MUMBAI:
RBI
governor Shaktikanta
Das
said the central bank aims to make Indian
fintech
solutions such as
UPI
and
RuPay
globally accessible by deploying UPI infrastructure abroad, facilitating QR code payments, and linking UPI with other countries’ payment systems. Das said RBI would push to improve digital public infrastructure to promote interoperability, transparency, and cost-effectiveness.
“The deployment of UPI infrastructure in foreign jurisdictions, facilitating QR code-based payment acceptance through UPI apps at international merchant locations, and interlinking UPI with Fast Payment Systems of other countries for cross-border remittances are on top of our agenda,” said Das.
Progress has already been made in countries like Bhutan, Nepal, Sri Lanka, Singapore, the UAE, Mauritius, Namibia, Peru, France, and a few others.
Das mentioned that self-regulatory organisations for the fintech sector are a preferred approach to balance innovation and prudent regulation. “SROs, comprising industry participants with a good understanding of the sector’s unique challenges and opportunities, would be in a position to give appropriate suggestions to the regulators on regulations that are both practical and effective,” said Das. Of the three applications from industry associations that RBI has received for self-regulatory status, the central bank has decided to recognise the Fintech Association for Consumer Empowerment as an SRO. One application was returned with a provision for resubmission after meeting certain requirements. The third application is under examination.
Encouraging the industry to adopt new technologies, Das said, “As AI and ML capabilities evolve, their potential in regulatory compliance, investment advisory services, and algorithmic trading will further redefine the financial landscape.”
Speaking at the Global Fintech Fest here, Das said India’s financial sector has witnessed a remarkable transformation, driven by the fintech sector. “Publicly available information places the number of fintechs founded in India at approximately 11,000. The sector has received investments of about $6 billion in the last two years alone,” he added.
