India's central bank warned on Friday that the growing presence of technology giants in the country's digital financial services and payment system could pose a risk to financial stability.

In its semi-annual financial stability report, the Reserve Bank of India expressed concern about so-called "large technology companies", saying they could become leading players in financial services, which could make them "too big to fail".

"specifically, concerns about fair competition with banks, operational risks, too big to fail, challenges to antitrust rules, cyber security and data privacy have intensified," the bank said in its report. "

Although the report does not specify which companies, India has attracted great interest from deep-pocketed global technology companies in recent years. AmazonAnd GoogleCompanies such as parent company Alphabet have invested billions in building payment ecosystems, connecting the retail networks of thousands of couple stores, selling insurance and mutual funds on their apps and eroding banks' digital market share.

Digital payments have grown to record levels, and as the epidemic has prompted people to turn online, Wal-MartSupported Phonepe and Google Pay gained the largest share of the retail market.