Fintech industry needs to work tirelessly on security: PM narendra modi zws 70

Mumbai Prime Minister Narendra Modi, speaking at the ‘Global Fintech Fest 2022’ on Tuesday, urged technology-based financial services companies to strive for inclusivity, reach financial services to every section of the society and focus on providing quality financial services to the poor. Emphasis on need. ,

Fintech i.e. technology-based financial companies must work tirelessly to maintain security and credibility. Prime Minister Modi said that when youth come up with new ideas, the government has always encouraged their innovation.

Innovation is the central government’s mantra for inclusive policy and the digital payment system through UPI has revolutionized public distribution through Jan Dhan Yojana, Aadhaar and mobile. A large population of the country was deprived of the banking system. But with the revolution in this field, they are now getting quality financial services through technology. He also said that the country is emerging as a home for technology-based finance companies and startups.

customer first priority

RBI Governor Shaktikanta Das on Tuesday said that the Reserve Bank is committed to support innovation by technology-based financial companies by prioritizing consumer protection and welfare. He also assured that if these companies take one step forward with innovation, the Reserve Bank will take two steps forward. The Reserve Bank had last month set guidelines for regulating instant digital lending platforms or ‘loan apps’. All disbursements and repayments should be made only between the bank account of the borrower and the authorized bank account of the regulated entity.

Also, it was clarified by RBI that no transaction will be done from any third party bank account. Some technology-based financial companies had expressed displeasure, saying innovation in the sector would be slow. With the aim of eliminating this, Das appreciated his contribution and said that in the Corona era, the country, economy, financial market could work as usual only due to the innovation of technology-based companies.

‘Strengthen synergy with the government’

Mumbai: Finance Minister Nirmala Sitharaman also expressed the view that there is a need to enhance mutual understanding and trust between technology-based financial companies and the government. He said this while replying to a question by Kris Gopalakrishnan, chairman of the advisory board of ‘Global Fintech Fest’. He said the Reserve Bank has provided an institutional framework for technology-based companies through a ‘sandbox mechanism’. Through which companies in this sector can test new ideas and new products at different levels before putting them into practice. So that after that companies can get profit by spreading that product in the market. To promote the digital economy and efficient currency management, the Reserve Bank will launch its digital currency in the financial year beginning April 2022, Sitharaman said while answering a question about the finance ministry’s stand on the proposed virtual currency.

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