The Reserve Bank said it is not interested in penalizing operators or stifling innovation but wants them to follow the rules of the game.
Addressing the third edition of the global fintech summit in Mumbai on Tuesday, RBI governor Shaktikanta Das said the intention of the central bank is not to penalize or stifle anyone but to ensure that everyone follows traffic rules. He said, while innovations are “very much welcome,” they should be responsible and benefit consumers.
The statement assumes importance in the wake of the recent incidences wherein a few people who borrowed through these apps have been forced to commit suicide and the last week's incidence of a young pregnant woman being mowed down by the recovery agents of Mahindra Finance which financed her father's tractor in Bihar. (AIR NEWS)