Red Envelope: India's Regulatory Landscape, a deep dive

Can regulatory policies make or break an innovation ecosystem?
And how equipped are the research capabilities of regulators in
large economies, to make some of those policies? Fintech has been
a field where regulators have had a major effect on growth and
maturity of innovative business models.


In this episode of Red envelope, Nidhi Prabhu from Mumbai, joins
Arun Krishnakumar and Theodora Lau. Nidhi started her career in
the academia, moved into India's Central Bank (RBI), and then
into Medici's research. In a career that spans across academia,
policy making, research and Fintech innovation, she has seen
policies make or break business models in India.


Fintech startups have matured from novelty to niche and moved
toward becoming considerable contenders by entering the
mainstream in every major market around the world. Emerging
markets, like China and India, have led the way as companies such
as Alibaba, Tencent, and Paytm are flourishing.


Various initiatives have been undertaken by the government and
regulators to create a favorable environment for fintech
innovation as the country continues to push for progress.
According to Nidhi Prabhu, however, more proactive regulatory
policies will still be needed by the RBI, for example, to provide
guidance and enforce the true spirit behind open banking.


Unlike Singapore with a single regulator, the MAS (Monetary
Authority of Singapore), there are several regulatory bodies at
play in India, including the Reserve Bank of India (RBI),
Securities and Exchanges Board of India (SEBI), Insurance
Regulatory and Development Agency (IRDA) and Provident Fund
Regulatory and Development Agency (PFRDA). Challenges of this
multi-regulator environment notwithstanding, India is fast
becoming an essential hub for international banks.


Listen in for first hand insights from Nidhi on regulatory
policies and innovation.


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