Mumbai, December 12, 2024: The Internet and Mobile Association of India (IAMAI) and its councils, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC), representing participants in India’s payment and fintech systems, warmly welcome Shri Sanjay Malhotra’s appointment as the 26th Governor of the Reserve Bank of India. The fintech ecosystem is confident that under his able guidance, it will continue to make significant strides. With over three decades of experience across diverse sectors—including finance, power, information technology, and taxation—his contributions to the nation are well recognized.
We would also like to extend our gratitude to the outgoing Governor, Shri Shaktikanta Das, for his steadfast support in fostering the growth of the fintech industry and positioning India’s digital ecosystem as a global leader. His tenure has been marked by technological adoption and a commitment to sustaining the Indian economy during critical times like covid.
Since Shri Shaktikanta Das assumed office in December 2018, India has witnessed remarkable growth in monthly UPI transactions—from 52.4 crore transactions valued at INR 82,232 crore to a much larger scale over six years. Notable innovations during this period include UPI123Pay, NFC-based offline payment modules, UPI Lite X, and the early pilot of Central Bank Digital Currency (CBDC), along with the Unified Lending Platform (ULI).
Shri Das has played a pivotal role in establishing the Global Fintech Fest (GFF), an event promoted by PCI, NPCI and FCC as a premier global event under the patronage of RBI. His guidance and support have been instrumental in positioning GFF as one of the largest fintech festivals worldwide, where leading minds in the fintech industry converge to share innovative ideas.
His commitment to collaborative efforts for formulating effective policies reflects his openness to industry feedback. We express our gratitude for the opportunities he has provided to the industry via the Payments Council of India (PCI) and the Fintech Council of India (FCC), allowing industry representatives to present their ideas to make the Indian fintech ecosystem robust.
Mr. Vishwas Patel, Chairman of the Payments Council of India (PCI) and Joint Managing Director of Infibeam Avenues said “I congratulate Governor Sanjay Malhotra on his new role. The industry eagerly anticipates his vision for the sector and is confident that the digital payments ecosystem will thrive under his guidance. We are also thankful to former Governor Shaktikanta Das for his contributions that have made India’s fintech landscape one of the best globally.”
Mr. Harshvardhan Lunia, Chairman of the Fintech Convergence Council (FCC) and Founder & Managing Director of Lendingkart, said, “We welcome the newly appointed Governor Shri Sanjay Malhotra and are assured that he will lead us in enhancing the global fintech ecosystem. We remain committed to building a customer-centric and resilient fintech environment. I would also like to express my heartfelt gratitude to former Shri Shaktikanta Das for guiding innovation within the fintech industry.”
About Internet and Mobile Association of India
The Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body with 583 members, including Indian and multinational corporations, as well as start-ups. IAMAI has been instrumental in shaping India’s digital economy. IAMAI advocates free and fair competition, and progressive and enabling laws for businesses as well as for consumers. The overarching objective of IAMAI is to ensure the progress of the internet and the digital economy. Its major areas of activities are public policy and advocacy, business to business conferences, research, promotion of start-ups and promotion of consumer trust and safety.
About Payments Council of India (PCI)
Payments Council of India was formed in 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia for the purposes of representing over 170 members across the various regulated non- banking payment industry players, to address and help resolve various industry level issues and barriers which require discussion and action. The council works with all its members to promote payments industry growth and to support our national goal of ‘Cash to Less Cash Society’ and ‘Growth of Financial Inclusion’ which is also the Vision Shared by the RBI and Government of India. PCI works closely with the regulators i.e. Reserve Bank of India (RBI), Finance Ministry and any similar government, departments, bodies or Institution to make ‘India a less cash society’.
Payments Council of India – https://paymentscouncil.in/
About Fintech Convergence Council (FCC)
Fintech Convergence Council (FCC) was established in 2018 with the objective of representing the perspectives of regulated financial service providers and fintech companies on a range of issues. Currently, FCC has a membership of over 180 companies from diverse domains within the industry, including digital lending and segments such as, MSME, Consumer loans, Asset-Backed lending and Cards, wealth management, Insurance, Digital Financial Service Providers, Regtech, and Bureaus. The primary focus of the council is to address the sector-specific challenges faced by the industry and to serve as a platform for all stakeholders within the financial services (BFSI) ecosystem, fostering discussion on important issues, incorporating diverse perspectives, and promoting the growth of the fintech sector.
FCC has played a leading role in advocating for public policies pertaining to the domains and has actively produced thought leadership content.
Fintech Convergence Council – https://www.fintechcouncil.in/
