RBI Governor Shaktikanta Das to meet heads of Payments Bank this week

Shaktikanta Das

shaktikanta_dasThe Reserve Bank of India’s Governor Shaktikanta Das is planning to meet the heads of payments banks later this week in a bid to understand the challenges faced by them.

Das confirmed about the meeting on Monday, initiating a step forward for formulating the framework for fintech firms.

In the initial announcement, made by RBI in 2015, 11 payments bank were given the licenses, out of which seven payments banks have commenced their operations.

“I have started a process of very active engagement with stakeholders and players who are supposed to play these kind of roles. I have met (top officials) banks, cooperative banks, NBFCs and various other stakeholders. I met the (heads) small finance banks last week and later part of this week I am meeting payments banks also,” said Das.

The central bank has initiated a detailed consultation process with the stakeholders of BFSI sector and discussed the issues, he added.

“Crowd-funding, which entails raising external finance from a large group of investors, is at a very nascent stage in India. The peer-to-peer (P2P) lending for which RBI has issued Master Direction in October 2017, has the potential to improve access to finance for small and medium enterprises. Eleven entities have been licensed to operate P2P platform,” he said.

He also said that the central bank has granted licenses and permitted seven digital loan companies (NBFCs) to commence operations.

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