'Don't think world can afford cryptomania', says RBI Guv Shaktikanta Das

Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday said that the central bank's position on crypto remains unchanged.

"Traveling down that path will create huge risks. I don't think the world or emerging markets can take a cryptomania like the Tulipmania," said the RBI Governor at Mint's BFSI Summit and Awards 2024.

Lauding private companies for their roles in making India a world leader in the UPI Payment system, Das said, "The success of UPI in a large measure also owes a lot to the private sector payment players. The private sector companies have had a major role. UPI is perhaps the best in the world and should become a world leader."

Speaking on digital lending guidelines, Shatikanata Das said that it has been well accepted and that "the fintech sector is growing and will grow, but it needs to grow sustainability, and that is our emphasis."

With the recent increase in fraudulent lending apps, the RBI governor stated that they are working with the government and the concerned ministries to implement adequate controls against suspicious applications.

The RBI governor also praised the Indian banking sector and said that it has emerged stronger from the unprecedented challenges of recent years.

"The whole of India's banking sector has emerged stronger from the unprecedented challenges of recent years.…. My short answer to this question is that it is the result of all the good work of various stakeholders in the system," Das said at Mint BFSI Summit.