RBI examining entry of Big Techs from regulatory implications

NEW DELHI: Reserve Bank of India (RBI) Deputy Governor M Rajeshwar Rao has said that the entry of big techs into the financial sector space is a global phenomenon, engaging the attention of Reserve banks around the world.

He said the central bank is examining whether deposit acceptance by Google and Amazon is within the prescribed laws and regulations, at a time when concerns about big tech firms' play in the financial space are at a heightened level. Both Google Pay and Amazon have announced partnerships with lenders to accept deposits in the country through their mobile phone apps. "We are examining the issue regarding the regulatory implications, having regard to the applicable laws and the regulations that are prescribed for the thing. So, we are examining it."

He added that the entry of big techs into the financial sector space is a global phenomenon which is engaging the attention of central banks around the world as well. In its last financial stability report in June this year, the Reserve Bank of India (RBI) had warned against allowing big tech firms into financial services.

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