RBI Governor Hails Fintech’s Revolution in India’s Financial Landscape

RBI Governor Sanjay Malhotra has praised the fintech sector for revolutionizing India’s financial system, moving banking processes from physical branches directly into the hands of citizens through digital platforms. Addressing the Global Fintech Fest 2026 in Mumbai, Malhotra stressed the significant role fintech has played in ensuring financial inclusion for millions of Indians.

Malhotra highlighted Prime Minister Narendra Modi’s unwavering support for technological advancements in finance, crediting fintech with increased efficiency in financial services. He noted enhancements in account processing times, cost reductions, and improved fraud detection due to advanced AI analytics.

The Governor pointed out that fintech’s impact is most pronounced in extending credit access to MSMEs, where innovative digital solutions aid in delivering much-needed financial services. He affirmed that the Reserve Bank of India views fintech as a strategic partner, fostering an ecosystem characterized by innovation and security, aimed at future readiness.

(With inputs from agencies.)