Big Tech's push into India's financial sector raises concerns, says central bank

FILE PHOTO: The Reserve Bank of India seal is pictured on a gate outside the RBI headquarters in Mumbai, India, February 2, 2016. REUTERS/Danish Siddiqui/File Photo

MUMBAI (Reuters) - Plans by Big Tech to foray further into India's financial sector pose risks for traditional banks as the tech firms have the potential to become dominant players in financial services, the central bank said.

The plans will also create governance-related challenges for regulators, the Reserve Bank of India (RBI) wrote in its bi-annual financial stability report on Thursday.