New tech has led to increase in fraudulent apps & mis-selling: RBI

The Reserve Bank of India (RBI) warns of increasing fraudulent apps and mis-selling in the fintech sector due to emerging technologies, highlighting challenges in counterparty credit risk assessment and the need for enhanced cybersecurity, data privacy, and customer protection measures. The central bank emphasises the importance of regulatory frameworks to navigate complexities and foster financial innovations while balancing financial stability, competition, and consumer protection in a rapidly digitalizing economy.