Fintechs should treat data as a fiduciary responsibility: RBI Governor

We are building digital public infrastructure for next-generation financial services, said RBI Governor Sanjay Malhotra

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Thursday said fintech companies should treat customer data as a fiduciary responsibility rather than a business asset as he stressed on the need for responsible data handling in the financial sector.

 

Speaking at the Global Fintech Fest 2026, Malhotra said India’s fintech sector ranks third globally, with 30 unicorns, underlining the country’s growing role in the global financial technology ecosystem.

 

“India has the opportunity to become a trusted partner in shaping the future architecture of global finance,” Malhotra said at the event. “We are building digital public infrastructure for next-generation financial services,” he added.

  

Malhotra further said the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) will launch the tokenisation of corporate bonds later in the day.  

Malhotra said the RBI is working on building digital public infrastructure for next-generation financial services, citing the Unified Lending Interface (ULI) as an example.

 

He stressed that trust is central to the success of the financial system and said fintech companies need to handle customer data responsibly.

 

The RBI Governor also announced that the central bank has approved United Fintech Forum as the second self-regulatory organisation (SRO) for the financial sector. Fintech Association for Consumer Empowerment (FACE) was earlier recognised as an SRO.