RBI sets up fintech department

RBI sets up fintech department

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

IIT Jodhpur is developing flexible semiconductor sensors using OECT technology for real-time health monitoring and defense applications.
Read More....
The Ministry of Ayush launched the “Yoga 365” initiative to encourage daily yoga practice through digital platforms and guided sessions.
Read More....
India will host the 2028 World Indoor Athletics Championships for the first time at the Kalinga Stadium in Bhubaneswar, Odisha.
Read More....
Pune will host ‘Gau-Tech 2026’ to showcase innovations in cow-based industries and promote the rural economy and organic farming.
Read More....
The Indian government launched the RELIEF scheme with a ₹497 crore outlay to support exporters facing high logistics and insurance costs.
Read More....
The 2026 Hurun Report highlights a record 150 self-made women billionaires globally, driven largely by the AI and semiconductor sectors.
Read More....
Tamil Nadu has become India’s top textile exporter for 2024-25, contributing nearly 22% to the country’s total textile trade.
Read More....
Wipro has launched an AI-powered fintech hub at GIFT City, Gandhinagar, to provide advanced financial solutions for global BFSI clients.
Read More....
The 110th NPG meeting approved six major infrastructure projects across rail, metro, and road sectors under the PM GatiShakti plan.
Read More....
India and Bhutan signed a landmark MoU to integrate UPI with the UPU system for efficient cross-border postal remittances.
Read More....