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Synopsis
RBI stuck to its policy of hyperactive regulation for the fintech sector in 2022. Secondly, its “territorial posture” was also visible. Fintechs scaled to own a significant fraction of payment flows intermediated through UPI. But it is not linear that UPI without the fintechs would scale to billions of transactions in value as it has now.
Come senators, congressmen Please heed the call Don’t stand in the doorway Don’t block up the hall For he that gets hurt Will be he who has stalled – Bob Dylan (The Times They Are A-Changin’) As we take baby steps into 2023, it is a great time to reflect on the year gone by (typically punctuated with sips of your favourite poison). 2022 was a bruising year for Indian fintech to say the least, with global central banks raising the cost of
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