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Below is Reaction on RBI Annual Report By By Mr. Bhavin Patel, Founder & CEO, LenDenClub

"It was imperative that FinTech companies and other financial institutions be treated equally in the policy framework. The recently established comprehensive regulatory framework for NBFCs catalyzes the sector, allowing for a proper structure and a few restrictions that favour NBFC clients for their safety. As an innovation facilitator, the RBI has done a remarkable job of setting out the latest report of the 'Working Group on Digital Lending,' which has crafted laws that will further accelerate the expansion of the digital space and foster healthy competition among industry players. Furthermore, their proactiveness has fostered India to head the global fintech hub this decade.

The Reserve Bank of India's conscious efforts, such as creating a FinTech department, setting up 75 digital banks, and creating a comprehensive regulatory framework, indicate that it expects FinTechs to boost financial inclusion with innovative products and services that the sector has been developing. It is a significant responsibility for us and other fellow FinTech service providers to maintain the RBI's trust through honest efforts and the development of robust infrastructure, which will result in an advantageous position for customers and, therefore, for the broader ecosystem.“

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