In 2017, the Reserve Bank of India (RBI) closely watched the fintech industry and came out with guidelines for e-wallet companies and peer-to-peer (P2P) lending platforms. This looks like it is just the beginning of regulatory tightening for fintech industry. Here is a look at what you can expect this year.
Earlier, there was a clear distinction among fintech companies such as a payment companies, lending platforms and loan aggregators. In 2017 that changed completely. Blame it on lower margins for payment transactions, a stronger government payment mechanism or increased focus on providing credit and financial instruments to under-penetrated segment; but the fintech companies are now turning into financial supermarkets, which calls for more regulation.