Mumbai, Jan. 13 -- Highlighting the rapid transformation of the financial ecosystem driven by digitalisation, the Reserve Bank of India (RBI) Deputy Governor (DG) Shirish Chandra Murmu said regulators must adopt agile, forward-looking, and risk-based approaches to safeguard financial stability while enabling innovation.

The RBI DG addressing the 3rd Annual Global Conference of the College of Supervisors, Reserve Bank of India said the digitalisation is also blurring traditional regulatory boundaries.

"Many of the financial activities are now being unbundled and delivered through non-financial platforms and arrangements involving both regulated and un-regulated entities, that do not fit neatly within the existing regulatory scope of RBI....