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RBI sets up fintech dept to promote innovation

To give further impetus to innovation in the fintech sector, the Reserve Bank of India has set up an internal fintech department.
RBI stated in a circular that the fintech department was created on January 4, 2022. “With a view to giving further focus to the area and innovation in the fintech sector in keeping pace with the dynamically changing landscape, it was decided to set up a fintech department in the bank,” the circular stated.
The new department will not only promote innovation in the sector but also identify the challenges and opportunities associated with it and address them in a timely manner.
“The department will also provide a framework for further research on the subject that can aid policy interventions by the bank. Accordingly, all matters related to the facilitation of constructive innovations and incubations in the fintech sector, which may have wider implications for the financial sector/markets and falling under the purview of the bank, will be dealt with the fintech department. All matters related to inter-regulatory coordination and internal coordination on fintech shall also be dealt with by the department,” reads the circular.

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