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The Reserve Bank of India’s recent spate of actions signals a deliberate and tighter regulatory environment for India’s financial technology sector.
RBI Deputy Governor T Rabi Sankar said during a recent fintech conference that slowing the process of change—even if that attracts criticism of stifling innovation—is often the best way to ensure customer protection. He said this in the context of RBI often receiving flak for its regulatory interventions.
“It is virtually impossible for legislation to keep in step with the fast-mutating fintech landscape. Until legislation catches up, regulation has to adapt to ensure that the financial system absorbs digital innovation in a non-disruptive manner,” he said.
The message couldn’t be clearer: while the regulator will encourage fintech innovations it will not shy away from getting involved in matters relating to consumer protection.
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