RBI Governor releases first report of Center for Advanced Financial Research and Learning (CAFRAL), Fintech can emerge as an alternative to traditional banking
Banking & Finance
A report by CAFRAL said India's fintech sector could emerge as an alternative to traditional banking in the near future, while "quick and efficient" regulation is needed to ensure the growth of digitalization and financial stability. RBI Governor Shaktikanta Das released the "India Finance Report 2023" (IFR 2023), the first major publication of the Center for Advanced Financial Research and Learning (CAFRAL). CAFRAL, a non-profit organization, was established as an independent body in 2011 by the RBI to promote research and learning in banking and finance. The report provides new insights into the non-banking financial sector in India that will inform regulation and policy. This can help all stakeholders, including manufacturers, to gain a better understanding of the sector and a broader appreciation of its unique strengths and opportunities. ​
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