Mumbai, September 10 (Daily Kiran) : The Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, emphasized the crucial role of fintech companies in advancing financial inclusion across the country. Speaking at the Global Fintech Fest 2026 in Mumbai, he noted that these companies are vital partners in India’s financial ecosystem. The RBI aims to collaborate with fintech firms and financial institutions to ensure that financial services reach every citizen, reduce digital fraud, and lower banking costs.
Malhotra pointed out that financial inclusion, customer-centric services, and a secure digital financial system are among the RBI’s top priorities. He stressed the importance of leveraging technology to deliver financial services directly to people in villages and homes.
“Fintech is a significant partner for us, and we strive to work alongside them and our financial sector institutions to achieve our primary goals of financial inclusion, customer focus, and minimizing digital fraud while also reducing costs for banks and financial institutions,” he stated.
During his address, Malhotra highlighted India’s remarkable progress in financial inclusion over recent years. He mentioned that there are currently 570 million Prime Minister Jan Dhan accounts, 250 million micro-insurance policies, and 90 million beneficiaries of the Atal Pension Scheme. Additionally, transactions through the Unified Payments Interface (UPI) have seen substantial growth, becoming an integral part of daily life for millions.
He remarked that India’s greatest achievement lies not just in the scale of these figures but in making digital financial services a routine necessity for ordinary citizens. Banking has transcended traditional branches and is now accessible via mobile phones and digital platforms.
Malhotra acknowledged that partnerships between the public and private sectors have accelerated financial inclusion in India. However, he stressed that the next goal should be to make financial services universally accessible.
He pointed out ongoing challenges in delivering small loans and financial services to women, farmers, and micro, small, and medium enterprises (MSMEs). Traditional banking institutions often find it difficult to reach these groups, creating an opportunity for fintech companies to bridge these gaps and strengthen financial inclusion.
The RBI Governor cautioned the fintech industry about the importance of trust. He explained that while technology is crucial, building trust takes years, but it can be lost in moments.
Malhotra urged fintech companies to prioritize cybersecurity, transparency, and consumer protection. As digital financial services expand, managing data security and cyber risks becomes equally important.
“A financial system that operates at lightning speed but fails to gain people’s trust will struggle for widespread acceptance,” he concluded.
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