RBI will push payment systems innovations with soft touch regulations: Governor Sanjay Malhotra
soft touch regulations within regulatory guardrails and expand the reach of UPI for more efficient cross-border payments, Governor Sanjay Malhotra said on Monday. In his address at the Inauguration of Digital Payments Awareness Week 2025 here, the governor said apart from the RBI, the government and other important stakeholders like banks and payment system operators have also taken a number of initiatives to encourage the adoption of digital payments.
«While these efforts have produced results, as visible in the huge growth of digital payments, there is still a lot more to be done. Going forward, we will work on three broad areas,» he said.
The areas are soft-touch regulations to continue promoting innovation, promote awareness generation, and more efficient cross-border payments.
«We will continue to encourage innovation while promoting safety and security through soft touch regulations,» the RBI chief said and added that the central bank has adopted a soft-touch approach to regulating the payments ecosystem and fintechs.
With these regulations, he said the RBI attempts to balance these divergent sets of expectations.
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