LEGAL ASPECTS OF FINTECH IN INDIA

By offering services like electronic payment, mobile banking, etc. FinTech has completely changed the financial landscape in the country. This paper discusses the regulatory structure that regulates FinTech. It includes the functions of regulatory bodies like RBI, SEBA, and IRDAI, and refers to the major statutes governing this sector like the PSS Act, IT Act, PMLA, and DPDP Act. The paper also addresses the key areas that have remained problematic, namely cyber security issues, safeguarding of personal information, keeping up with regulations, and financial inclusiveness issues. A well-designed regulatory environment paired with continued innovations are fundamental if India has to keep up with world standards and make sustainable use of FinTech.