Fintech sector attracted about USD 6 billion in investments in last two years, says RBI Governor
Reserve Bank Governor Shaktikanta Das said India is now a fast-growing economic powerhouse and stressed that financial institutions and fintech must swiftly adopt a robust framework to capitalise on new opportunities and mitigate risks.
Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday announced that the Fintech sector has attracted approximately USD 6 billion in investments over the past two years. Speaking at the Global Fintech Fest 2024, Das emphasised the rapid growth and evolving significance of the Fintech industry in India’s financial ecosystem. Das highlighted how the substantial inflow of capital signifies the sector's potential and its pivotal role in driving innovation within the country's financial services. He noted that these investments reflect growing confidence in India's Fintech sector, which has seen remarkable advancements in areas such as digital payments, lending, and financial inclusion.
Das also stressed the importance of maintaining a balance between innovation and regulation, ensuring that the Fintech sector continues to thrive while safeguarding financial stability. The RBI remains committed to supporting the growth of Fintech in a manner that aligns with the broader objectives of financial inclusion and economic development, the Governor added. He further said the Reserve Bank's focus is on financial inclusion, deepening digital public infrastructure (DPI), consumer protection and cyber security, sustainable finance and global integration of financial services.
RBI focusses on making UPI RuPay 'truly global': Das
Das said India, with its tech talent and evolved financial fintech ecosystem, holds the potential to serve as a global hub for digital innovation and fintech startups, building and strengthening strategic partnerships, reinforcing commitment to international cooperation, and developing institutions of excellence. "We are now focusing on making the UPI and the RuPay truly global," Governor Das said.
He further said that notable progress in this direction has already been made with countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, France and a few others for acceptance of RuPay cards and payments through the UPI network. These endeavours, he said, underscore collaborative efforts for the adoption of India's initiatives across the globe.
(With PTI inputs)
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