(a) Public sector banks which are governed by statutes with close involvement of Government though regulated by RBI. (b) Foreign banks, which are registered as branches and private banks incorporated under Companies Act and regulated by RBI. (c)Urban Cooperative banks, both scheduled and non-scheduled, which are under dual regulation of RBI and the State Governments/Central Government.
This demonstrates the need for scalability of systems and platforms in such a way that it can be easily scaled up, not ‘incremental scalability, but ‘exponential scalability’. 12. India is on the way to becoming Asia’s top financial technology (FinTech) hub with 87 per cent FinTech adoption rate as against the global average of 64 per cent.