Deputy Governor of the Reserve Bank of India, T. Rabi Sankar, stated that FinTech self-regulatory groups should aim to remove inefficiencies in the system, especially in cross-border payments, and achieve the same productivity as domestic payments.
Sankar presented a roadmap for SROs, the first of which was registered yesterday, stating that SROs should prepare the sector for the same level of accountability as traditional banks and financial businesses as it matures.
The SROs have also been urged to ensure fair pricing and to monitor the usage of “dark patterns,” which are false practices in software that manipulate users into making unwanted decisions.
At the Global Fintech Fest in Mumbai, Sankar discussed the ‘India model of digitization’, which involves creating digital public infrastructure in the public sector and allowing for innovation and product creation in the private sector to make it easy to access.
Speaking at the same ceremony, P. Vasudevan, RBI executive director, stated that the UPI was being internationalized so that the same app could be used in other nations. “We are working to expand our SFMS (structured financial messaging system) globally.” SWIFT performs a far lower volume of cross-border transactions than SFMS. “We are also considering making our INFINET (Indian Financial Network) available to others,” Vasudevan stated.
“So, ultimately, we hope to offer a technology stack. When this technology becomes available, we will be happy to protect ourselves from whatever happens outside,” Vasudevan stated.
He went on to say that the GFF was going to be held in other countries as well.
Earlier at GFF, Ajay Kumar Choudhary, chairman of the National Payments Corporation of India, stated that one of the most significant hazards to the system was financial crime and fraud, with over $3 trillion in illicit funds expected to flow through the financial system by 2023. He stated that the corporation has built a real-time fraud risk management solution as well as a pilot project to help identify mule accounts and that banks are notified of them as soon as they are identified.
“In India, the situation is equally serious, with cybercrimes totaling over 71,007 crore in the final four months of 2024. The increasing sophistication of frauds, which frequently include Al and crypto, presents a huge difficulty. Criminals have quickly adapted to new defenses, using technologies such as deep fake fraud and human-operated ransomware attacks to carry out complex schemes at a low cost,” said Choudhary.
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