RBI Governor proposes self-regulation for fintech sector, supported by SROs and five key policy priorities.

RBI Governor Shaktikanta Das has proposed self-regulation as the preferred approach for prudent regulation of the rapidly growing fintech sector in India. Speaking at the Global Fintech Fest 2024, he believes that a balance between innovation and prudence is essential for sustainable growth of the fintech sector. Self-Regulatory Organisations (SROs) consisting of industry participants, such as the recognised Fintech Association for Consumer Empowerment (FACE), can provide relevant suggestions on practical and effective regulations to the regulators. The RBI also has five key policy priorities for the fintech sector: Digital Financial Inclusion, Digital Public Infrastructure, Consumer Protection and Cyber Security, Sustainable Finance, and Global Integration and Cooperation.

August 28, 2024
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