Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday urged fintech players to set up a self-regulatory organisation (SRO) at the earliest for an orderly growth of the industry.
“Fintech players need to evolve industry best practices, privacy and data protection norms in sync with the law of the land,” he said, adding that they can also set standards on issues like misselling, promoting ethical business practices and transparency in pricing.
Speaking at the Global Fintech Fest here, Das said that good governance will be key to durable and long term success of any company, and in particular, the fintech players.
As per projections, the fintech sector revenues are set to touch USD 200 billion by 2030, he added.
On the digital rupee, Das also said the central bank is planning to test some more use cases in the wholesale pilot of central bank digital currency (CBDC). Speaking at the Global Fintech Fest 2023, Das said, “Now, we are planning to test some more use cases in wholesale pilot of CBDCs.”
The central bank has launched the wholesale pilot of the CBDC on November 1, 2022, to settle the settle secondary market transactions in government securities.
(With Inputs from Agencies)
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