RBI Governor Urges Fintech to Focus on Trust and Inclusion
India's central bank governor has called on fintech companies to prioritize consumer trust and expand financial services to underserved populations using advanced technology.
Reserve Bank of India (RBI) Governor Sanjay Malhotra has urged fintech companies to enhance financial inclusion and build consumer trust by leveraging technologies such as AI, tokenization, and quantum computing. The call was made during the Global Fintech Fest (GFF) 2026 in Mumbai.
Malhotra acknowledged India's significant progress in digital finance, particularly in normalizing digital payments, largely driven by public-private partnerships. However, he emphasized that the next phase of growth requires the industry to focus on reaching the "last mile," serving customers and businesses that traditional financial institutions find economically challenging to support.
The governor stated that fintech firms can bridge this gap by making smaller financial products viable for underserved populations and increasing access to credit, insurance, and pension products. He concurrently stressed the importance of accompanying fintech growth with a strong focus on consumer trust, data protection, cybersecurity, and operational resilience.
Malhotra advised fintech companies to treat customer data as a fiduciary responsibility and ensure that innovation does not erode trust in the financial system. He outlined four key objectives for fintechs: improving customer service, meeting unmet financial needs, enhancing operational efficiency, and combating financial fraud. The RBI is committed to fostering responsible innovation through digital infrastructure, regulatory frameworks, and ecosystem engagement, recently introducing UPI Tap & Pay and the AI-powered MyUPI platform to improve user experience and security.