RBI sets up fintech department

RBI sets up fintech department

Daily Current Affairs   /   RBI sets up fintech department

Change Language English Hindi

Category : Business and economics Published on: January 11 2022

Share on facebook
  • 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 the recent RBI internal circular, the Department of Fintech has been set up on January 4, 2022.
  • Ajay Kumar Choudhary, who was recently promoted as the Executive Director of RBI, will head the department.
  • This fintech 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.
  • Fintech is an acronym for Financial Technology. Fintech is the use of technology in financial operations. 
  • it is also called financial technology. In other words, it is the implementation of traditional financial services and modern technology in managing the financial aspects in various companies and businesses. It gives instant loan facility to the consumers through the app.

Important Takeaways

About RBI

  • RBI: Reserve Bank of India
  • Governor: Shaktikanta Das
  • Headquarters: Mumbai
  • Founded: 1 April 1935, Kolkata
  • Nationalised: 1949
  • Headquarters of Reserve Bank of India (RBI) moved to Mumbai: 1937
  • First RBI Governor: Sir Osborne Smith (01-04-1935 to 30-06-1937)
Recent Post's
  • Defence Minister Rajnath Singh launched CDS General Anil Chauhan’s book ‘Ready, Relevant and Resurgent II: Shaping a Future Ready Force’, showcasing a visionary roadmap for India’s future-ready armed forces.

    Read More....
  • Dr. Sonali Ghosh, Director of Kaziranga National Park, became the first Indian to win the IUCN’s prestigious Kenton R. Miller Award for pioneering community-driven conservation.

    Read More....
  • According to the IUCN World Heritage Outlook 4 report, climate change, invasive species, and wildlife diseases are threatening natural World Heritage sites, with India’s Manas, Sundarbans, and Western Ghats facing significant concern.

    Read More....
  • Archaeologists in Thirumalapuram, Tamil Nadu, discover one of South India’s oldest Iron Age burial sites, revealing ancient craftsmanship and burial practices.

    Read More....
  • The government has extended the tenure of the 16th Finance Commission till November 30, 2025, to allow more time for reviewing submissions from states and ministries.

    Read More....
  • India and Mongolia deepen cooperation with 10 MoUs covering aid, heritage, immigration, geology, cooperatives, and digital solutions.

    Read More....
  • According to the Labour and Employment Ministry and World Bank data, India’s female workforce participation has risen from 23% to 42% (2017-18 to 2023-24), leading BRICS nations in growth.

    Read More....
  • According to the Henley Passport Index 2025, Singapore tops the list with 193 visa-free destinations, while India ranks 85th with access to 59 countries.

    Read More....
  • Uttar Pradesh launches Gomti River Rejuvenation Mission to restore the river’s cleanliness, flow, and ecological health.

    Read More....
  • On 14 October, the International Electrotechnical Commission (IEC), the International Organization for Standardization (ISO), and the International Telecommunication Union (ITU) celebrated World Standards Day, honoring global experts who create international standards.

    Read More....