Fintech Innovation: Driving Inclusive Growth Through Underserved Outreach

In a call to action for the fintech industry, Reserve Bank Governor Sanjay Malhotra emphasized the importance of serving underserved communities to bolster financial inclusion. Speaking at the Global Fintech Fest, Malhotra urged the fintech ecosystem to design accessible products for vulnerable groups, ensuring no one is left behind.

Malhotra stressed the importance of trust and compliance within fintech operations, advocating for robust data protection and consumer safeguards. He highlighted the growth of Indian fintechs, now numbering 10,000, and praised their role in delivering affordable financial services on a large scale.

Additionally, Malhotra addressed the pressing issue of digital fraud, mentioning the successful use of the MuleHunter solution in tracking down fraudulent accounts. He also discussed the potential of the unified lending interface to meet credit demands, key to achieving inclusive economic growth.

(With inputs from agencies.)