GFF 2025: KV Kamath says India’s regulatory framework is ahead of the curve

India’s regulatory framework is ahead of most regulators and is pivotal for building India’s digital and financial momentum, said KV Kamath, independent director and non-executive chairman of Jio Financial Services, on Thursday.

Kamath was speaking at a fireside conversation titled ‘Reimagining Finance in the Age of Scale, Speed, and Intelligence,’ at the Global Fintech Fest (GFF) 2025, held at the Jio World Centre, Mumbai. The session was moderated by Balasubramian K, Banking Head, Citi.

“Regulators have a very interesting job because they need to balance driving innovation, protecting customers and the financial stability of the country. The Reserve Bank of India (RBI) has been a very proactive regulator. They have developed a free AI which is basically a framework for responsible and ethical enablement of AI as a foundation for AI adoption,” he added.

On the role of foreign capital, Kamath averred that India was never great at attracting foreign capital, but still witnessed growth, even when the going was tough. According to Kamath, the role played by foreign capital will be that of a supporting pillar, rather than a foundation. "It will come in through three ways. First, through the capital markets as investment; the second is through FDI and finally through long-term funding in foreign currencies," he said.

Speaking on the adoption of technology and artificial intelligence, Kamath said India’s timing gives it a unique advantage. “Sometimes being late to the party is good because you are able to build things at a fraction of the cost as compared to being an early entrant. India has been a little late in the journey, but the good thing is that we can learn from the experiences and pitfalls that other countries have encountered as they navigated the AI journey.”

Speaking about India’s economic prospects, Kamath said, “The runway exists, the people exist, the opportunities exist. India’s target of a $25 trillion GDP by 2047 is easily achievable. We have a clear 25-year runway ahead of us, and technology will be the great enabler of this journey.”

Earlier, Prime Minister Narendra Modi stated that India's approach to fintech innovation must remain people-centric, ensuring that new technologies are developed to enhance lives, rather than complicate them.