Reserve Bank of India (RBI) Governor Shaktikanta Das allayed concerns about the functionality of digital payment banks amidst the Paytm controversy. He assured that there is currently no need to worry about the fintech system and emphasized the RBI’s commitment to promoting technology in the financial sector. Das mentioned that the central bank will release FAQs next week to address any queries. He highlighted the RBI’s approach of bilateral engagement with regulated entities for corrective actions, with restrictions imposed proportionately when necessary for systemic stability and customer protection. Additionally, the RBI is proposing a principle-based framework for authenticating digital transactions to enhance security.
RBI Governor Addresses Concerns on Digital Payment Banks, Reassures Fintech System Stability
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