Mumbai, April 25 (IANS) RBI Governor Shaktikanta Das on Thursday said that the country’s apex bank is strengthening its surveillance framework in the face of growing significance of FinTech innovations and their interface with the financial sector.
Delivering the 17th C.D. Deshmukh Memorial Lecture, he said that recent developments in FinTech have given a fresh impetus to financial inclusion process in the country and policy efforts have been directed in recent years to put in place a state of the art national payments infrastructure and technology platform.
“The Reserve Bank is continuously aligning its regulatory and supervisory framework so that the evolution of FinTech can be leveraged to widen and ease the financial access by the excluded population.
“In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Reseve Bank is strengthening its surveillance framework,” he said.
The apex bank has also issued draft guidelines on “Enabling Framework for Regulatory Sandbox” for obtaining the comments of stakeholders.