RBI Governor Shaktikanta Das in his inaugural address at the India Economic Conclave 2021, stated that there is huge potential for the fintech segment in India. He also said that the volume of digital transactions has increased at a CAGR of 55% over the last five years adding that the fintech market is likely to reach Rs. 6.2 lakh crore by 2025.
Dasremarked that the global economy is not out of woods yet as new variants of the virus emerge and threaten the recovery. He also stressed upon laying down a robust risk identification and mitigation system in India’s banks and non-banking finance companies to deal with any contingencies. Maintaining the health of the banking sector remains the top priority of the central bank, according to Das.
The RBI Governor also said, “We need to be watchful of the risks with some technology innovation. RBI is exploring ways for a clear, safe digital currency with the finality of payment. RBI working on safe, robust model for digital currency in India.”
The RBI has predicted a growth rate of 10.5% for India’s GDP for the next year.