MUMBAI - The Reserve Bank of India (RBI) has announced the establishment of a fintech repository initiative designed to gather comprehensive data on the operations and innovations of fintech companies. This initiative is part of the central bank's Statement on Developmental and Regulatory Policies, which was released today.
Governor Shaktikanta Das unveiled the RBI's plans to closely monitor the evolving landscape of financial technology, including the partnerships forming between traditional financial institutions and fintech firms. The central bank is keen on understanding the influence of emerging technologies such as Distributed Ledger Technology (DLT) and Artificial Intelligence/Machine Learning (AI/ML) on the financial sector.
The repository, which is set to become operational by April 2024, will be managed through the Reserve Bank Innovation Hub. It aims to encourage voluntary information sharing from fintech entities, which will play a crucial role in shaping regulatory policies and promoting best practices within the sector. The RBI believes that this proactive approach will help maintain a balance between fostering innovation and ensuring financial stability.
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