A Smooth Run For The Fintech Space

Fintech has exploded in India in the last couple of years but there is still room for massive growth. With several startups in the space of lending, payments, insurance, trading, India is currently emerging as a hub for fintech products. Globally, regulators face the challenge of nurturing innovation without over-regulating, but at the same time protecting consumer interests. To overcome this challenge, many countries have adopted a ‘Regulatory Sandbox’ based approach where the regulator works closely with emerging Fintech firms. And India is no exception in this approach. To facilitate these fintech start-ups, the apex Indian bank—Reserve Bank of India (RBI)–has come up with a draft to enable framework for regulatory sandbox. Back in July 2016, RBI had set up an inter-regulatory working group to look into and report on the granular aspects of fintech and its...