Reserve Bank of India’s Governor Sanjay Malhotra held an interaction with non-bank Payment System Operators and FinTechs along with their associations and SROs yesterday.
The interaction was a part of the Reserve Bank’s series of engagements with the Payments and Fintech ecosystem.
The interaction was also attended by Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar and Swaminathan J., along with Executive Directors-in-Charge of Payments, Fintech and Regulation.
In his remarks, Mr Malhotra recognised the important role played by the FinTechs, including the payment system players, account aggregators, and digital lending service providers, in the growth of India’s financial system and economy.
The Governor underscored the need for responsible innovation and emphasised the need to ensure compliance by entities who are new to the regulatory space. He also emphasised that RBI values such interactions with the ecosystem participants and will continue to adopt a consultative approach. During the interactive session, the participants shared their feedback on the evolving payment and fintech ecosystem, various industry-level initiatives and expectations from the Reserve Bank.
