RBI’s Das urges FinTechs to pay close attention to governance, business conduct, data protection

Fintechs playing transformative role via digital innovation, innovative means of delivery of financial services

December 14, 2022 08:54 pm | Updated 09:20 pm IST - Mumbai

Shaktikanta Das highlighted the proactive and supportive role of the RBI in providing conducive policy environment for responsible innovation.

Shaktikanta Das highlighted the proactive and supportive role of the RBI in providing conducive policy environment for responsible innovation. | Photo Credit: Reuters

Reserve Bank of India Governor Shaktikanta Das has asked financial technology (FinTech) firms to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks.

On Wednesday, he held a meeting with select FinTech entities (including AgriTechs) and some of their Associations. The meeting was also attended by M. K. Jain, Deputy Governor, along with a few senior officials of the RBI.

“In his introductory remarks, the Governor stated that FinTech initiatives and start-ups are important segments of aspirational India,” the RBI said in a statement.

“They are playing a transformative role in the financial system through digital innovations and innovative means of delivery of financial services,” the statement added.

Mr. Das highlighted the proactive and supportive role of the RBI in providing conducive policy environment for responsible innovation.

He reiterated that the RBI would continue to adopt a participative and consultative approach for facilitating innovations in the financial sector.

“The participants shared their inputs and suggestions to enhance and deepen the role of FinTechs and the related ecosystem in the country,” the RBI added in the statement.

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