The Reserve Bank of India held its monetary policy announcement today, where the monetary policy committee decided unanimously to keep the repo rate unchanged at 6.5 per cent. Apart from policy announcements and inflation, growth projections, the RBI Governor Shaktikanta Das announced some additional measures.
Reserve Bank Governor Shaktikanta Das today announced setting up of a fintech repository, tentatively by April 2024.
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To ensure a resilient FinTech sector and promote best practices, regulators and stakeholders need to have relevant and timely information on FinTech entities, including the nature of their activities.
“Financial entities like banks and NBFCs in India are increasingly partnering with FinTechs. For better understanding of developments in the fintech ecosystem and to support this sector, it is proposed to set up a fintech repository,” he said.
“FinTechs are using emerging technologies like Distributed Ledger Technology (DLT), Artificial Intelligence / Machine Learning (AI / ML), and so on. For better understanding of the developments in the FinTech ecosystem with an objective to appropriately support the sector, it is proposed to set-up a Repository for capturing essential information about FinTechs, encompassing their activities, products, technology stack, financial information etc,” the RBI said in a press release.
The Apex bank governor further added that the repository will be operationalised by the Reserve Bank Innovation Hub (RBIH) in April 2024 or earlier.
He further asked FinTechs to provide the required relevant information here.
“Fintechs will be encouraged to provide relevant info voluntarily to this repository,” he said.
“The setting up a FinTech repository, which would be developed by the Reserve Bank Innovation Hub, will help the Banking and Financial industry in better understanding of developments in the fintech ecosystem. This move shows commitment and focus of the regulator towards building a more cyber secure future for digital payments. As the payments landscape of India continues to grow, we at Worldline are enabling secure, hassle-free, and timely payments to grow through an amalgamation of cutting-edge technology and customer-centric innovation,” said Ramesh Narasimhan, CEO, Worldline India.
(This is a developing story. More details will be added.)
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