India is on the brink of a transformation, with technology expected to drive the fulfillment of every citizen’s aspirations, said Shaktikanta Das, governor, the Reserve Bank of India, on Friday. He said that from mobile banking and digital payments to AI-driven lending and blockchain innovations, the fintech ecosystem is continually evolving to meet the diverse needs of India’s expanding economy.
“Our priority should be to build an environment where financial services are seamlessly integrated into the lives of our 1.4 billion people. India now stands on the cusp of a transformation, where technology will be the engine to meet the aspirations of every citizen,” he said while speaking at the Global Fintech Fest.
He said that collaboration between policymakers, regulators, and innovators has been the cornerstone of India’s fintech journey. Success stories like Aadhaar, UPI, and DigiLocker are the direct outcomes of these collaborative efforts. New initiatives, such as the Account Aggregator framework, Unified Lending Interface (ULI), and Open Credit Enablement Network (OCEN), are poised to transform credit access, especially for small businesses and individuals.
He said that the RBI’s regulatory frameworks have enabled new and innovative businesses to grow in a structured and sustainable manner, reflecting the commitment to fostering innovation with prudence.
Das further said that digital technologies have played a crucial role in advancing financial inclusion, enhancing efficiency, and delivering real-time services nationwide. Today, India is a global leader in digital payments, a success driven by the synergy of proactive policymaking, innovation, and technological progress.
“The approach is rooted in collaboration and regulations are finalised only after extensive consultations with experts and stakeholders,” he said. Over the past year, officials and teams from various departments of the RBI have participated in approximately 750 bilateral interactions and held around 50 structured meetings with fintech players.
“Our approach is collaborative. Regulations are finally issued after wide-ranging consultations with experts and stakeholders. As I said two days ago in this forum, over the last one year, the officials and teams from various departments of the Reserve Bank have engaged in about 750 interactions bilaterally and held about 50 structured meetings with fintech players,” he said.
First Published: Aug 30 2024 | 6:56 PM IST
