Shaktikanta Das, Governor of the Reserve Bank of India (RBI), stated on Thursday that the central bank's stance on cryptocurrency remained unaltered.
"Going down that road will put you in grave danger." "I don't think the world or emerging markets can take cryptomania like Tulipmania," the RBI Governor remarked at the Mint's BFSI Summit and Awards 2024.
Das praised private enterprises for their contributions to making India a world leader in the UPI Payment system, saying, "The success of UPI owes a lot to the private sector payment players." The business sector has played a significant influence. UPI is possibly the best in the world and should be a global leader."
Shatikanata Das, speaking about digital lending standards, stated that they have been warmly received and that "the fintech sector is growing and will grow, but it needs to grow sustainably, and that is our emphasis."
With the recent rise in fraudulent lending apps, the RBI governor noted that the central bank is collaborating with the government and relevant ministries to create effective safeguards against suspicious applications.
The RBI governor also commended the Indian financial system, saying it had emerged stronger from recent extraordinary challenges.
"The entire banking sector in India has emerged stronger from the unprecedented challenges of recent years. My short answer to this question is that it is the result of all of the hard work done by various stakeholders in the system," Das said at the Mint BFSI Summit.
