The Reserve Bank of India (RBI) on Monday said the traditional banks needed to evolve into new-age digital banks to remain operational as financial technology (FinTech) lending companies were emerging fast as alternative source for the micro-small medium enterprises (MSMEs). "The age of FinTech is here and for the incumbent banks there is no time to lose.
The banks that do not quickly convert into a new-age digital bank run the risk of becoming history," RBI Deputy Governor S.S. Mundra said. He was addressing the inaugural NAMCABS (National Mission for Capacity Building of Bankers for financing MSME Sector) seminar organised by College of Agricultural Banking here.
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The Reserve Bank of India (RBI) on Monday said the traditional banks needed to evolve into new-age digital banks to remain operational as financial technology (FinTech) lending companies were emerging fast as alternative source for the micro-small medium enterprises (MSMEs). "The age of FinTech is here and for the incumbent banks there is no time to lose. 
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