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FinTech and the Changing Financial Landscape

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In his Keynote Address at the 4th Edition of the Global Fintech Festival, Mumbai, Shri Shaktikanta Das, Governor, Reserve Bank of India (RBI) touched upon the changes in the financial landscape with the advent of FinTechs, with particular emphasis on the role of Digital Public Infrastructure and role of the RBI in fostering innovation.

Global FinTech Festival is an event for bringing all stakeholders of the FinTech ecosystem together with the aim of achieving a common goal of inclusive, resilient, and sustainable financial systems.

Shri Shaktikanta Das in his address discussed some of the recent tech-based initiatives taken by the RBI which promise to be transformational. The RBI has commenced pilot runs of Indiaโ€™s Central Bank Digital Currency (CBDC) (e-Rupee) for specific use cases in both wholesale and retail segments. The CBDC-Wholesale Pilot was launched on November 1, 2022, to settle secondary market transactions in government securities.

To enable frictionless credit, in August 2023 the RBI had also announced the launch of a digital Public Tech Platform, conceptualised and developed in association with the Reserve Bank Innovation Hub. The platform enables seamless flow of digital information from several sources like Central and State Governments, technology and FinTech companies, banks, services providers like Credit Information Companies, digital lending authorities etc. to lenders, obviating the need for multiple integrations.

He further spoke about the phenomenal role played by Unified Payments Interface (UPI) in the FinTech revolution in India and the major role of spread of mobile connectivity in the digitization of financial services.

A copy of the Keynote Speech is enclosed below and is also accessible at: https://lnkd.in/gdfbbPcQ

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com.

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