RBI to set up panel to study issues facing fintech players
RBI is also looking at other technology-based systems, trends for sale of receivables and unified payment interface systems
He also pointed out that fintech covers a wide scope of areas, including lending, insurance and transactions. “We have to see what we should encourage, what should not be encouraged and on what we should be ambivalent about,” he said.
RBI is also looking at other technology-based systems, trends for sale of receivables and unified payment interface systems.
Vishwanathan added that Fintech provides efficient opportunities and benefits in the way banking transactions can be done, apart from reducing the cost of transactions, ease of transactions and ultimately financial inclusion.
“It is, therefore, necessary to understand how this sector can be regulated and who will regulate the sector,” he said.
“There are some risks involved. What is clear is that it will result in financial dis-intermediation, and we have to see how the banking system should handle that,” he further said.