Mumbai: Underlining the need for innovation in the financial sector for effective service delivery, RBI Governor Shaktikanta Das on Thursday called for effective regulation that should help innovation in the fintech space and not suffocate it.
Effective regulation is a priority for the Reserve Bank, and regulation should not constrain innovation in the fintech space, the governor said at Times Network India Economic Conclave.
The governor also said that maintaining banking sector health with strong capital base and ethics-driven governance remains a policy priority.
Underlining the huge role that technology and innovation played in serving the consumers better and faster, Das said the RBI processed 274 crore digital transactions to provide direct benefit transfer to people, most of which happened during the pandemic.
“Since RTGS, which along with NEFT has been made round the clock now, has multi-currency capabilities, there is scope