RBI governor pushes for responsible innovation in fintech, payments sector

Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday stressed the need for responsible innovation and regulatory compliance by new players in the financial ecosystem, as he interacted with non-bank Payment System Operators and FinTechs in Mumbai.

The meeting, attended by Deputy Governors M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J, along with senior RBI officials, was part of the central bank’s ongoing engagement with the payments and fintech sector.

Acknowledging the critical role played by fintech firms, payment system providers, account aggregators, and digital lending service providers in India’s financial growth, the RBI governor underscored the importance of adhering to regulatory frameworks while fostering innovation.

He also emphasised that RBI values such interactions with the ecosystem participants and would continue to adopt a consultative approach, RBI said in a statement.

During the session, industry representatives shared their feedback on the evolving payment and fintech ecosystem, various industry-level initiatives and their expectations from the central bank.