RBI governor pushes for responsible innovation, compliance by new players in regulatory space

Reserve Bank Governor Sanjay Malhotra on Wednesday underscored the need for responsible innovation and emphasised the need for ensuring compliance by the entities that are new to regulatory space.

In an interaction with non-bank payment system operators and fintechs along with their associations/SROs, the governor recognised the important role played by fintechs including payment system players, account aggregators, and digital lending service providers, in the growth of India's financial system and economy, RBI said in a statement.

He also emphasised that RBI values such interactions with the ecosystem participants and would continue to adopt a consultative approach.

During the interactive session, the participants shared their feedback on the evolving payment and fintech ecosystem, various industry level initiatives and their expectations from the Reserve Bank.

The meeting was also attended by deputy governors M Rajeshwar Rao, T Rabi Sankar and Swaminathan J, along with Executive Directors-in-Charge of Payments, Fintech and Regulation.