Fintech Sector Must Prioritize Country Interests Over Business Gains: RBI Deputy Governor T Rabi Sankar

RBI Deputy Governor T Rabi Sankar emphasized the need for fintech companies to prioritize India's interests over business gains. At the Global Fintech Fest, he stressed the importance of responsible behavior and regulation within the largely unregulated sector. Sankar also highlighted the role of self-regulatory organizations in ensuring compliance and fair practices.

RBI Deputy Governor T Rabi Sankar has called for the fledgling fintech sector to prioritize the country's interests over business gains. Speaking at the Global Fintech Fest, Sankar emphasized the need for the largely unregulated sector to behave responsibly in order to earn trust.

Sankar stated that as the fintech sector matures, its entities must emulate the responsible behavior of regulated institutions like banks and non-bank lenders. He highlighted concerns over Chinese ownership in many fintech firms, stressing the importance of aligning with social and macroeconomic priorities.

The Deputy Governor also emphasized the role of a newly-licensed self-regulatory organization (SRO) in maintaining industry standards and curbing predatory pricing. Meanwhile, RBI Executive Director P Vasudevan urged fintechs to comply with regulatory requirements and assured them that the central bank aims to reduce compliance costs.

(With inputs from agencies.)