RBI Chief Urges Fintechs to Treat Data as Fiduciary Responsibility

India’s central bank governor spoke to fintech companies in Mumbai.

He said customer data is very valuable and should be treated like something held in trust for its owner.

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

He also warned fintechs not to grow by exploiting unclear rules.

The governor said artificial intelligence can create unfair decisions, privacy problems and cybersecurity risks.

State Bank of India Chairman CS Setty said banks may need to use AI to assess risks in real time.

He said banking AI must be highly accurate because mistakes can affect people’s money.

He identified accuracy, accountability and fair access as important safeguards.

Setty also said banks could take three to four months to deploy FCNR(B) funds.