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Reserve Bank of India Governor Shaktikanta Das has said the fintech system in India has evolved and is poised for a giant leap.
He was speaking at the Global Fintech Fest in Mumbai on Tuesday. "Technology, innovation and fintech are working in tandem and have contributed a lot in this sector. In our journey towards a higher sustainable system of financial inclusion, these forces have morphed into growth multipliers in this sector. We have leveraged a lot on these. We need to leverage more," Shaktikanta Das said. He said that there were a lot of opportunities in not only enhancing the scope and depth of the fintech segment but how it could deepen financial inclusion in the country's march over the next 25 years when it will mark the 100th anniversary of Independence. "If all of us are together, the regulator as well as the players, we can create a lot of milestones in our journey." In the matter of central bank digital currency (CBDC), he said the central bank is working on a phased implementation of CBDC in both wholesale and retail segments and that RBI had proposed to first try it out in the wholesale before expanding into the retail segment. He also mentioned that phased implementation will give further fillip to digital ecosystem of the country. Stressing on fintech innovation, he said India has seen exponential growth for technology enablers. "Telecom penetration, availability of internet services, adoption of technological access to credit and deepening of financial inclusion have made significant progress in the financial sector and are continuing to make progress," he said. Shaktikanta Das also added the regulatory sandbox was released in August 2019 with a view to foster innovation and that the RBI is in a select group of countries which have their own regulatory sandbox. (ANI)
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