Mumbai, Sept. 9 -- FinTech companies are helping bridge India's MSME credit gap by extending formal, collateral-like credit to millions of small businesses that have historically remained outside traditional underwriting systems, RBI Governor Sanjay Malhotra said.

"This is credit for reaching the last mile of entrepreneurs, offering jobs and livelihoods across the country," Malhotra said while addressing the inaugural session of the 7th Global Fintech Festival.

He said the Reserve Bank has consistently viewed FinTech as a valuable partner in building the financial system of the future, with technology transforming access to banking, payments and credit over the past decade, reported Businessline.

FinTech Driving Financial Inclusion

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