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RBI Governor Outlines Five Key Priorities For India's Financial Future

BW Online Bureau Aug 30, 2024

At the Global Fintech Fest 2024, RBI Governor Shaktikanta Das outlined five key priorities for India's financial future, including digital financial inclusion, public infrastructure, consumer protection, sustainable finance, and global integration, emphasising the need for stakeholders to foster economic resilience amidst dynamic shifts in technology, regulation, geopolitics, and societal expectations

At the Global Fintech Fest 2024, Shaktikanta Das, Governor of the Reserve Bank of India, presented five essential priorities for shaping the financial landscape as India approaches its centenary. These priorities include financial inclusion, digital public infrastructure, consumer protection and cybersecurity, sustainable finance, and global integration and collaboration.

“This journey will be marked by dynamic shifts in technology, regulation, geopolitics, and growing societal expectations. It is up to the stakeholders in the Indian financial ecosystem to foster economic resilience,” Das stated during his keynote address.

The Global Fintech Fest, one of the largest fintech conferences in the world, is being held from August 28 to 30 at the Jio World Convention Centre in Mumbai. The event is organised by various government bodies, including the Ministry of Electronics and Information Technology, the Reserve Bank of India, and the International Financial Services Centres Authority, along with industry organisations such as the Payments Council of India and the National Payments Corporation of India.

In his address, Das emphasised India’s rapid growth as an economic powerhouse, noting that the fintech sector has significantly transformed the financial landscape. He highlighted that approximately 11,000 fintech companies have emerged in India, attracting investments of around USD 6 billion over the past two years. Das outlined three major areas of focus: establishing priorities for India at 100, exploring future technologies, and developing a regulatory framework for fintechs.

Kris Gopalakrishnan, Chair of GFF 2024 and co-founder of Infosys, welcomed Das, stating, “The role of a regulator is enabling and enforcing, as without enabling, enforcement is not possible.” He commended the RBI for its collaborative efforts with the industry to foster innovation and create an inclusive and technology-driven economy.

The conference features around 800 speakers, including policymakers, regulators, senior bankers, and industry leaders from India and around the globe, participating in more than 350 sessions over three days. Delegates from approximately 100 countries have gathered to discuss the future of finance and the role of technology in driving financial inclusion and resilience.