The Governor of the Reserve Bank of India (RBI) today held an interactive session with select non-bank Payment System Operators and FinTech companies, along with representatives from their associations and Self-Regulatory Organizations (SROs). The meeting, part of the RBI’s ongoing engagement series with the Payments and FinTech ecosystem, was attended by Deputy Governors Shri M. Rajeshwar Rao, Shri T. Rabi Sankar, and Shri Swaminathan J., as well as Executive Directors-in-Charge of Payments, FinTech, and Regulation.
In his address, the Governor recognized the pivotal role played by FinTech firms—including payment system operators, account aggregators, and digital lending service providers—in driving the growth of India’s financial system and economy. Emphasizing the importance of responsible innovation, he underscored the need for strict regulatory compliance by new entrants in the financial space. “RBI values these interactions with ecosystem participants and remains committed to a consultative approach,” he stated.
During the session, participants provided feedback on the evolving payment and FinTech landscape, discussed various industry-level initiatives, and shared their expectations from the RBI. The discussion highlighted the dynamic nature of the sector and the need for a balanced regulatory framework that fosters innovation while safeguarding financial stability.