RBI governor Sanjay Malhotra stresses responsible innovation and compliance in fintech sector

The Reserve Bank of India (RBI) Governor Sanjay Malhotra met with non-bank Payment System Operators and FinTechs in Mumbai on Wednesday (March 5) as part of the central bank’s ongoing engagement with the payments and fintech ecosystem.

The session was attended by Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan J., along with Executive Directors overseeing Payments, Fintech, and Regulation.

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During the interaction, the Governor acknowledged the critical role of FinTechs, account aggregators, and digital lending service providers in driving India’s financial sector growth. He stressed the importance of responsible innovation and regulatory compliance, particularly for new entrants in the financial space.

“The Governor, in his remarks, 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,” RBI said.

Industry participants shared their perspectives on emerging payment trends, industry initiatives, and regulatory expectations. The Governor reaffirmed RBI’s consultative approach in fostering innovation while ensuring financial stability.