RBI sets up panel on FinTech, e-banking

MUMBAI: The Reserve Bank of India has set up an inter-regulatory working group to study issues relating to Financial Technology (FinTech) and Digital Banking in

MUMBAI: The Reserve Bank of India has set up an inter-regulatory working group to study issues relating to Financial Technology (FinTech) and Digital Banking in India.

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The 13-member working group will be chaired by Sudarshan Sen, executive director, RBI with members including A P Hota, managing director of National Payments Council of India (NPCI) and representatives from the Securities and Exchange Board of India (Sebi), Insurance Regulatory and Development Authority (IRDA), Pension Fund Regulatory and Development Authority (PFRDA), various departments of the RBI and one representative from the banking sector.

The group will understand major FinTech innovations/ developments, counterparties/ entities, technology platforms involved and how markets are adopting new delivery channels, products and technologies.

The members will assess opportunities and risks arising for the financial system from digitisation and use of financial technology, and how these can be utilised for optimising financial product innovation and delivery to the benefit of users / customers and other stakeholders, RBI said.