26 SEP,2022 | MEDC
The RBI Governor has rightly said that all innovation in the FinTech space should be responsible and should enhance the efficacy and resilience of the financial system while benefiting the consumer. India still has too many fly-by-night operators in this area, and so the RBI Governor's statement is much needed assurance. Dependence on government subsidy for a long time is also not desirable for any business. With our middle class now probably numbering in the hundreds of millions, FinTech innovation in India has the potential to be a game changer. Concurrently, social responsibility has to be a defining characteristic of such entrepreneurship. Regulation in this space has long been weak and unpredictable, thus preventing the sector from achieving its full potential. It is to be hoped that world-class innovation within a well-regulated framework becomes the hallmark of India's FinTech sector.
*Picture Credit:Google
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