Reserve Bank of India Governor Sanjay Malhotra today met with non-bank Payment System Operators (PSOs) and fintechs along with their associations and self-regulatory organisations in Mumbai, according to a statement.
The interaction was a part of the RBI’s series of engagements with the payments and fintech ecosystem. Earlier, the RBI Governor had met with heads of banks and NBFCs on separate occasions.
“The Governor…recognised the important role played by the fintechs including the payment system players, account aggregators, digital lending service providers in the growth of India’s financial system and economy. The Governor underscored the need for responsible innovation and emphasised the need for ensuring compliance by the entities who are new to regulatory space,” the central bank said.
Malhotra also stressed that RBI would continue to adopt a consultative approach.
Today’s interaction was also attended by RBI Deputy Governors M. Rajeshwar Rao, T. Rabi Sankar and Swaminathan J, along with RBI’s Executive Directors-in-Charge of Payments, Fintech and Regulation. ENDS