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As of October 2022, there were approximately 33 crore active users of mobile banking services and approximately 7.5 crore active users of internet banking services. The revolution in data storage and processing capabilities has enabled non-banks to offer financial services such as peer-to-peer (P2P) lending, crowdfunding, alternative credit scoring, open banking etc. In the area of payments, the transformation has been particularly striking, with 247365 RTGS/NEFT, UPI, digital pre-paid instruments, QR Scan & Pay, Bharat Bill Payment System (BBPS), AePS ushering in a new era of digital payments.
[See the full post at: On Fintech & Regulation-Speech by T. Rabi Sankar, Dy Governor RBI (21/12/2022)]
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