Fintech firms need to behave responsibly; not subsume national interest for business gains: RBI DG

Quick Summary:

Much of the fintech sector is unlicensed and unregulated unlike the financiers, and will have to earn the trust by behaving "responsibly", Sankar said while addressing the annual Global Fintech Fest.

It is the responsibility of the SRO to ensure that no questionable practices are followed by the fintechs, he said, adding that fair play is very important.

Entities should instead use technological progress and other innovations to ensure that services are priced lower, the regulator said.

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Article Details

Author / Journalist: Press Trust of India

Category: StartupsEconomyBusiness

Markets: India

Topics: Fintechs Sankar Cbdc Services Privacy Ensure Entities Policy Subsume Behave Fintech

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-30 @ 04:03:29 (2 days ago)

News Timezone: GMT +8:00

News Source URL: yourstory.com

Language: English

Article Length: 412 words

Reading Time: 3 minutes read

Sentences: 24 lines

Sentence Length: 18 words per sentence (average)

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Copyright Owner: © YourStory

News ID: 22303958

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