RBI Governor Urges Fintechs to Protect Data and Expand Inclusion

India uses financial technology for many everyday activities, such as digital payments.

RBI Governor Sanjay Malhotra said this progress has come through cooperation between the government and private companies.

He pointed to millions of bank accounts, pension users and digital transactions as evidence.

But many people still do not use formal financial services.

Malhotra asked fintech companies to help these people instead of focusing mainly on customers who already use banks and digital tools.

He said people will use financial technology only if they trust it.

Companies should treat personal data like something they are looking after for someone else.

They should collect it for a clear reason, use it only with permission and protect it carefully.

He also said large fintechs must prepare for cyberattacks and other disruptions, and announced a new self-regulatory organisation for the sector.