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RBI panel to create framework for fintechs

fintechThe Reserve Bank of India has set up a working group to evolve a regulatory framework to support financial technology innovations and digital banking. A release by the central bank said it has set up an inter-regulatory working group to study the entire gamut of regulatory issues relating to financial technology and digital banking in India. Earlier, the sub-committee of the Financial Stability and Development Council had suggested setting up of such a group to look into the issue and report the finer aspects. The group is expected to measure implications, review and appropriately reorient the regulatory framework and respond to the dynamics of the rapidly-evolving financial technology scenario. Among the terms of reference of the working group is to chalk out appropriate regulatory response with a view to re-aligning/re-orienting regulatory guidelines and statutory provisions for enhancing financial technology/digital banking associated opportunities while simultaneously managing the evolving challenges and risk dimensions, RBI said. It is also tasked with assessing opportunities and risks arising from digitization and use of financial technology, besides finding how these can be utilized for optimizing financial product innovation and delivery to the benefit of users and other stakeholders.

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