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Fintech Landscape Offers Promise Of Technological Innovation In Finance

Rabi Sankar, vice governor of the Reserve Bank of India, noted in a final speech that the fintech landscape holds the promise of technological innovation in finance and hopes for substantial efficiencies, a better customer experience and greater social wellbeing. However, he warned of threats of online fraud, compromise of customer data and data privacy. The rapid technological transformation of the financial sector has presented some special challenges. One can witness a degree of friction in compliance, which is not characteristic of a typical well-regulated financial system. Regulatory initiatives, especially those designed for customer convenience or safety, often face opposition. Resistance to change is embedded under the excuse of customer convenience. India could only achieve a thriving and mature payment system if all stakeholders give due importance to long-term improvements over short-term gains over time and internalize mature practices such as informed consent and transparency of data usage.

He stated that the JAM trinity has reached levels of financial inclusion unimaginable for a country the size of India. Small businesses and vendors have begun to adapt to digital payments. Yet digital penetration is largely limited to urban and urban areas. Promising options have been identified through the sandbox mechanism and work is underway to mainstream those technologies. While digital payments have become instant in the country, the environment for cross-border payments has virtually stagnated for decades. The factors cited are usually the following – need for exchange rates, differences in time zones, varying regulatory and legal requirements in different jurisdictions, etc. Fintech can certainly solve these frictions – platform-based solutions can enable real-time pricing, even for store-sized transactions, the deputy said. -governor.

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(This story has not been edited by Business Standard staff and is generated automatically from a syndicated feed.)

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