also be providing another 10,000 sq ft of space at a central location in Mumbai for fintech companies, banks and educational institutions, the statement said.
The fintech start-ups, which will qualify for State government support must have ₹25-crore annual turnover.
These companies will also have access to subsided internet hosting services. The expenses on electricity, internet and GST will be reimbursed to the companies, the statement said.
A committee of 15 experts will guide the State government on the policy, the statement added.