RBI Deputy Governor flags concerns over rapid adoption of emerging tech in finance

RBI Deputy Governor Rohit Jain has raised concerns about the rapid embedding of emerging technologies in the financial sector, highlighting issues of speed, concentration, and opacity as key challenges.

Jain emphasised that the goal of technological advancement in finance should not be merely to increase speed or make systems smarter, but to ensure technology makes finance more useful, resilient, and responsive to those it serves.

His remarks underscore the central bank's cautious approach to fintech and digital innovation, balancing the benefits of technological progress with the need for stability and transparency in India's financial system.