Mumbai, September 10 (IANS). Reserve Bank of India (RBI) Governor Sanjay Malhotra on Thursday said fintech companies are important players in India's financial system and their role in driving financial inclusion is continuously increasing. He said that RBI endeavors to work closely with fintech companies and financial institutions to provide financial services to every person in the country, reduce digital fraud and reduce the cost of banking services.
Speaking to news agency IANS during the Global Fintech Fest (GFF) 2026, RBI Governor Sanjay Malhotra said that financial inclusion, customer-centric services and secure digital financial system are among the priorities of RBI. He said that taking financial services to people's villages and homes with the help of technology is the direction of the future.
“Fintech is a very important partner for us, and it is our endeavor to work closely with them and with our financial sector entities, so that across India we can achieve our primary objective of financial inclusion, customer-centricity and reducing digital fraud, while also reducing costs for banks and financial institutions,” the RBI Governor said.
He further added, “Our aim is to work closely with them to achieve these goals and bring the financial system closer to all people – reaching their villages and homes.”
Earlier, speaking at the GFF 2026 event, the RBI Governor said that India has made unprecedented progress in the field of financial inclusion in the last few years. He said that currently there are 57 crore Pradhan Mantri Jan Dhan accounts, 25 crore micro insurance policies and 9 crore Atal Pension Yojana beneficiaries in the country. At the same time, the scale of transactions through UPI is also continuously increasing and today it has become a part of the daily life of crores of people.
He said that India's biggest achievement is not just the size of these data, but that digital financial services have become part of the everyday needs of ordinary citizens. Banking is no longer limited to branches only, but is reaching people directly through mobile phones and digital platforms.
Sanjay Malhotra said that public and private sector partnership has given new impetus to financial inclusion in India. However, the next goal should be to make financial services completely 'ubiquitous and available everywhere'.
He said challenges still exist in delivering small loans and other financial services to women, farmers and micro, small and medium enterprises (MSMEs). It has not always been easy for traditional banking institutions to reach these segments. In such a situation, fintech companies can fill these gaps through technology and further strengthen financial inclusion.
The RBI Governor cautioned the fintech industry that trust is more important than technology. He said that trust takes years to build, but it can be broken in a matter of moments.
Malhotra said that fintech companies should give top priority to cyber security, transparency and consumer protection. As digital financial services expand, data security and management of cyber risks become equally important.
“A financial system that operates at the speed of light but cannot command public trust will not gain widespread acceptance,” he said.
–IANS
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