India’s central bank says growing presence of Big Tech in financial services a concern

India’s central bank has identified Big Tech’s push into financial services as a challenge for banks in the South Asian market, saying the growing presence of these firms have prompted concerns about creation of an uneven playing field.
In a report published on Thursday, Reserve Bank of India (RBI) said Big Tech offers a wide range of digital services that hold the promise of supporting financial inclusion, generating lasting efficiency gains, and making banks become more competitive, but their expansion in the financial services sector has given rise to “important policy issues.”
“Specifically, concerns have intensified around a level playing field with banks, operational risk, too-big-to-fail issues, challenges for antitrust rules, cybersecurity and data privacy,” the Indian central bank wrote.
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