No Plans For Digital-Only Banks, Idea Came With Certain Risks: RBI Governor

No Plans For Digital-Only Banks, Idea Came With Certain Risks: RBI Governor

SUMMARY

The RBI had received suggestions on digital banks, but the central bank felt that the idea came with certain risks: Shaktikanta Das

There is no proposal on neobanks or digital banks because we feel that the existing banks and NBFCs can adopt more and more technology for delivery of banking services: RBI Governor

The governor also said that the central bank is monitoring the BNPL segment in the country, but currently has no plans to regulate it

Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday (June 17) said that the central bank has no plans for digital-only banks. 

“At the moment, there is no proposal as such because we feel existing banks and NBFCs can adopt more technology to capitalise on the opportunities which new technologies offer. At this moment, we don’t intend to set up what may be called neobanks because we feel existing architecture is sufficient to enable existing players to leverage the innovations,” Das said while addressing an event in Mumbai. 

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