New Delhi, Sep 9: India’s rapid growth in financial technology has helped transform the country’s financial system and put it among the leading nations in digital innovation, Reserve Bank of India Governor Sanjay Malhotra said.
Addressing the Global Fintech Fest 2026, Malhotra said fintech has made financial services faster, more accessible and affordable for people across the country. Technology has helped reduce the time needed to open accounts and complete payments while also bringing down transaction costs.
He said the growing use of artificial intelligence and data-driven tools is helping financial institutions improve fraud detection and strengthen the efficiency of the financial system. Digital technology is also enabling faster and more responsive services for customers.
Fintech is playing an important role in improving credit access for micro, small and medium enterprises (MSMEs). According to Malhotra, cash flow-based lending, Account Aggregators and the Unified Lending Interface are helping lenders use financial data more effectively and make credit delivery quicker and more convenient for smaller businesses.
The RBI Governor said the central bank remains supportive of innovation while ensuring that confidence and stability in the financial system are protected. He highlighted the RBI’s efforts to encourage responsible innovation, self-regulation within the fintech sector and the development of Digital Public Infrastructure.
India’s digital financial infrastructure has also created opportunities for fintech companies to develop new products and services for consumers and businesses. The combination of technology, digital payments and data-based financial services is helping expand financial inclusion across the country.
Malhotra also welcomed Prime Minister Narendra Modi’s participation in the Global Fintech Fest, saying continued government support has helped strengthen India’s position as an important global hub for digital innovation.
The scale of the event further reflects the growing importance of the sector. GFF 2026 is expected to bring together more than 100,000 delegates, 8,000 institutions, over 1,200 speakers and more than 500 investors.
The RBI Governor’s remarks underline the growing role of fintech in India’s economy, particularly in improving financial access, supporting small businesses and building a more technology-driven financial ecosystem.