RBI Deputy Governor says technology, policy, and innovation converging to democratise credit access
Rao opined that Reserve Bank has been endeavouring to create an enabling regulatory environment for fostering innovation and ensuring financial system integrity. With a view to put in place a regulatory framework for FinTechs that maintains a balance between maximising their creative potential while minimising the idiosyncratic risks they pose to the financial system; the Reserve Bank issued a Framework for Self-Regulatory Organisation(s) in the FinTech Sector in 2024. The Reserve Bank Innovation hub, a wholly owned subsidiary of RBI, commenced an initiative to foster a vibrant infrastructure for facilitating the progress of FinTechs in the country. The initiative - Fintech and Startup Acceleration (FAST) - aims to connect the stakeholders, viz., the startups, incubators, accelerators, investors, regulators and banks and financial institutions to accelerate innovation and financial inclusion.
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