Some recent decisions of the Reserve Bank of India are going to prove to be very helpful for the financial technology (fintech) sector in the coming times. This was said by the giants of the fintech industry on Wednesday. According to the news of IANS, the Reserve Bank of India (RBI) has recently launched the Pravah portal, Retail Direct mobile app and Fintech repository. The fintech industry says that these initiatives will give a boost to the country’s fintech sector.
Customers get direct benefit of repository
According to the news, the repository will provide a centralized platform for all fintech entities to document and share their technical implementations and activities, which will bring more transparency within the industry and also boost trust. Customers will get the direct benefit of the repository. This will increase transparency and trust. The use of advanced AI and ML has made it quite secure. With its help, it will become easier to provide personalized and affordable financial solutions. Along with this, it will help in making financial facilities reach the last person and will also increase customer satisfaction.
Industry growth will accelerate
Anil Sinha, Chief Technology Officer (CTO) of FIB, said that the repository uses technologies such as advanced AI and ML. With its help, fintech firms can provide a more personalized and efficient experience to customers along with data-based insights, efficiency in operations. This will increase competitiveness and help in the growth of the industry.
Investing in government securities will be easier
With the advent of the Pravah portal, any institution or individual can easily apply for regulatory approval. Retail investors will easily get access to RBI’s Retail Direct portal through the Retail Direct mobile app. This will make it easy to invest in government securities. Ankit Ratan, co-founder and CEO of Signzy, said that the steps taken by the RBI are very good for the goal of India’s financial sector. Ratan said that it is very good for RBI to increase the partnership between fintech and regulator. All fintechs can take advantage of the facilities of the repository. This will promote innovation and also strengthen security.
Latest Business News