RBI has established a fintech department to focus on India's fast-growing sector

The Reserve Bank of India (RBI) has established an internal fintech department to address the country's rapidly changing financial landscape. The fintech department was established on January 4, 2022, according to a recent internal RBI circular.

"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 promoting fintech innovation, the new central bank department will also investigate rules.

According to the circular, the new department will not only foster innovation in the area, but will also recognise and handle the difficulties and possibilities that come with it.

"The department will also establish a framework for future study on the topic that will enhance the Bank's policy actions. As a result, the Fintech Department will handle all concerns relating to the support of constructive innovations and incubations in the fintech sector, which may have broader repercussions for the financial sector/markets and fall under the Bank's purview. The Department is also responsible for all aspects relating to inter-regulatory and internal fintech coordination "Continue reading the circular.