The rapid growth of Fintech in India, Ajay Choudhary added is also a resonance of the accelerated digitization with the emergence of technologies like AI, cloud computing, big data, ML, etc.

"RBI is also working on phased implementation of a Central Bank Digital Currency in both wholesale and retail segment, stated Ajay Kumar Choudhary, Executive Director, RBI.

Ajay Kumar Choudhary, Executive Director, RBI said that with the announcement of Central Bank Digital Currency (CBDC) in the Union Budget, necessary amendment to the relevant section of the RBI Act 1934 had been made enabling RBI to conduct pilot and subsequent issuance of CBDC.

"RBI is also working on phased implementation of a Central Bank Digital Currency in both wholesale and retail segment," he added.

Addressing the 'PICUP Fintech Conference & Awards', organized by FICCI, jointly with IBA, Choudhary said that the Indian Fintech market currently stands as a third largest Fintech ecosystem in the world, just behind US and China.

"In next five years, the Indian fintech sector is expected to grow with a cumulative annual growth rate of around 22 per cent. Today, the world is looking up to India, as we continue to innovate and lead the way seamlessly imbibing the new age technology without compromising on the safety and security aspects," he added.

The rapid growth of Fintech in India, Ajay Choudhary added is also a resonance of the accelerated digitization with the emergence of technologies like AI, cloud computing, big data, ML, etc. This is coupled with the demographic dividend, easier access to mobile, higher internet speed and bandwidth and reduced cost of technological products, he noted. "Fintech sector in India is nudged by the government, fostered by the regulators, acknowledged by the industry and accepted by the people. Fintech growth in India has been huge with a very high adoption rate as compared with other jurisdictions," he added.

Speaking on the opportunities in the fintech sector, Choudhary said that the sector will continue to have responsible innovations which will transform the financial landscape of the country. The growth does not have to be only swift but a sustainable growth and inclusive of all, he asserted.