InvestorQ : Is the RBI open to allowing tech firms into banking?
Ria Jain made post

Is the RBI open to allowing tech firms into banking?

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Dia Deshpande answered.
2 months ago
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Just as the RBI has been wary of allowing large corporates into the banking arena, it is also very cautious about the big tech daddies of the world taking an indirect entry into Indian banking. As the Fintechs are getting aggressive in the financial space, RBI remains very sceptical about allowing too much of big technology companies in the Fintech space.

RBI is currently scrutinizing a deal between Google Pay and Equitas SFB. This deal actually enables customers to use Google Pay and open FDs with Equitas SFB. RBI was reservations about large technology players getting involved in public deposits. This could tantamount to a banking license through the back door. Also data storage remains a major issue, with many global players yet to confirm. Regulation is surely getting a lot more complex for the RBI.

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