"Over the last few years, millions in India have started using digital payments, making mobile banking the preferred mode of conducting transactions. The increased adoption of the cashless mode accelerates the pace at which processes, controls, and risk management practices must be enhanced for the smooth functioning of fintech companies and the broader financial ecosystem in India. The regulatory framework for fintech companies in India is primarily governed by the Reserve Bank of India (‘RBI’), the Securities and Exchange Board of India (‘SEBI’), and the Insurance Regulatory and Development Authority of India (‘IRDAI’). The RBI has issued guidelines and regulations to address various aspects of fintech activities such as digital payments, peer-to-peer lending, and online marketplace lending. In addition to the RBI, SEBI and IRDAI also play a role in regulating fintech activities."