MUMBAI, India, Sept. 9 -- Reserve Bank of India issued the following speech:

Distinguished guests, colleagues from across the fintech ecosystem, representatives of regulatory and international bodies, ladies and gentlemen. It gives me great pleasure to be here at the Global Fintech Festival.

2. This Festival has, over the years, become a fertile ground for ideas at the intersection of finance and technology. It brings together those who build, those who use, and those who shape the frameworks in which innovation takes place. That makes it an especially appropriate forum to reflect not only on where technology is taking finance, but also on the choices we make along the way.

3. Every major technological wave has expanded the range of what...