Reserve Bank of India chief Sanjay Malhotra on Wednesday held an interaction with non-bank Payment System Operators and FinTechs along with their associations/SROs.
The interaction was a part of the Reserve Bank’s series of engagements with the Payments and Fintech ecosystem.
The interaction was also attended by Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar and Swaminathan J., along with Executive Directors-in-Charge of Payments, Fintech and Regulation.
Malhotra in his remarks said that the role played by the FinTechs including the payment system players, account aggregators, digital lending service providers are essential in the growth of India’s financial system and economy.
“The Governor underscored the need for responsible innovation and emphasised the need for ensuring compliance by the entities who are new to regulatory space. He also emphasized that RBI values such interactions with the ecosystem participants and would continue to adopt a consultative approach,” said the RBI governor, as per the statement by RBI.
During the interactive session, the participants shared their feedback on the evolving payment and fintech ecosystem, various industry level initiatives and their expectations from the Reserve Bank>
