Fintech firms must stick to what their licences permit: Das

RBI governor's remarks assume significance in light of the June 20 letter to some prepaid payment instrument (PPI) issuers barring them from loading PPIs with credit lines

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ENTITIES ENGAGED IN the financial sector must stick to what they have been licensed to do and venturing into businesses beyond that will entail seeking the relevant licences, Reserve Bank of India (RBI) governor Shaktikanta Das said on Friday.

"Our responsibility is to maintain financial stability. The firms should operate under the licences granted to them. If they are doing anything beyond that, then they should seek our permission. Without permission, if they are engaging in activities for which they have no licence, it is not acceptable," Das said on the sidelines of a banking conclave organized by Bank of Baroda (BOB).