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Partnership between banks and fintechs a win-win proposition: ex-RBI deputy governor

Economic Times · 9m

Former RBI deputy governor S S Mundra believes that collaboration between banks and fintech companies is beneficial for both parties. However, he cautions against outsourcing core activities and emphasizes the importance of data security and privacy. Mundra draws an analogy between this partnership and the symbiotic relationship between a crocodile and a plover bird. He also highlights the challenges of innovation and inclusion in the banking sector, stressing the need for an integrated network to leverage data and promote inclusion. Additionally, he emphasizes the importance of proactive risk management and expresses skepticism about the widespread adoption of digital currency.