RBI Governor Malhotra Urges Compliance, Innovation from Fintechs

During a recent meeting in Mumbai, Reserve Bank of India Governor Sanjay Malhotra engaged with non-bank Payment System Operators and FinTech representatives, emphasizing the critical role these entities play in the growth of India's financial system. He highlighted the necessity for responsible innovation and strict compliance from new entrants in the regulatory space. The RBI aims to maintain a consultative approach and values ongoing interactions with the fintech ecosystem participants. Industry representatives shared insights on emerging trends and their regulatory expectations during the session. The meeting was attended by several Deputy Governors and Executive Directors overseeing Payments, FinTech, and Regulation. Malhotra reaffirmed the importance of collaboration in fostering a stable financial environment while encouraging innovation.