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RBI working committee in favour of setting up NPCI-type agency for fintechs

RBI panel favours new structure for better supervision

digital payments, online, mobile, smartphone, ncpi, upi, fintech

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Incorporated as a not-for-profit company in 2008, 10 banks, including State Bank of India, Punjab National Bank, Canara Bank, HDFC Bank, ICICI Bank, Citibank, and HSBC, were core promoters of NPCI

Hamsini Karthik Mumbai

3 min read Last Updated : Jan 20 2021 | 6:10 AM IST

The newly-formed working committee of the Reserve Bank of India (RBI) is in favour of setting up an agency which will act as an umbrella institution for financial technology (fintech) firms in view of growing complaints against the collection and recovery practices deployed by some digital lending applications (apps).

Currently, while digital lenders with non-banking financial company (NBFC) licences are monitored by the central bank, others, which function as loan-sourcing apps, are not regulated and are only registered with the corporate affairs ministry.

On January 13, the RBI constituted the working group on digital lending, including lending through online platforms and mobile

Topics : Reserve Bank of India Fintech NPCI United Payments Interface Digital Payments mobile payment Online Payment Fintech sector digital lending

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