More Stories

Informist, Wednesday, Oct. 8, 2025

 

Please click here to read all liners published on this story

--RBI Malhotra: Need to work on leveraging data, asset tokenisation 
--CONTEXT: RBI Governor Sanjay Malhotra speaking at Global Fintech Fest 
--RBI Malhotra: There is still unmet demand for credit 
--RBI Malhotra: Unified loan interface can bridge credit demand gap 
--RBI Malhotra: Retail e-rupee pilot has 19 banks, 7 mln users 
--RBI Malhotra: Made Unified Markets Interface to tokenise fincl assets 
--RBI Malhotra: Urge fintech industry to build systems for fincl inclusion 
--RBI Malhotra to fintech cos: Innovate credit delivery 
--RBI Malhotra: Urge fintechs to embed data protection safeguards into svcs

 

MUMBAI – Reserve Bank of India Governor Sanjay Malhotra on Wednesday urged financial technology companies to build systems for financial inclusion as well as an innovative credit delivery mechanism. Speaking at the Global Fintech Fest, Malhotra asked companies to "design products and services that are easy to use, accessible to all, and assistive technologies."

 

He also said that fintech companies need to focus on knowledge, visibility and prioritise customers. At the same time, these companies need to comply with regulatory norms and have very strong data protection, transparency, and safeguards for customers, Malhotra said.

 

Malhotra said fintech companies should now expand access to various financial services, savings, insurance, and investments. He said a lot has already been done on these parameters, but more needs to be done.

 

"RBI is in the process of introducing standards designed to improve customer onboarding processes, enhance user interfaces, strengthen data security and increase transparency and awareness in consent management and data sharing on the framework. The account aggregator framework can help unleash the potential in this area, from providers to users. However, its success depends on two critical things," Malhotra said. "One, aggregation and leveraging of financial data. Two, the digital routine on which we operate. Asset tokenisation, in which we have made some initial steps... It is important for individuals to share their financial data safely with the community," he said.

 

He said the digital public infrastructure was instrumental in a smooth pilot run of central bank digital currency. "Since its launch in December 2022, the retail e-rupee pilot today has 19 banks and 7 million users, enabling person-to-person as well as person-to-merchant transactions using the e-rupee," Malhotra said. 

 

"Interoperability of the e-rupee with the digital public infrastructure is enabling wider adoption without compromising on user convenience," he added. "Programmability features in the e-rupee are unlocking new paradigms in purpose-driven direct benefit transfers, subsidies, and targeted lending."

 

Malhotra said there is still unmet demand for credit and the Unified Lending Interface can bridge that gap.  Envisaged by the central bank as a game-changer for lending, similar to the Unified Payments Interface for payments, the Unified Lending Interface platform is expected to offer 'frictionless, end-to-end digital credit' by utilising data on prospective borrowers from various sources, such as land records.  End

 

Reported by Sagar Sen, Krity Ambey and Aaryan Khanna

Edited by Saji George Titus

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.