Reserve Bank of India has established a fintech department to focus on the growing sector ‘dynamically’

Reserve Bank of India has established a fintech department to focus on the growing sector 'dynamically'

“With a view to give further focus to the area and facilitate innovation in the fintech sector in keeping pace with the dynamically changing financial landscape, it was decided to set up a fintech department in the Bank,” states the internal circular, which has been accessed by media publications. 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 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 circular stated. It will also provide a “framework for further research on the subject that can aid policy interventions by the Bank.”

According to an internal RBI circular, the department would not only foster innovation in the industry but will also identify the difficulties and possibilities connected with it and handle them in a timely way. According to reports on January 9, the Reserve Bank of India (RBI) has established a fintech department to focus on the “dynamically” developing financial industry.

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 and fall under the purview of the Bank, will be dealt with by the fintech department, it added. “All matters related to inter-regulatory coordination and international coordination on fintech shall also be dealt with by the department,” the circular further noted. The Reserve Bank of India (RBI) has set up an internal fintech department to focus on the dynamically changing financial landscape in the country. As per a recent internal RBI circular, the fintech department was created on January 4, 2022.

“With a view to give 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,” states the circular. Apart from giving a thrust to fintech innovation, the new department of the central bank will look into regulations as well. The circular further states that 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 further 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 fall under the purview of the Bank, will be dealt with by the Fintech Department. All matters related to inter-regulatory coordination and internal coordination on fintech shall also be dealt with by the Department,” the circular read further.

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