Page 305 - IMDR JOURNAL 2023-24

IMDR’s Journal of Management Development & Research 2023-24

Disruption, Innovation, and Regulatory Implications of FinTech Revolution in Bharat

Riddhi Mahamuni*

*Student, Department of Management, Institute of management Development and
Research, Pune, Maharashtra, India (E-mail: riddhimahamuni01@gmail.com)

Abstract

The FinTech revolution has disrupted the traditional banking industry, creating new

opportunities for innovation and growth and has the potential to drive positive social and
environmental impact in the banking industry, contributing to the achievement of

sustainability goals globally. This paper provides a comprehensive analysis of the FinTech
revolution in India, focusing on its disruptive nature, innovative advancements, and regulatory

implications. By examining key drivers, emerging trends, and inherent challenges, it sheds
light on India’s evolving FinTech ecosystem and its potential socio-economic impact. The

paper explores the technological disruption with FinTech towards “Vikshit Bharat”,

regulatory framework governing FinTech activities, highlighting the roles of regulatory
authorities such as the Reserve Bank of India (RBI) and Securities and Exchange Board of

India (SEBI) in fostering innovation while ensuring consumer protection, data privacy, and

financial stability. Examining the disruption caused by FinTech players, the paper analyses
how they have challenged legacy institutions by offering faster, cheaper, and more accessible

financial products and services. This section will explore advancements in digital payments,
wealth management, lending, and Insurtech, highlighting the benefits and challenges posed by

these innovative solutions. Through this analysis, the paper aims to provide insights into the
transformative journey of FinTech in India and its potential to reshape the country’s economy

and society.

Keywords: FinTech; Disruption; Innovation; Regulation; Financial Inclusion; Digital
Payments, Wealth Management, Lending, Insurtech

Introduction:
FinTech refers to the introduction of technology into the financial sector as a result of the

development of digital technology. India has emerged as the fastest growing FinTech market
and the third largest FinTech ecosystem in the world.

In recent years, the innovation of FinTech in India has been nothing short of transformative,
revolutionizing the way financial services are accessed, delivered, and managed across the

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