The market participants are also driving innovation and many banks are releasing their own APIs and joining forces with the fintech companies to provide better experience to their customers. Moreover, with the launch of Regulatory Sandbox and Reserve Bank Innovation Hub, RBI’s approach has been that of encouragement and guidance. 4/5  BIS central bankers' speeches  19.
At the same time, all stakeholders need to appreciate the fact that while technological innovation is of paramount importance, the customer privacy and data protection are nonnegotiable. We must generate trust amongst the customers that their data is safe and secure in all their financial relationships with regulated entities and for that – innovation and regulation should go hand-in-hand.