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.
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