RegTech Adoption for Sustainable Development in India: Challenges and Opportunities in Banking Sector

Abstract

Background: The Indian banking sector is facing increasing regulatory demands along with the need to meet sustainability goals, so RegTech adoption has been crucial in bridging the gap between financial operations and sustainability.

Purpose: The purpose of this paper is to explore how RegTech has been a pivot in the technology layer of the Indian banking sector and what are the prospects and challenges for future growth.

Method: This research adopts a qualitative and literature-based methodology. This paper is based on secondary data, in which the existing literature and reports, along with various policy documents, are referred to for understanding the concept of RegTech in the banking sector.

Results: Results highlight the importance of the RegTech in the Indian banking system in bridging financial operations and sustainability goals, strengthening regulatory compliance, and positioning itself better in an international arena.

Conclusion: RegTech opens a new chapter in the financial industry, helping to make compliance with increasingly stringent regulatory requirements more efficient and for banks, adopting RegTech is not just a matter of regulatory compliance; it is a strategic imperative that will define the future of financial operations in an increasingly digital and sustainability-driven world.

  • Page Number : 49–58

  • Published Date : 2023-04-10

  • Keywords
    RegTech, Benefits, Challenges, Banking sector, Adoption, Sustainability

  • DOI Number
    10.15415/jtmge/2023.141006

  • Authors
    Tanisha Vaishnav

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