The former Deputy Governor of Reserve Bank of India (RBI) R Gandhi, while giving a key note address at the Digital Payments Conference organised by the Indian Banks' Association, said that fintech companies are going to be real competition in the payments segment. He stated, "Fintech companies are making inroads in the Banking segments and there is going to be a real competition in the payments section." Fintech is disrupting the financial system and there are only two options out. One banking can expand in this segment or they can cooperate with the fintech companies, he said on the competition between the fintech companies and banks at the annual conference.