MUMBAI: RBI deputy governor T Rabi Sankar said that fintech self-regulatory organisations should work to remove inefficiencies in the system, particularly in cross-border payments, and bring about the same efficiencies as domestic payments.
Charting the roadmap for SROs, the first of which was registered on Wednesday, Sankar said that they should prepare the sector to demonstrate the same level of responsibility as traditional banks and finance companies as the sector matures.SROs have also been asked to ensure fair pricing and check the practice of ‘dark patterns’ – deceptive tactics in software to manipulate users into making unintended decisions.
Speaking at the Global Fintech Fest here, Sankar said that the ‘India model of digitization’ was to create digital public infrastructure in the public sector and allow for innovation and product creation in the private sector to make it widely available.
P Vasudevan, executive director of RBI, said that UPI was being internationalized so that the same app could be used in different countries. “We are trying to make our SFMS (structured financial messaging system) global. The volume that SWIFT processes for cross-border transactions is much lower than that of SFMS. We are also considering making our INFINET (Indian Financial Network) available for others,” said Vasudevan. “So it will ultimately be a technology stack that we are trying to offer. We will be very happy to ring-fence ourselves from whatever happens elsewhere, when we have this tech available,” said Vasudevan. He added that the intention was to hold the GFF in other countries in future.