Government, RBI Roll Out Regulatory Measures to Strengthen Fintech Ecosystem and Consumer Protection

New Delhi, Jul 21 (KNN) The Government and the Reserve Bank of India (RBI) have introduced various regulatory, supervisory and consumer protection measures to strengthen the fintech ecosystem, including digital lending platforms and payment aggregators.

The information was provided by Minister of State for Finance Pankaj Chaudhary in a written reply to a question in the Lok Sabha.

The measures include the RBI’s framework for FinTech Self-Regulatory Organisations, digital payment security controls, AI/ML-based fraud monitoring for UPI transactions, the Digital Personal Data Protection Act and Rules, and the regulatory sandbox framework for testing innovative financial products and services.

The Government has also strengthened mechanisms for reporting cyber incidents and illegal loan apps through the National Cybercrime Reporting Portal and helpline 1930.

RBI and banks are undertaking awareness campaigns and training programmes to educate consumers about cyber fraud and risk mitigation.

(KNN Bureau)