Addressing the Global Fintech Fest (GFF) 2022 on Tuesday, RBI Governor Shaktikanta Das said tech-led solutions are transforming people’s lives and that the Reserve Bank of India (RBI) is committed to taking on more digital initiatives.

At an individual level, the total number of broadband users in the country currently stands at over 800 million. This is a step towards making India fully digitised and the COVID-19 pandemic has played a major role in accelerating this push. People have a growing acceptance of contactless payments and because of this, the financial services sector has seen enormous growth, Das said.

The governor added that the RBI organised its first global hackathon and has even created a new fintech department to aid the sector that encourages responsible innovation and addresses challenges. The RBI is also working on central bank digital currency, which is proposed to be tried out in the wholesale segment first, he said.

The issue of data privacy was also addressed, given how prominent cyber crimes have become. The governor even said the “need of the hour is to give assurance of safety and the need to emphasise governance issues”. This is in line with the RBI announcing regulations for digital lending apps in the country and banning several such apps which are illegal.

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Enhanced customer satisfaction, attention to governance, and risk mitigation mechanisms are some key points that the governor believes will help the fintech space sustain itself. Das also expressed confidence that India is “well-poised” to shape the future of the sector.

According to its website, GFF 2022 will provide participants a vibrant platform to engage with public and private sector stakeholders, collaborate, augment learning, and take action towards enhancing sustainable finance globally. The conference will include discussions on thought leadership topics, Product Showcase, Tech Talks, Startup Tales, Finclusion labs, and much more.

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First Published:Sept 20, 2022 6:34 PM IST