This highlighted the need for the fintech industry to focus on governance, business conduct, regulatory compliance, and risk mitigation to ensure that customers were protected even as their needs were met. This included a wave of complaints regarding usurious interest rates, unethical recovery practises, and data privacy issues.

He claimed that strong internal frameworks for ensuring the quality of products and services, along with fair and open governance, would go a long way toward protecting customers' interests and ensuring the long-term viability of the fintech organisations themselves.

India's digital lending market has expanded swiftly, enabling $2.2 billion in digital loans in 2021–2022 as startups draw foreign investment and compete with traditional banks for customers.

Source: The Hindu