Governing Fintechs

19 DEC,2022 | MEDC


The RBI has rightly asked select financial technology (fintech) entities and their industry associations to focus on governance issues, data protection and regulatory compliance. Such entities usually enable the simplification of financial transactions in the country, while playing a transformative role in the banking system via their technological innovations. However, unless an adequate risk-mitigation framework is in place, RBI will continue to have legitimate concerns regarding how far the public interest is really being served by such entities. The events of the past few years have propelled our financial sector haphazardly but firmly towards digitalization, a process in which fintechs played a pivotal role. RBI has taken a responsible stance in adopting a participative and consultative approach to facilitating innovations in our financial sector, while constantly remaining aware of its socioeconomic implications.

* Picture Credit - Google 

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