Reserve Bank of India (RBI) Governor Sanjay Malhotra has called on India’s FinTech sector to play a central role in building an inclusive, consumer-centric, and globally competitive financial ecosystem.
Speaking at the sixth edition of the Global Fintech Fest (GFF) 2025 in Mumbai, Malhotra highlighted the critical role of technology in ensuring equitable financial access while maintaining trust and efficiency across the system, claims The Statesman.
During his address at the Jio Convention Centre, Malhotra underscored India’s strong digital infrastructure as a foundation for its FinTech success. He said, “India’s world-class digital public infrastructure, as symbolised by systems such as UPI, Aadhaar and DigiLocker, has not only enhanced efficiency and service delivery but also ensured that millions of Indians enjoy easy access to a wide range of financial services.”
Drawing comparisons between India and the UK, the RBI Governor acknowledged that both countries are recognised as leading FinTech hubs. “The UK global fintech hub also has a well-established ecosystem with deep expertise in payments, regtech, suptech and open finance. Its emphasis on robust governance has ensured that fintech growth has been both rapid and sustainable,” he said.
Malhotra emphasised that both the UK and India have become global centres for innovation and investment in financial technology. “They are home to some of the most vibrant and dynamic fintechs globally,” he added, noting that the collaboration between the two countries could further enhance innovation and cross-border opportunities in the sector.
Highlighting the transformative power of technology, Malhotra said, “Fintech is indeed a transformative force shaping our economies in both India and the UK by democratising finance and empowering citizens and businesses.” He stressed that FinTech innovation should not be limited to the privileged but should extend to underserved populations, helping bridge financial inequality across India’s diverse population.
Encouraging greater focus on inclusion, the Governor urged FinTechs to design products that are simple, accessible, and inclusive. “Serving the privileged will be a lucrative business, but companies must focus on serving the underserved sections of society. Build for inclusion. There may be higher profits to be made by deepening access to the haves and the privileged, but prioritise building systems to expand financial services to the unaccessed, the unreached and the unserved segments of society,” he said.
Malhotra also advised companies to leverage assistive technologies to make financial tools usable by vulnerable groups such as senior citizens, those with limited digital literacy, and differently-abled individuals. His remarks underline the RBI’s ongoing focus on balancing innovation with accessibility and trust, ensuring FinTech growth benefits all layers of society.
Keep up with all the latest FinTech news here
Copyright © 2025 FinTech Global
