Abstract

Fintech refers to businesses that enhance or automate financial services and operations through the use of technology. The words "finance" and "technology" are combined. The expression alludes to a swiftly developing industry that offers numerous advantages to both businesses and consumers. Fintech has a wide range of uses, including bitcoin, investing, insurance, and mobile banking apps. Currently, a wide range of industries and professions are referred to as "fintech," including nonprofit fundraising, retail banking, investment management, and education. Modern fintech is primarily driven by AI, big data, and blockchain technology, which have profoundly altered how organizations move, store, and protect the digital currency. FinTech's introduction of crowdfunding platforms has enhanced consumer interactions. It makes it possible for small businesses, entrepreneurs, charities, and artists to raise money without the aid of traditional investors. Social transformation is a key goal shared by many Fintech companies, particularly those operating in poor nations. Government support has been crucial in providing both necessary enabling support and regulation. Numerous government initiatives have fueled the growth of the Fintech industry in India, whether they be broadband infrastructure to promote internet access in rural areas or digital literacy and financial programs. The primary regulator of the fintech sector is the RBI, which is responsible for regulating payments and settlement procedures in India. The RBI is in charge of regulating international and foreign exchange transactions. In addition, the RBI regulates banks, NBFCs, and other financial participants in the ecosystem, including credit reporting agencies. ("CICS"). Given the nature of fintech offerings, additional regulators including SEBI, IRDA, the Ministry of Electronics and Information Technology ("Meity"), and the Ministry of Finance may also be pertinent.

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