Reserve Bank of India (RBI) Is Reportedly Looking to Enhance Fintech-focused Regulations

The Reserve Bank of India (RBI) is reportedly working on a new regulatory framework that should be more “developmental” and conducive for financial technology or Fintech firms. This, according to a deputy governor of the reserve bank (as first reported by Reuters this past Friday).

T Rabi Sankar stated during an event that took place in Bengaluru.:

“We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem.”

The reserve bank has reportedly been overseeing the Fintech sector in order to ensure financial stability while addressing potential risks related to cybersecurity and issues related to fraudulent activities.

The issue of whether regulatory intervention is needed, and if it is, then how much intervention is required to offer enough space for the sector to grow responsibly, are some of the areas the RBI is focusing on, stated Sankar.

The RBI is reportedly holding discussions with Fintech firms and any relevant regulations/guidelines in that regard will only be considered after “close consultation” with the industry, he clarified, without offering a definitive timeline for the same.

Fintech companies should give their attention to governance, compliance, business conduct, and introducing risk mitigation practices for long-term business/operations stability, Sankar added, while noting that any innovation should be “responsible” and “beneficial” to industry participants.

The Reserve Bank of India (RBI) has recently appointed Shri P. Vasudevan as Executive Director (ED) with effect from July 03, 2023.

Prior to being promoted as ED, Shri P. Vasudevan was “the Chief General Manager-in-charge of the Department of Payment and Settlement Systems.”

Shri P. Vasudevan “has, over a span of nearly three decades in the Reserve Bank, served in supervision of banks and non-banking financial companies, payment and settlement systems and other areas in the Reserve Bank, including a stint as Member of Faculty in Bankers’ Training College.”

He has worked in “the Central Office as well as Bengaluru, Mumbai and New Delhi Regional Offices of the Reserve Bank.”

As ED, Shri P. Vasudevan will “look after Department of Currency Management, Corporate Strategy and Budget Department (Areas other than that of Budget & Funds) and Enforcement Department.”

Shri P. Vasudevan holds “a Bachelor’s Degree in Commerce and is a Fellow of the Institute of Cost Accountants of India.”

He has “a Master’s Degree in Finance and Certifications in Information Systems Audit (CISA), Information Security Management (CISM) and Fintech (National University of Singapore).”

He is “a Certified Associate of the Indian Institute of Bankers (CAIIB) and an alumnus of the Wharton School.”

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