RBI governor to fintechs: Pay close attention to governance, data protection

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday, December 14, held a meeting with select fintech entities (including agritechs) and some of their associations. The meeting was also attended by M.K. Jain, Deputy Governor, along with a few senior officials of the RBI.

Das stated that fintech initiatives and startups are important segments of aspirational India and they are playing a transformative role in the financial system through digital innovations and innovative means of delivery of financial services.

However, he advised fintechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks. The governor highlighted the proactive and supportive role of the RBI in providing a conducive policy environment for responsible innovation.

He reiterated that the RBI will continue to adopt a participative and consultative approach to facilitating innovations in the financial sector.