In a circular, the Reserve Bank of India (RBI) announced that creating a new department is necessary due to the fast progress in the sector and a need to keep pace with the developments in the field.
The fintech unit was first established in 2018, but it was set up under the Department of Regulation and tasked with being a central point of contact in the RBI for all issues related to financial technology. It was then transferred to the Department of Payment and Settlement Systems in 2020 before finally being spun out as an independent unit in 2022.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.