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Advising FinTechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks, The Reserve Bank of India (RBI) Governor Shaktikanta Das has reiterated that the RBI will continue to adopt a participative and consultative approach for facilitating innovations in the financial sector.

In a meeting with FinTechs and Industry Associations, the RBI Governor also said that FinTech initiatives and start-ups are important segments of aspirational India. He said that they are playing a transformative role in the financial system through digital innovations and innovative means of delivery of financial services.

Governor Shaktikanta Das also highlighted the proactive and supportive role of the Reserve Bank of India in providing conducive policy environment for responsible innovation. Meanwhile, in a meeting, the participants shared their inputs and suggestions to enhance and deepen the role of FinTechs and the related ecosystem in the country.