RBI advises fintechs to focus on governance, data protection issues

Das advised fintechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks

In a meeting with select financial technology (fintech) entities and their industry associations on Wednesday, the Reserve Bank of India (RBI) advised these new-age firms to focus on governance issues, data protection, and regulatory compliance, while playing a transformative role in the financial systems through their innovations.

The meeting was presided over by RBI Governor Shaktikanta Das, Deputy Governor M K Jain, and a few senior officials of the central bank.

The RBI has been regularly interacting with all stakeholders in the financial sector, including banks and non-banking finance companies, to gauge the mood on the ground and seek views