RBI's 3 new decisions will boost the Fintech Sector, customers will benefit
RBI's recently launched Pravaah portal, Retail Direct Mobile App, and FinTech Repository have been appreciated.
Fintech Industry leaders on Wednesday praised the Reserve Bank of India's (RBI) recently launched Pravaah portal, Retail Direct Mobile App and FinTech Repository.
It also said that this will give a boost to the country's fintech sector. The repository will provide a centralized platform for all fintech entities to document and share their technical implementations and activities, bringing more transparency within the industry and also boosting trust.
Fibe's Chief Technical Officer (CTO), Anil Sinha, said that technologies like advanced AI and ML have been used in the repository. With its help, fintech firms can provide a more personalized and efficient experience to customers along with data-based insights, and efficiency in operations. This will increase competitiveness and help in the growth of the industry.
Customers will get the direct benefit of the repository. This will increase transparency and trust. With the use of advanced AI and ML, it has become very safe. With its help, it will be easy to provide personalized and affordable financial solutions. Along with this, it will help in reaching financial facilities to the last person and customer satisfaction will also increase.
With the advent of the Pravah portal, any institution or person can easily apply for regulatory approval. Retail investors will easily get access to RBI's Retail Direct portal through the Retail Direct mobile app. With this, one can easily invest in government securities.
Ankit Ratan, co-founder and CEO of Signzy, said that the steps taken by the RBI are very good for the goal of India's financial sector. Ratan further said, "It is very good that RBI is increasing the partnership between Fintech and regulator. All Fintechs can take advantage of the facilities of the repository. This will promote innovation and also strengthen security.
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