India's central bank has identified Big Tech's financial services push as a challenge for banks in South Asian markets. It said the growing presence of these companies raised concerns about the uneven construction of playing fields.
In a report released Thursday, the SLOTXO Reserve Bank of India (RBI) said that Big Tech offers a wide range of digital services that pledged to support financial services integration. Sustainable efficiency and make the bank more competitive but their expansion in The financial services sector "Key Policy Issues"
Especially Concerns have escalated about the level of competition with banks. operational risk Problems too big to fail Challenges for Antitrust Rules cyber security and data privacy,” the Reserve Bank of India said.tech giants “Walking across business lines Many (non-financial) regulators with vague,
sometimes unclear governance structures” and have the potential to become “The dominant player” in financial services. It is written by the central bank which also controls the financial markets in India. “Thirdly, Big Tech [companies] can generally overcome the limitations of scaling up financial services by taking advantage of the network effect