The RBI governor held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks and applaud them for building resilient domestic financial system. However, banks should continue to maintain their vigil around build-up of risks.
FinTech BizNews Service
Mumbai, February 15, 2024: The RBI governor held meetings with the MD & CEOs of Public Sector Banks and select Private Sector Banks and applaud them for building resilient domestic financial system. However, banks should continue to maintain their vigil around build-up of risks.
In line with the above, Mr. Ankit Ratan, CEO & Co-founder at Signzy, shares an importantcomment.
"The RBI governor praised the resilience within the fintech ecosystem but has also urged banks to maintain vigilance against increasing risks.
We believe that fintech SROs can play a crucial role in this context by implementing global standards for consumer grievance redressal mechanisms and safeguarding consumer interests while promoting responsible innovation. These SROs will aid in resolving concerns within the ecosystem and ensuring adherence to regulations, thereby preventing matters from escalating to the RBI.
A strong collaboration within the BFSI players would build up the digital trust that the customers look out for."
