Mumbai, Sept. 7 -- The hall at Jio Convention Centre in Mumbai was packed to the brim on the morning of 20 September 2022. It was the third edition of the Global Fintech Fest, an event that brought together hundreds of financial technology companies (fintechs), banks, non-bank financiers, and regulators.

Shaktikanta Das, the former Reserve Bank of India (RBI) governor, took the stage to address the gathering. Just weeks ago, the banking regulator had released tighter norms for digital lenders following complaints that lending apps were charging usurious interest rates, pursuing aggressive recovery practices, and committing fraud and breach of data privacy.

The air at the event was heavy with anticipation-would Das bring some joy to dist...