Shaktikanta Das, Governor of the country’s central bank, the Reserve Bank of India (RBI), said on Monday that digitization in the financial sector is paving the way for next-generation banking. The governor said that this is improving access to financial services at a much lower cost. According to Bhasha news, Das also said in the foreword to the report on currency and finance (RBF) for the financial year 2023-24 that the leading Unified Payment Interface (UPI) has revolutionized the retail payment experience for the end user. This has made transactions faster and more convenient.
Governor said on e-rupee
In the digital currency sector, the Reserve Bank is at the forefront with the pilot testing of e-Rupi, the central bank digital currency (CBDC). The digital loan ecosystem is getting stronger with initiatives such as the Open Credit Enablement Network, Open Network for Digital Commerce and Public Technology Platform for Convenient Loans. He said financial technology (fintech) companies are collaborating with banks and non-banking financial companies (NBFCs) as loan service providers. They are also operating platforms to facilitate digital loans.
Financial markets are becoming more efficient
The RBI governor said that digitisation in the financial sector is increasing direct benefit transfer (DBT) to beneficiaries in a cost-efficient manner. He said that all these innovations are making financial markets more efficient and integrated. In addition, Das said that the RBI is monitoring loans up to Rs 50,000 in the accounts of banks and fintech lenders. He said that the digital wave is making the world unprecedented and transformative.
fines imposed on them
The Reserve Bank of India has imposed fines on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance.
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