Reserve Bank of India has set up a separate internal department for fintech (Financial technology). The new department has been created with effect from January 04, 2022, by subsuming the FinTech Division of Department of Payment and Settlement Systems, Central Office (DPSS, CO).
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The department will not only promote innovation in the sector but also identify the challenges and opportunities associated with it and address them in a timely manner. Ajay Kumar Choudhary, who was recently promoted as the Executive Director of RBI was appointed as head of the department.
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