Fintech firms can check digital frauds: RBI Deputy Governor
The Hindu
As the digital payments landscape is maturing, Deputy Governor T Rabi Sankar said RBI's regulatory attention is shifting to the next level of reforms
Technology-driven fintech firms can play multiple roles in areas such as digital fraud prevention, financial inclusion and cross-border payments, said RBI Deputy Governor T Rabi Sankar.
The technological innovation in finance, he said, also raises hopes of substantial efficiency gains, better customer experience and greater social welfare.
While talking about the potential of the fintech firms, Mr. Sankar also underlined the need for effectively dealing with "threats of online frauds, compromise of customer credentials and data privacy and safety for the spring of hope not to turn into the winter of despair." He was speaking at Global FinTech Fest 2021 (GFF 2021), hosted by the Fintech Convergence Council (FCC), Payments Council of India (PCI), National Payments Corporation of India (NPCI) along with IAMAI.
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