Not a sure-fire success in regulating the fintech sector: RBI board

On Thursday, RBI Executive Director Ajay Choudhary said there is a surefire way to regulate fintech players. They made it clear that the responsibility lies with these institutions to operate all of these balanced. He also said companies in the industry should have the right intent while coming up with proffered and robust governance for the orderly growth of the industry.

 

Words from Choudhary at Global Fintech Fest:

 

There is no surefire way to regulate fintech in a way that maximizes its positive impact while protecting the financial system and customers from the risks. When it comes to protecting and promoting the interests of customers and orderly development of the financial system, the actor in the great balancing act must be the fintech industry.

 

He added that he believes in life or business as balance comes from focusing on what is right. It cannot just come from the regulation as it can only be a supporting ingredient. But the fintech has to do the balancing act themselves. He also prescribes that fintech players focus on customer orientation and governance.

 

If the RBI has increased its focus on the fintech sector, the comments will come gradually. It also recently released guidelines on digital lending apps, which has caused a stir with some companies that have raised concerns.

 

FAQ

  • Who is the CEO of RBI?

Ans. Ajay Choudhary

  • What is the goal of future fintech companies?

Ans. Orderly development of the financial system and technology

  • According to the RBI governor, how does the deal come about?

Ans.Regulation

Leave a Reply