Fintech Startup Operating In India Will Be Regulated & Monitored By RBI

By Team Startupcity  |  Thursday, 09 March 2023, 09:33 IST

Fintech Startup Operating In India Will Be Regulated & Monitored By RBI
Choudhary said that regulating and introducing of innovation in fintechs is always a challenge,  Further adding, “Regulators need to keep a watchful eye on the risks by fintechs and big techs. Fintech startups and major IT companies both carry a different level of risk. Choudhary emphasised the role of the regulator, stating that RBI is developing a framework for the fintech lending ecosystem.
He emphasized, “Customer protection is the most critical risk as far as fintech is concerned. Risk of loss to consumers is quite high. Data security and breaches is the second major risk for fintechs. Regulators need to keep a watchful eye on the risks by fintechs and big techs,”.
Growth With Fintechs in India - While going through strict scrutiny from the regulators the Fintech companies in India are witnessing next level growth. When it comes to growth, the data with the Indian government indicated that the Indian Fintech industry’s market size is expected to grow to $150 billion by 2025 from $50 Bn in 2021. 
The industry is anticipated to generate close to $200 billion in revenue and manage $1 trillion in assets by 2023. Speaking at the Moneycontrol India Fintech Conference, Union Minister of State for Skill Development and Entrepreneurship and Minister of State for Electronics and Information Technology Rajeev Chandrasekhar predicted that the country's fintech industry will undoubtedly become more AI-intensive. "We will launch the India AI initiative by March," was also added. Finance and other areas of the internet ecosystem will change as a result of the India AI ecosystem.

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