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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, an internal circular of the RBI stated.
The Reserve Bank of India (RBI) has set up a fintech department to focus on the “dynamically” growing financial sector, reports said on January 9, citing an internal circular of the central bank.
“With a view to give further focus to the area and facilitate innovation in 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.”
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 falling 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.
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