RBI Deputy Governor Rohit Jain flags speed, concentration and opacity as fintech risks; says technology must serve customers

RBI Deputy Governor Rohit Jain has highlighted three key risks associated with the rapid growth of fintech: speed, concentration, and opacity. These risks arise from the increasing use of emerging technologies in the financial sector. The Deputy Governor emphasized that technology must be used to serve customers fairly, reliably, and safely, rather than the other way around. This warning is significant for markets as it underscores the need for financial institutions to balance innovation with caution and responsibility.

Why it matters

The RBI Deputy Governor has warned of risks associated with the rapid adoption of emerging technologies in the fintech sector. This could lead to increased regulatory scrutiny and measures to mitigate these risks.

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