India is on the cusp of a transformation, and technology is expected to drive the realization of the aspirations of all citizens, Reserve Bank of India Governor Shaktikanta Das said on Friday. He said that from mobile banking and digital payments to AI-powered lending and blockchain innovations, the fintech ecosystem is constantly evolving to meet the diverse needs of India’s expanding economy.
“Our priority should be to create an environment where financial services are seamlessly integrated into the lives of our 1.4 billion people. India is now on the threshold of a transformation where technology will be the driving force to meet the aspirations of all citizens,” he said during his speech at the Global Fintech Fest.
He said collaboration between policymakers, regulators and innovators has been the cornerstone of India’s FinTech journey. Success stories like Aadhaar, UPI and DigiLocker are a direct result of these collaborative efforts. New initiatives such as the Account Aggregator framework, Unified Lending Interface (ULI) and Open Credit Enablement Network (OCEN) are all set to transform access to credit, especially for small businesses and individuals.
He said the RBI’s regulatory frameworks have enabled new and innovative businesses to grow in a structured and sustainable manner, reflecting the commitment to foster innovation in a prudent manner.
Das added that digital technologies have played a crucial role in advancing financial inclusion, improving efficiency and real-time service delivery across the country. Today, India is a global leader in digital payments, a success driven by the synergy of proactive policymaking, innovation and technological progress.
“The approach is based on collaboration and regulations are finalised only after extensive consultations with experts and stakeholders,” he said. Over the past year, officials and teams from various departments of the RBI have engaged in around 750 bilateral interactions and held around 50 structured meetings with fintech players.
“Our approach is collaborative. Regulations are finally issued after extensive consultations with experts and stakeholders. As I said two days ago at this forum, over the last one year, officials and teams from various departments of the Reserve Bank have engaged in around 750 bilateral interactions and held around 50 structured meetings with fintech players,” he said.
First published: August 30, 2024 | 18:56 IS
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