Positive impactEconomy
Credit, savings, insurance next frontiers in financial services: RBI DG
Economic Times 1 hr ago·11 Sept 2026, 12:13 pm
RBI Deputy Governor Shirish Chandra Murmu has emphasized that the next major growth area for India's financial sector lies in extending digital success to credit and insurance. He highlighted the need to use technology to increase formal credit access for underserved borrowers. However, Murmu also stressed that while algorithms are useful, they should not replace human accountability. Regulated entities remain fully responsible for the financial decisions made under their names.
This policy stance is significant for investors as it signals a balanced approach to financial inclusion. It suggests that while the sector is poised for growth through digital innovation, the regulatory environment will continue to prioritize consumer protection and responsible lending. This could lead to a more stable market environment as new products are introduced.
Investors should watch for upcoming policy guidelines and the rollout of new digital lending and insurance products. The focus on human accountability may also lead to stricter compliance requirements for banks and NBFCs, which could impact their operational costs. Monitoring these developments will be key to understanding the sector's future trajectory.
Excerpt from Economic Times
RBI deputy governor Shirish Chandra Murmu highlighted extending digital payment success to credit and insurance. Technology must expand formal credit access for underserved borrowers, he stated. Algorithms should not replace human accountability for financial decisions made by lenders. Regulated entities remain…Read the original at Economic Times
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- Category: Economy.
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