'Reserve Bank to promote innovation in financial sector'

Mumbai: RBI Governor Shaktikanta Das on Wednesday assured financial technology companies (fintech) that the central bank will continue to adopt a participative and consultative approach to facilitate innovation in the financial sector.

The governor held a meeting with select fintech entities, including AgriTechs, and some of their associations, the RBI said in a statement.

Das advised fintechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks.

"The Governor reiterated that the RBI will continue to adopt a participative and consultative approach for facilitating innovations in the financial sector," the RBI said.

In his introductory remarks, Das stated that FinTech initiatives and start-ups are important segments of aspirational India. They are playing a transformative role in the financial system through digital innovations and innovative means of delivery of financial services, he said.