RBI Introduces ‘Finquiry’ Portal to Streamline Fintech-Regulator Communication

The Reserve Bank of India launched ‘Finquiry,’ a platform enabling fintech companies to directly communicate with the regulator. This initiative aims to streamline regulatory compliance, address industry concerns, and foster innovation by providing a clear channel for inquiries and feedback.Fintech

The Reserve Bank of India (RBI) has unveiled a groundbreaking initiative named ‘Finquiry’ to facilitate direct engagement between fintech companies and the central bank. This innovative platform aims to streamline communication, address regulatory concerns, and promote transparency within the burgeoning fintech sector.

‘Finquiry’ is designed as a one-stop portal where fintech firms can submit inquiries, seek clarifications, and provide feedback on regulatory frameworks. This direct channel is expected to reduce the complexities involved in navigating regulatory landscapes and foster a collaborative environment between fintech innovators and the regulator.

The launch of ‘Finquiry’ marks a significant step towards enhancing the regulatory ecosystem for fintech companies, which have often faced challenges in understanding and complying with the dynamic regulatory requirements. By enabling direct communication, the RBI aims to address these challenges more effectively and promptly.

Governor Shaktikanta Das emphasized the importance of this initiative, stating, “The fintech sector is a vital component of our financial ecosystem. ‘Finquiry’ will ensure that fintech firms have a clear and direct line of communication with the RBI, facilitating better regulatory compliance and innovation.”

The portal is expected to cover a wide range of topics, including licensing requirements, regulatory guidelines, compliance issues, and emerging trends in the fintech landscape. It will also serve as a repository of frequently asked questions and responses, providing fintech companies with a valuable resource for navigating regulatory complexities.

Industry experts have welcomed the initiative, highlighting that it will not only enhance regulatory clarity but also promote innovation by reducing the time and effort required to address regulatory queries. The ‘Finquiry’ platform is seen as a testament to the RBI’s commitment to fostering a supportive and transparent regulatory environment for fintech companies.