Reserve Bank of India sets up new “FinTech” Finance Technology Department

  • The Reserve Bank of India has set up a new Fintech Finance Technology Department with effect from January 4, 2022.
  • Ajay Kumar Choudhary takes over as the new Executive Director of Fin-Tech Department.
  • According to the central bank, the fintech department will be administratively attached to the Administrative Division (CAD) of the Central Office.
  • In 2018, the Reserve Bank of India set up a separate fintech division keeping in view the rapidly changing scenario of the sector after setting up a financial technology unit.

What is FINTECH ?

FinTech  ‘Financial Technology’ is combination of “finance” and “technology”. Which uses technology to enhance or automate financial services and processes. There is an endless array of applications in fintech, from mobile banking and insurance to cryptocurrency and investment apps.

source: RBI Press Release 4 Jan 2022

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