On 28 May 2024, the Reserve Bank of India (RBI) unveiled three key initiatives namely Fintech and EmTech repository, Pravaah Portal and RBI Retail Direct mobile app and portal.
The FinTech and EmTech Repositories are secure web-based applications and are managed by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of RBI.
“The repository would enable availability of aggregate sectoral level data, trends, analytics, etc., that would be useful for both policymakers and participating industry members,” said RBI in a statement.
Further, RBI is encouraging the fintechs and regulated entities to actively contribute to the repositories.
The fintech repository will contain information on the Indian fintech sector for a better understanding of the sector from a regulatory perspective and facilitate in designing appropriate policy approaches.
“By creating a comprehensive data repository on fintech entities, their activities, and technology adoption within regulated institutions, the RBI is fostering a culture of transparency that is crucial for building a secure ecosystem,” said Ankit Ratan, co-founder and chief executive officer (CEO), Signzy.
Ratan further added that by encouraging participation from both fintechs and regulated entities, the RBI is encouraging a collaborative environment where all stakeholders can leverage the repository's insights to strengthen security practices and drive innovation.
RBI on 8 December 2023 stated that the fintechs are using emerging technologies like distributed ledger technology (DLT), artificial intelligence or machine learning (AI/ML), and so on. And, the purpose of setting up such a repository is to better understand the developments in the fintech ecosystem.
“The repository's focus on advanced technologies such as AI and ML enables fintech firms to access data-driven insights, optimise operations, and deliver more personalised and efficient customer experiences, thereby enhancing competitiveness and supporting industry growth,” said Anil Sinha, chief technology officer (CTO), Fibe.
RBI has said that the repository is operational under the ambit of the Reserve Bank Innovation Hub.
“The Fintech ‘Yellow pages’ will ensure seamless transfer of information between the fintech industry and the regulatory authority while allowing the latter to tailor regulations to the challenges faced by the industry,” said Yashwant Lodha, cofounder, of PayNearby.
