Empowering India's Fintech Revolution: A Call to Action for 2047
Sanjay Malhotra, the Reserve Bank Governor, urged fintech firms to create accessible products and tackle digital frauds at the Global Fintech Fest 2025. Emphasizing a customer-first approach, Malhotra encouraged global cooperation and robust data protection to drive financial inclusion and innovation, aiming for a developed India by 2047.
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Reserve Bank Governor Sanjay Malhotra called on fintech companies to prioritize accessibility and simplicity in their products, urging them to combat digital fraud to aid India in achieving financial inclusion and becoming a developed nation by 2047. He spoke at the Global Fintech Fest 2025, highlighting the need for consumer-first services.
Quoting Steve Jobs, Malhotra emphasized getting close to customers and designing services that cater to their needs even before they realize them. He urged the fintech sector to think globally while anchoring locally, and to imbue every product with trust, transparency, and safeguarding measures for consumers, especially vulnerable groups.
Malhotra stressed on India's strengths in digital public infrastructure, a vibrant tech ecosystem, and enabling policies, encouraging fintechs to engage internationally and adopt global best practices. By doing so, fintechs will not only foster their own growth but also contribute significantly to India's progression towards 'Visit Bharat 2047'.
(With inputs from agencies.)
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