RBI to set up new fintech department to push innovation

After setting up a financial technology unit back in 2018, the Reserve Bank of India (RBI) said it will presently put together a different fintech department taking into account the sector’s quickly changing landscape.

In an internal circular, the national bank said it chose to set up the department to additional concentration and facilitate innovation in the Indian fintech sector. “In like manner, another office has been made with impact from January 4, 2022, by subsuming the fintech division of DPSS, CO. The division won’t just promote innovation in the sector, yet additionally recognize the challenges and opportunities related with it and address them regularly,” RBI said in the roundabout.

DPSS is the division of payment and settlement systems, which deals with policy formation and authorization of payment and settlement system operators in the country, in addition to other things.

Alongside with identifying challenges and opportunities, the new fintech department will likewise provide framework to further research regarding the matter that could help policy interventions by the national bank, RBI said in the circular, which ET has reviewed.