Malhotra also revealed that the RBI has conceptualised a Unified Market Interface, a next-generation financial market infrastructure that will integrate various digital financial systems. Early trials of the interface have shown encouraging results, he said.
On the account aggregator framework, the governor said its success hinges on bringing more financial data within its fold and ensuring interoperability among aggregators.
The RBI, he added, is formulating standards for payment aggregators to strengthen customer onboarding and improve data security. The central bank is also working to enhance transparency in consent management and data sharing under the framework, a step that will make financial data access more secure and user-driven.
Malhotra praised India’s vibrant fintech ecosystem, which now includes over 10,000 startups with more than $40 billion in investments over the past decade. He highlighted that India’s success in digitalisation is driven by a strong public-private synergy, supportive government policies and a deep pool of tech talent.
Malhotra urged fintech firms to innovate in credit delivery and build on the success of digital payments, noting that asset tokenisation presents new opportunities for financial markets.
The RBI, he added, has launched a sandbox for the central bank digital currency to involve private developers in exploring its potential.
He also said the fintech industry must build for inclusion, adopt a customer-first approach, innovate in credit delivery, prioritise trust and compliance, and think global while staying anchored locally.
