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The Reserve Bank of India (RBI) set up an internal “FinTech department” for focusing on the dynamically changing financial landscape in India.
When was this department set up?
What is the purpose of this department?
FinTech department was created for following purposes:
Framework for research
The FinTech department will also provide a framework to conduct further research on subject that can aid the policy interventions by the Bank. Thus, the department will deal with all the matters related to facilitation of constructive innovations & incubations in fintech sector, which are having a wider implication for financial sector or markets and which falls under the purview of the Bank. It will also deal with matters related to inter-regulatory coordination and internal coordination on fintech.
Establishment of FinTech Unit
RBI had set up a FinTech Unit in the Department of Regulation after June 2018 to act as a central point of contact in bank for all activities associated to fintech.
Upgradation of FinTech Unit
Now, RBI had upgraded the “FinTech Unit” into a “FinTech department” with the aim of promoting innovation in the sector, identifying the challenges and opportunities related with it as well as addressing them in a time bound manner.
By: Brijesh Kumar ProfileResourcesReport error
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