As per the recent statement of RBI Governor Shaktikanta Das, it was measured that fintech companies can amplify financial inclusion in India by decreasing the costs as well as make proper financial services available to a number of populace.
"To further deepen digital payments and enhance financial inclusion through fintech, the RBI has also appointed a five member committee under the chairmanship of Nandan Nilekani," Das stated.
Das further added that recently there had been a dedicated effort towards the development of a suitable infrastructure for national payments as well as technology platforms such as Bharat Bill Pay System, Unified Payments Interface, Immediate Payments Service, Bharat Interface for Money and Aadhaar-enabled Payment System.
"This has changed the retail payments scenario of the country. The total volume of retail electronic payments witnessed about nine-fold increase over the last five years," he further added.
Also, according to him, 7 payment banks have been launched and are operational as well as these technologically advanced banks make use of fintech, both for onboarding consumers and functioning processes. Moreover, he will probably soon be meeting heads of payment in order to understand their problems & concerns.
Furthermore, a suitable regulatory plus managing framework is essential for addressing related risks with fintech. Thus, for addressing that, RBI's group working on fintech as well as digital banking has recommended to introduce a 'regulatory sandbox/innovation hub' for investigating with fintech solutions in a precise space so that the significances of failure might be restricted and reasons analyzed.
"A 'regulatory sandbox' would benefit fintech companies by way of reduced time to launch innovative products at a lower cost. Going forward, RBI will set up a regulatory sandbox, for which guidelines will be issued in the next two months," Das voiced in his concluding statement.