RBI set up a separate department for “FinTech”

Reserve Bank of India has set up a separate internal department for fintech (Financial technology). The new department has been created with effect from January 04, 2022, by subsuming the FinTech Division of Department of Payment and Settlement Systems, Central Office (DPSS, CO).

The Reserve Bank of India (RBI) has set up a FinTech Department to promote innovation and help in identifying and addressing the challenges and opportunities associated with it in a timely manner. While the central bank has not made a formal announcement in this regard yet, it acknowledged its presence in an internal circular accessed by the media.  Ajay Kumar Choudhary, who was recently promoted as the Executive Director of RBI was appointed as head of the department.