- India's fintech has reshaped finance, bringing banking to citizens' hands, says RBI Governor
- UPI, Aadhaar, and Jan Dhan have driven financial inclusion for millions across India
- Fintech aids credit access for MSMEs via cash flow lending and new digital interfaces
India's fintech expansion has fundamentally changed the country's financial system, taking banking beyond physical branches and putting financial services directly into citizens' hands, Reserve Bank of India Governor Sanjay Malhotra said at the Global FinTech Fest 2026.
Malhotra said fintech has emerged as a key bridge between India's diverse population and the formal financial system, making transactions, savings and borrowing more accessible and affordable. “Over the past decade, fintech has fundamentally reshaped the architecture of Indian finance. It has taken banking from the branch to the hand of every citizen,” Malhotra said.
UPI, Aadhaar Drive Financial Inclusion
The RBI governor pointed to India's digital financial infrastructure as a major driver of this transformation. UPI, Aadhaar enabled payment systems and the Jan Dhan ecosystem have helped turn financial inclusion into an everyday reality for millions of Indians.
The impact extends across geographies and income groups, with small businesses, farmers and urban professionals increasingly using common digital platforms to transact, save and access financial services.
Malhotra also highlighted fintech's growing role in addressing the credit needs of micro, small and medium enterprises.
Cash flow based lending, Account Aggregators and the Unified Lending Interface are helping lenders assess businesses that traditional underwriting systems previously struggled to serve.
He said these technologies are enabling formal and collateral light credit to reach small businesses and entrepreneurs, supporting jobs and livelihoods.
Also Read | Consumer Satisfaction Is Ultimate Test Of RBI's Success, Says Governor Sanjay Malhotra
RBI Backs Innovation With Safeguards
While encouraging fintech growth, Malhotra stressed that innovation must remain linked to trust, safety and consumer protection.
He pointed to the RBI's regulatory sandbox, Reserve Bank Innovation Hub and engagement with startups as examples of efforts to support responsible innovation.
The central bank has also encouraged self regulation and supported the development of digital public infrastructure.
Malhotra said the RBI will continue working with the fintech sector to build a financial system that is safer, trustworthy, inclusive, fair and efficient.
The comments come as India's fintech ecosystem enters a new phase, with digital infrastructure increasingly becoming a core part of how consumers and businesses access financial services.
Also Read | RBI Monetary Policy Highlights: MPC Neither Dovish Nor Hawkish, Says Guv After Third Straight Rate Pause
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
