Reserve Bank of India (RBI) Governor Sanjay Malhotra has called on India’s FinTech ecosystem to take a leading role in shaping a financial system that is inclusive, consumer-centric, and globally competitive.
Speaking at the sixth edition of the Global Fintech Fest (GFF) 2025 held at the Jio Convention Centre in Mumbai, Malhotra said India’s digital public infrastructure, through platforms like the Unified Payments Interface (UPI), Aadhaar, and DigiLocker, has already transformed the way financial services reach citizens, claims The Statesman.
He noted that these systems have improved efficiency and accessibility, bringing millions of Indians into the formal financial system.
Highlighting global cooperation, Malhotra pointed out the similarities between India and the UK’s FinTech ecosystems. He said that both countries are recognised among the top global jurisdictions for FinTech innovation and investment, with mature ecosystems in areas such as payments, RegTech, SupTech, and open finance. “The UK global fintech hub also has a well-established ecosystem with deep expertise in payments, regtech, suptech and open finance. Its emphasis on robust governance has ensured that fintech growth has been both rapid and sustainable,” the RBI Governor said.
He also emphasised the transformative nature of FinTech, stating that innovation in both India and the UK is “democratising finance and empowering citizens and businesses”. However, Malhotra warned against a purely profit-driven approach and urged companies to focus on social impact and inclusion.
“Serving the privileged will be a lucrative business, but companies must focus on serving the underserved sections of society. Build for inclusion. There may be higher profits to be made by deepening access to the haves and the privileged, but prioritise building systems to expand financial services to the unaccessed, the unreached and the unserved segments of society,” Malhotra said.
He further encouraged Indian FinTech firms to design accessible, user-friendly products that consider the needs of vulnerable populations, including senior citizens, those with limited digital literacy, and the specially-abled. Such efforts, he said, are crucial for ensuring that technological advancement in finance leaves no one behind.
By urging FinTechs to align profitability with inclusivity, Malhotra’s remarks reflect a broader push for sustainable innovation in India’s digital finance landscape. His address underscored the balance between global leadership in FinTech innovation and the domestic responsibility of deepening financial inclusion.
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