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The Internet and Mobile Association of India (IAMAI) and its councils, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC), representing participants in India's payment and fintech systems, warmly welcome Shri Sanjay Malhotra's appointment as the 26th Governor of the Reserve Bank of India. The fintech ecosystem is confident that under his able guidance, it will continue to make significant strides. With over three decades of experience across diverse sectors - including finance, power, information technology, and taxation - his contributions to the nation are well recognized.

We would also like to extend our gratitude to the outgoing Governor, Shri Shaktikanta Das, for his steadfast support in fostering the growth of the fintech industry and positioning India's digital ecosystem as a global leader. His tenure has been marked by technological adoption and a commitment to sustaining the Indian economy during critical times like covid.

Since Shri Shaktikanta Das assumed office in December 2018, India has witnessed remarkable growth in monthly UPI transactions - from 52.4 crore transactions valued at INR 82,232 crore to a much larger scale over six years. Notable innovations during this period include UPI123Pay, NFC-based offline payment modules, UPI Lite X, and the early pilot of Central Bank Digital Currency (CBDC), along with the Unified Lending Platform (ULI).

Shri Das has played a pivotal role in establishing the Global Fintech Fest (GFF), an event promoted by PCI, NPCI and FCC as a premier global event under the patronage of RBI. His guidance and support have been instrumental in positioning GFF as one of the largest fintech festivals worldwide, where leading minds in the fintech industry converge to share innovative ideas.

His commitment to collaborative efforts for formulating effective policies reflects his openness to industry feedback. We express our gratitude for the opportunities he has provided to the industry via the Payments Council of India (PCI) and the Fintech Council of India (FCC), allowing industry representatives to present their ideas to make the Indian fintech ecosystem robust.

Mr. Vishwas Patel, Chairman of the Payments Council of India (PCI) and Joint Managing Director of Infibeam Avenues said “I congratulate Governor Sanjay Malhotra on his new role. The industry eagerly anticipates his vision for the sector and is confident that the digital payments ecosystem will thrive under his guidance. We are also thankful to former Governor Shri. Shaktikanta Das for his contributions that have made India's fintech landscape one of the best globally.”

Mr. Harshvardhan Lunia, Chairman of the Fintech Convergence Council (FCC) and Founder & Managing Director of Lendingkart, said, “We welcome the newly appointed Governor Shri Sanjay Malhotra and are assured that he will lead us in enhancing the global fintech ecosystem. We remain committed to building a customer-centric and resilient fintech environment. I would also like to express my heartfelt gratitude to former Governor Shri. Shaktikanta Das for guiding innovation within the fintech industry.”

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