An Overview of the Evolution of the Regulatory Environment of FinTech Industry in India

Abstract

This review article deals with the evolution and current scenario of the constantly evolving
FinTech companies, with special reference to the Indian financial sector. With the government
emphasizing on digitalization in transactions for high-speed business processes, it becomes
imperative that financial transactions be stimulated not only by traditional organizations like
banks, but also non-banking financial entities. Although this will demand greater surveillance
and regulation by government agencies, but it will also help reduce bottlenecks created by
large number of transactions being done simultaneously across India. We therefore try to
explore the types of FinTech companies presently operating in India and understand how they
are regulated.