"For one thing, they both hope to operate in a regulatory free environment...(but) unregulated financial systems have immense scope of depriving the public of their hard-earned money and therefore highly risky...," he warned.
"We need to carefully monitor and be vigilant," he said, referring to digital money and crowd-funding.
He added that crypto currencies have been "widely suspected to have financed" criminal activities.
"These innovative developments, which have the potential to be disruptive, may not be so desirable or may be of questionable relevance," Gandhi added.
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On Bitcoins, he said the RBI has already cautioned the public and continues to monitor the space.
To a question on the progress of the announcement of the domestically systemically important banks, Gandhi said it will be announced in two or three days, before the August-end deadline.
After the release of the small finance banks licences next month, the RBI is planning to come out with norms for "on-tap" licensing of banks, he said, adding the central bank may also look at other kinds of banks beyond in the differentiated banking space later.