During the Global Fintech Fest Shaktikanta Das, Governor, Reserve Bank of India called ‘Fintech as a Force Multiplier’. He claimed that technology, innovation and fintech are working in tandem and contributing to the dynamism of the sector. He claimed that these factors will help achieve the desired level of sustainable development and financial inclusion. Also Read - Uber acknowledges data breach, says it is probing the 'cybersecurity incident'
Shaktikanta Das said, “We see lot of opportunities not only for enhancing the scope and depth of all that is happening in the fintech sector, but the way it can deepen financial inclusion, enhance and broad base its footprint in the journey of our country towards 2047. I think there is a lot of potential and if the regulator and the fintech players work together, we can create several milestones in our journey towards India at 2047.” Also Read - UPI payments may no longer be free as RBI floats proposal for charges
“The next decade of finance will be more focused on two central themes – sustainable development and technology-led innovations transforming the lives of the common people,” he added. Also Read - RBI fines Ola Financial Services Rs 1.67 crores over non compliance of KYC rules
“The total number of broadband internet users in India stood at 80.7 crore at the end of July 2022. Similarly, with more than 46.5 crore Jan Dhan accounts and 120 crore mobile connections, new opportunities are opening up for implementing innovative ways of integration and development. This is reflected in the emergence of 100 unicorns in the country, with a record of 44 unicorns established only during the last year,” he underlined while talking about the exponential growth India has witnessed in recent years.
Talking about RBI’s initiatives, the Governor added, “The RBI for the first time organized a global hackathon ‘Harbinger 2021’ to make retail payments more innovative. We received 363 proposals including 22 from countries like the US and the UK.”
Das concluded by saying, “RBI is looking at enhanced customer protection, better cybersecurity and resilience, managing financial integrity, and strong data protection.”