RBI to design regulatory norms for fintech companies soon

Shaktikanta Das

shaktikanta_dasThe Reserve Bank of India (RBI) is soon planning to frame the regulatory norms for the fintech companies. To initiate the process, RBI’s Governor Shaktikanta Das will be meeting the heads of payments banks later this week in a bid to understand their issues and concerns.

As of now, seven payments banks have started their operations in India. On August 19, 2015, RBI had issued license to 11 payment banks. Airtel Payments Bank is the oldest payment bank in India, followed by India Post Payments Bank (IPPB) and Paytm.

For promoting financial technology in the country, the guidelines on regulatory sandbox will be issued in the next two months, added Das.

A sandbox approach refers to experimenting and learning prior to finally implementing a technology or system. This approach helps in keeping a record of the impact of failures.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.