Fintechs don’t have track record to evoke trust: RBI’s T Rabi Sankar

Fintech companies, unlike traditional financial institutions such as banks, non-banking financial companies (NBFCs), and mutual funds, have yet to establish the trust that stems from being licensed, regulated, and having a proven track record, said T Rabi Sankar, deputy governor of the Reserve Bank of India (RBI), on Thursday.

Speaking at the Global Fintech Fest 2024, Sankar noted that fintech firms are largely not licensed by a regulator, making it even more crucial for them to prove they can operate responsibly and earn public trust.