Fintech Firms Key Partners In Advancing Financial Inclusion: RBI Governor

(MENAFN- IANS) Mumbai, Sep 10 (IANS) Reserve Bank of India (RBI) Governor Sanjay Malhotra has said fintech companies have emerged as important partners in India's financial ecosystem and will play an increasingly significant role in expanding financial inclusion across the country.

Speaking to IANS on the sidelines of the Global Fintech Fest (GFF) 2026, Malhotra said the central bank is working closely with fintech firms and financial institutions to make financial services more accessible, reduce digital fraud and lower the cost of banking and financial services.

"Financial inclusion, customer-centricity and the development of a secure digital financial system remain key priorities for the RBI," he said.

"Technology can help take financial services beyond traditional banking channels and bring them closer to people in villages and households," he added.

“Fintech is a very important partner for us,” Malhotra said, stressing the need for greater collaboration between fintech companies and financial sector institutions to achieve wider financial inclusion and strengthen customer-focused services.

Addressing the GFF 2026 earlier, the RBI Governor highlighted the substantial progress India has made in financial inclusion in recent years. He said the country currently has around 57 crore Pradhan Mantri Jan Dhan accounts, 25 crore micro-insurance policies and 9 crore beneficiaries under the Atal Pension Yojana.

The rapid expansion of Unified Payments Interface (UPI) transactions has also made digital payments an integral part of everyday life for millions of Indians. Malhotra said the significance of this transformation lies not merely in the scale of these numbers, but in the extent to which digital financial services have become embedded in the daily lives of ordinary citizens.

Banking services are no longer confined to physical branches, he said, with mobile phones and digital platforms increasingly enabling people to access financial services directly.

Malhotra attributed much of the progress in financial inclusion to collaboration between the public and private sectors, but said the next phase should focus on making financial services truly universal and available everywhere.

Malhotra urged fintech companies to give the highest priority to cybersecurity, transparency and consumer protection as digital financial services continue to expand.

“A financial system that works at the speed of light but cannot earn people's trust will not achieve widespread acceptance,” he said.

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