Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced that the fintech sector has attracted approximately $6 billion in investments over the past two years. Speaking at the Global Fintech Fest 2024, Das highlighted the rapid growth and evolving importance of the fintech industry in India’s financial ecosystem. Das highlighted how the significant inflow of capital signifies the sector’s potential and its pivotal role in driving innovation within the country’s financial services. He noted that these investments reflect growing confidence in India’s fintech sector, which has seen notable strides in areas such as digital payments, lending, and financial inclusion.
Das also stressed the importance of maintaining a balance between innovation and regulation, ensuring that the fintech sector continues to thrive while safeguarding financial stability. The RBI remains committed to supporting the growth of fintech in a manner that aligns with the broader objectives of financial inclusion and economic development, the Governor added. He further said that the Reserve Bank’s focus is on financial inclusion, deepening digital public infrastructure (DPI), consumer protection and cybersecurity, sustainable finance and global integration of financial services.
RBI focuses on making UPI RuPay ‘truly global’: Das
Das said India, with its technological talent and evolved fintech ecosystem, has the potential to serve as a global hub for digital innovation and fintech startups, creating and strengthening strategic partnerships, reinforcing commitment to international cooperation and developing institutions of excellence. “We are now focusing on making UPI and RuPay truly global,” Governor Das said.
He added that notable progress has already been made in this direction with countries like Bhutan, Nepal, Sri Lanka, Singapore, UAE, Mauritius, Namibia, Peru, France and a few others in accepting RuPay cards and payments through UPI network. These efforts, he said, underline the collaborative efforts for adoption of India’s initiatives across the world.
(With PTI inputs)
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