RBI-Fintech meet: Malhotra emphasises on need for ensuring compliance

Reserve Bank of India (RBI) governor Sanjay Malhotra underscored the need for responsible innovation and emphasised the importance of ensuring compliance by entities new to the regulatory space in an interaction with non-bank payment system operators and FinTechs, along with their associations and self-regulatory organisations (SROs), on Wednesday.

 

He also emphasised that the RBI values such interactions with ecosystem participants and would continue to adopt a consultative approach, the regulator said in a statement.

 

During the interactive session, the participants shared their feedback on the evolving payment and FinTech ecosystem, various industry-level initiatives, and their expectations from the RBI, it added.

 

Malhotra also recognised the important role played by FinTechs, including payment system players, account aggregators, and digital lending service providers, in the growth of India’s financial system and economy.

 

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.