The Reserve Bank of India (RBI) has put forward a plan to establish a fintech repository aimed at gathering key details about fintech companies, including their operations, products, technological infrastructure, and financial data.
RBI Governor Shaktikanta Das, during the Monetary Policy Committee announcements on Friday, stated, “Financial entities like banks and NBFCs in India are increasingly partnering with fFintechs. For better understanding of developments in the Fintech ecosystem and to support this sector, it is proposed to set-up a Fintech Repository. This will be operationalised by the Reserve Bank Innovation Hub in April 2024 or earlier. Fintechs would be encouraged to provide relevant information voluntarily to this Repository.”
Additionally, addressing the growing data management needs of banks and financial entities, the RBI is developing a cloud facility for India’s financial sector. The introduction of such a facility is aimed at enhancing data security, integrity, and privacy. It also promises to improve scalability and ensure continuous business operations. The cloud facility is planned to be introduced gradually over the medium term.