India has announced plans to regulate its sprawling fintech industry through a series of standards and a surveillance mechanism governed by the country's central bank, which it hopes will be sufficiently flexible to facilitate innovation.
Currently, the fintech sector in India is regulated by a number of authorities, including the RBI, the Insurance Regulatory and Development Authority and the Securities and Exchange Board of India. However, as the market experiences a steep growth in the number of new fintech companies, authorities are concerned about a lack of a comprehensive regulation.
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