New Delhi:
According to Reserve Bank of India (RBI) Governor Shaktikanta Das, the central bank is not at all like a strict guardian for fintech companies, and they are being taken full care of.
In an exclusive interview with NDTV Editor-in-Chief Sanjay Pugalia, Shaktikanta Das was asked that the Fintech companies feel that they are new and are still learning the work, but RBI, like a strict parent, is controlling them too much.
In response to this, the RBI governor said, “This question comes up many times, so I want to clarify that the serious fintech players understand RBI’s approach very well… And saying about serious players does not mean that there are non-serious players in the sector, only that they are probably still learning the work… Our engagement, interaction with different fintech players and their associations and groups is very good…”
He said, “Four years ago we had set up a dedicated fintech department, whose sole purpose was to provide support to fintech companies… Now every month RBI has fixed a day, and on that day any fintech player, fintech company or fintech innovator can come and meet the department directly, where they can understand anything, or tell their problems…”
The RBI governor also advised the fintech players and explained that it is important to follow RBI rules while working in the regulated sector. He said, “When you are starting work, and perhaps supplying technology, it is fine, but when a fintech player starts working in the regulated space, then they will have to follow the rules, otherwise RBI will have to intervene as soon as there is a possibility of danger… So whether it is innovators, or fintech players, we are encouraging them a lot, giving them a lot of support, but if you are operating in the regulated space, then you will have to follow the rules…”
Shaktikanta Das finally said, “RBI fully supports the FinTech players, and if they face any problem, they can directly contact the FinTech department of RBI… In this meeting, they can also get clarification on any rules, and can also tell their problems, on which RBI will take immediate action…”
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