Reserve Bank of India (RBI) Governor Sanjay Malhotra announced the United Fintech Forum as the second self-regulatory organisation (SRO) for the fintech sector at the Global Fintech Fest (GFF) 2026. He said the move reflects the central bank’s support for innovation while emphasising that the sector’s rapid growth must be accompanied by stronger trust, governance, responsibility and operational resilience.

Malhotra said the RBI does not view fintech primarily as an industry that needs to be regulated, but as a strategic partner in using technology to improve financial services. At the same time, he cautioned companies against building businesses around gaps between regulatory categories and seeking clarity only after achieving scale. He stressed that fintech firms should approach regulation and governance as integral parts of their business models from the outset.

The RBI Governor said responsibilities must increase as fintech companies expand their payment volumes, loan books and user bases. Operational resilience, business continuity and cybersecurity, he noted, should not be treated merely as costs to be minimised. He also stressed the importance of responsible data handling, saying financial information should be treated like assets held in trust and used only within the consent provided by customers.

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Malhotra said technological speed alone would not determine the success of digital finance, with trust remaining central to the adoption of financial services. He noted that traditional lenders have historically faced difficulties in extending small-ticket credit and services to women, micro, small and medium enterprises (MSMEs) and farmers. Technology, he said, provides fintech companies with an opportunity to address such gaps and support broader financial inclusion.

Highlighting India’s digital financial expansion, Malhotra said the country has 57 crore Pradhan Mantri Jan Dhan Yojana accounts, while 25 crore micro-insurance policies have been issued and 9 crore people are covered under the Atal Pension Yojana. He also pointed to the scale of digital payments, with around 80 crore UPI transactions, and said India’s fintech ecosystem ranks third globally, received $2.4 billion in funding last year and includes 30 domestic unicorns.

Malhotra said India’s fintech achievements should not be judged only by funding, transaction volumes or the number of companies. He called for the country to move beyond domestic adoption by exporting financial products, digital infrastructure and governance approaches to other markets. Common frameworks and solutions developed around financial inclusion and interoperability, he said, could help India strengthen its position as a global provider of digital financial infrastructure and fintech solutions.

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