All entities providing banking service subject to same rules: RBI Dy Guv

Non-bank entities cannot be allowed to undermine the banking system, he says at Business Standard BFSI Insight Summit

Any entity providing banking services needs to follow regulations meant for banks, said T Rabi Sankar, deputy governor of Reserve Bank of India (RBI), on Thursday.
 

Non-bank entities outside the regulatory purview cannot be allowed to undermine the banking system, he said at the Business Standard BFSI Insight Summit.

“The entity-based regulation of banks, with its focus on health parameters like capital adequacy, leverage, liquidity, or financial integrity requirements like KYC, AML, CFT, is required to be adapted to the co-existence of fintech entities that are not subject to the same regulatory requirements. The concept of activity-based regulations with the