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Sustainable development and Tech innovations will be on focus in the coming decade: RBI

Shaktikanta Das, governor of the Reserve Bank of India, said on Tuesday that the next ten years in finance will be primarily focused on two themes: sustainable development and technological advancements that improve the life of the average person. He said, while speaking at the Global Fintech Fest in Mumbai, that innovation, technology, and fintech are all collaborating to boost the sector’s vitality. “These factors transformed into force multipliers in our drive to a greater degree of sustainable development and financial inclusion, he said.

Das said, there are many chances for expanding not only the breadth and depth of all that is happening in the fintech sector, but also for deepening financial inclusion and expanding and broadening its influence as the nation moves toward 2047. “I believe there is significant potential, and if the regulator and the fintech businesses collaborate, we can set a number of milestones on the way to India in 2047.

 

He said: “Sustainable development and technological advancements that improve the lives of ordinary people will be the two major financial themes of the coming decade. He said,  there were 80.7 crore broadband internet users in India as of the end of July 2022. “Similar to this, new chances are emerging for implementing cutting-edge methods of integration and development thanks to the 120 million mobile connections and more than 46.5 crore Jan Dhan accounts. With a record of 44 unicorns only being established in the past year, this is reflected in the appearance of 100 unicorns in the nation, he said.

The Governor emphasised the measures taken by the Indian banking regulator, saying: “The RBI for the first time organised a worldwide hackathon ‘Harbinger 2021’ to make retail payments more cutting-edge. 22 of the 363 proposals that we received were from the US and the UK. Along with discussing responsible innovation and risk reduction, he also stated that the RBI is examining ways to better safeguard customers, increase cyber security and resilience, manage financial integrity, and ensure that data is protected.

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