Fintechs should operate under the licenses granted: RBI Governor Das

Financial technology and digital lending firms must operate under the licenses given to them, the Reserve Bank of India Governor Shaktikanta Das said on Friday. The governor stated that the central bank could not allow building up of risk on the economy due to unlicensed operations of fintechs.

“Our responsibility is to maintain financial stability,” Das said. “The firms should operate under the licenses granted to them. If they are doing anything beyond that then they should seek our permission. Without permission if they are engaging in activities for which they have no license then it is not acceptable. There will be risk build up and we cannot allow that.”