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RBI concerned with big tech’s involvement in financial services

The RBI raised three primary concerns about big tech companies including the latter's potential to become dominant players in the financial services sector.  In its biannual Financial Stability Report released yesterday, the Reserve Bank of India (RBI) has raised concerns around the involvement of big tech companies in financial services. While acknowledging that Big Tech offers a range of digital services with a substantial footprint in payments, banking, asset management crowdfunding, and insurance of advanced and emerging market economies, and also "the promise of supporting financial inclusion and generating lasting efficiency gains", these companies also raise important policy issues like privacy, cybersecurity, maintaining a level playing field with banks, operational risks, the challenge to anti-trust rules, and too-big-to-fail issues, the RBI said in its report. The concerns Specifically, the report pointed out, there are at least three challenges from Big…

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I cover health technology for MediaNama but, really, love all things tech policy. Always willing to chat with a reader! Reach me at anushka@medianama.com

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