A deputy governor of the Reserve Bank of India (RBI) announced today that the central bank is actively crafting regulations to foster the growth and progress of financial technology (fintech) companies.
T Rabi Sankar stated during an event in Bengaluru that these forthcoming regulations will be tailored specifically for fintech entities and the broader fintech ecosystem.
The RBI has been closely monitoring the fintech sector to safeguard financial stability, address cybersecurity concerns, and combat fraudulent activities.
The Reserve Bank of India (RBI) is currently addressing the question of whether regulatory intervention is necessary and, if so, to what extent it should be implemented to ensure sufficient room for the industry to flourish.
RBI is also engaging in discussions with fintech companies, emphasizing that any regulations concerning them will be formulated only after extensive consultation with the industry. However, there is no set timeline for this process.
