RBI Governor Sanjay Malhotra warns fintechs trust must underpin innovation
RBI Governor Sanjay Malhotra spoke at the Global Fintech Fest 2026, reminding fintech companies that handling consumer data is a big responsibility, not just about chasing profits.
He warned that speed and innovation mean little if people don't trust the system, saying, "A financial system that moves at the speed of light but isn't trusted by people won't find many takers."
United Fintech Forum named 2nd SRO
Malhotra highlighted how India's fintech scene has grown, with milestones like 570 million Jan Dhan accounts and 280 billion digital transactions last year.
But he pointed out that there are still people who remain outside the formal financial system, urging fintechs to use tech like tokenization for inclusion and take cybersecurity seriously.
He also announced the recognition of the United Fintech Forum as the second self-regulatory organization (SRO) for the fintech sector.