Develop user-friendly products, RBI chief tells fintech firms

Mumbai: Reserve Bank Governor Sanjay Malhotra on Wednesday asked fintech firms to design products which are easy to use and accessible to all to help India achieve financial inclusion and become a developed nation by 2047. Addressing the Global Fintech Fest 2025 here, Malhotra also flagged the issue of growing digital frauds and made a strong case for making efforts to curb the menace.

“Digital frauds are increasingly becoming a problem for us. Design products and services that are easy to use, accessible for all, with assistive technologies, ensuring that the vulnerable groups such as the senior citizens, individuals with limited digital literacy and the specially-abled are not left behind,” he said.

India has vibrant fintech ecosystem, home to close to 10,00 entities in sector, he said. AI holds potential to fundamentally enhance next generation of Digital Public Infrastructure (DPI).

Observing that India has a vibrant fintech ecosystem and the fintech industry has made it possible to deliver financial services at scale and affordable cost, he said, the country has close to 10,000 entities.