AT A TIME when India's fintech sector is growing fast, it should focus on forming an effective self-regulatory structure and evolve industry best practices, privacy and data protection norms that are in sync with the laws of the land, Reserve Bank of India (RBI) Governor Shaktikanta Das said at the Global Fintech Festival here on Wednesday.
"I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation (SRO) themselves," he said.
The industry needs to set higher standards for themselves to avoid mis-selling of different products, promote ethical business practices and ensure transparency in pricing of loans, Das said.
"In the dynamic and ever-evolving world of business, it is easy to get caught up in the pursuit of revenue, bottomlines and the relentless drive for valuations," he said.
This story is from the September 07, 2023 edition of Financial Express Mumbai.
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This story is from the September 07, 2023 edition of Financial Express Mumbai.
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