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• 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)