Tech giants' growth in digital financial services poses stability risk: RBI

India has seen massive interest from deep pocketed global technology players in recent years as Amazon.com Inc., Alphabet, others.

India’s central bank warned about the growing presence of technology giants in the country’s digital financial services and payment systems which could pose a financial stability risk.

In its semi-annual financial stability report, the Reserve Bank of India flagged concerns over what it called ‘Big Techs,’ saying they have the potential to become dominant players in financial services that risks them becoming “too-big-to-fail.”

“Specifically, concerns have intensified around a level playing field with banks, operational risk, too-big-to-fail issues, challenges for antitrust rules, cyber security and data privacy,” the RBI said in the report Thursday.

While the report does not specify