RBI's Fintech Repository: Will Transparency In Lending Increase?

The Reserve Bank of India (RBI) has launched a fintech repository to capture information about fintech firms operating in the country

The repository aims to provide a comprehensive understanding of the fintech industry, including activities, products, technology infrastructure, and financial information

Industry experts believe that the repository will enhance transparency in the sector and attract more customers to fintech platforms

However, there are concerns about the potential compliance processes for fintechs contributing data to the repository

The voluntary nature of data submissions suggests a collaborative approach between regulators and industry players

The repository is expected to have an impact on policy approaches, financial risk management, cybersecurity measures, and overall predictability in the fintech sector

A report by Ernst & Young (EY) highlights the need for non-financial managers to develop financial acumen

The report identifies key areas for managerial finance mastery, including understanding financial terminologies, cost reduction, financial planning, familiarity with financial software, and collaboration with the finance department

Non-finance managers with financial understanding are better positioned to make informed decisions and drive results

The industry is poised for transparency, collaboration, and a redefined approach to financial management, as the repository and focus on financial acumen pave the way for evolution and resilience in the face of emerging challenges