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The God delusion

What happens when regulators decide to play God

Wallets, payments banks and a cautionary tale from India’s fintech ecosystem

24/05/18

Mandar Kagade

India’s Reserve Bank, borrowing from a Committee of experts, believed the PPI model presented a “contagion risk”

It floated payments banks as an alternative, but both wallets and payments banks are now floundering

Sectoral regulators like the RBI lack understanding of competition and innovation dynamics

It’s important that Parliament hold the RBI accountable

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India may be one of the world’s most active fintech markets, with EY’s Fintech Adoption Index 2017 even rating India as the nation with the second highest rate of fintech adoption. But behind the arc lights, there’s a bottomless void filled with many players. In March, mobile wallets saw their value of transactions plummet 23%…

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