Financial Awareness - Risk, Stability & Emerging Finance
Which of the following is a key regulatory challenge posed by the rapid growth of fintech and digital payment platforms in India?
Which of the following is a key regulatory challenge posed by the rapid growth of fintech and digital payment platforms in India?
medium Q14 of 15
Step-by-Step Solution
Step 1: Understand fintech impact on regulation
Rapid fintech growth introduces new risks like cybersecurity threats and data privacy concerns.Step 2: Evaluate options
Ensuring cybersecurity and data privacy is a major regulatory challenge. Fixing interest rates is RBI's monetary policy function but not directly linked to fintech. Agricultural credit regulation is under government and RBI but unrelated to fintech. Capital adequacy norms are banking regulations but not specific to fintech challenges.Final Answer:
Ensuring cybersecurity and data privacy → Option DQuick Check:
Fintech regulatory challenge = cybersecurity and data privacy ✅
Quick Trick: Link fintech growth with cybersecurity concerns.
Common Mistakes:
- Confusing fintech challenges with general banking regulations.
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