New Delhi: Reserve Bank of India Governor Sanjay Malhotra on Wednesday called on the fintech industry to focus on inclusion and design solutions that reach the underserved and unbanked sections of society. Speaking at the Global Fintech Fest, he said while catering to privileged customers may be more profitable, true progress lies in expanding access to those still outside the formal financial system.
“Build for inclusion,” Malhotra said, urging fintechs to develop simple, accessible, and assistive technologies to ensure that vulnerable groups—such as senior citizens, people with limited digital literacy, and persons with disabilities—are not excluded. He emphasised that trust and compliance must be core to every fintech operation, with strong data protection, transparency, and consumer safeguards built into their systems.
Highlighting the rapid growth of the sector, Malhotra said India now has over 10,000 fintech companies that have collectively raised more than USD 40 billion in the past decade. He praised the industry for delivering affordable financial services at scale but stressed the need to extend credit to small businesses and individuals using existing digital infrastructure.
Acknowledging rising digital frauds, he said the RBI-developed “MuleHunter” tool—used by 21 banks—has achieved a 90% success rate in detecting fraudulent accounts. He also urged account aggregators to adopt interoperability and expand data integration to enhance financial access.
Malhotra outlined upcoming RBI initiatives, including the “unified markets interface” to tokenise financial assets and enable settlements using wholesale CBDC. He said credit remains the “lifeblood of inclusive growth” and called for continued innovation aligned with national development goals.
