Governor, Reserve Bank of India today held an interaction with non-bank Payment System Operators and FinTechs along with their associations/SROs. The interaction was a part of the Reserve Bank’s series of engagements with the Payments and Fintech ecosystem.
The Governor, in his remarks, recognised the important role played by the FinTechs including the payment system players, account aggregators, digital lending service providers in the growth of India’s financial system and economy. The Governor underscored the need for responsible innovation and emphasised the need for ensuring compliance by the entities who are new to regulatory space. He also emphasized that RBI values such interactions with the ecosystem participants and would continue to adopt a consultative approach.
