Reserve Bank Executive Director Ajay Choudhary on Thursday said there is no "sure-fire way" to regulate fintech players , and made it clear that the onus is on such entities to operate in a balanced way. He said entities in the sector ought to have the right intent while coming out with offerings and robust governance for the orderly growth of the sector. "There is no sure-fire way to regulate the fintechs in a manner that maximises their positive impact while simultaneously protecting the financial system and customers against the risks," Choudhary said speaking at the Global Fintech Fest here. "If the goal is protecting and furthering the interest of customers and orderly development of the financial system then the actor of the great balancing act has to be the fintech sector itself," he said. "I believe be in life or in business, balance comes from focusing on the right things.

Source: Economic Times September 22, 2022 23:14 UTC