India’s Central Bank Created Department for Fintech Challenges

January 10, 2022

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India’s central bank, RBI has developed an associated department for fintech challenges, which incorporates a group at their doorstep. Creating crypto rules & regulations and a Central Bank Digital Currency (CBDC).

Latest Move by RBI Comes Post India’s Framing of Crypto Regulations

The recent step by the central bank comes a fortnight post India’s developing of cryptocurrency regulations stating that while the Reserve Bank of India (RBI) is adequately staffed with required fields to release these tasks, it doesn’t have a fintech department yet, just a division, leaving queries regarding long-term commitment and efficiency unanswered.

The RBI is working on two kinds of CBDCs, wholesale and retail, and the new department will currently be entrusted with directing their turn of events. In the interim, India’s parliament is set to think about regulations of digital forms of money.
The new department will be supervised by Ajay Kumar Choudhary who was designated by the RBI as executive director, saying he will care for Fintech Department, Risk Monitoring Department, and Inspection Department.

Central Bank Formed FinTech Unit in the Department of Regulation

RBI in June 2018 had formed a FinTech Unit in the Department of Regulation for acting as the main point of contact in the bank for all the fintech related activities.

The move is a long-in-coming acknowledgment by the RBI to assign assets and devoted concentration to the fintech area. Specialists had since quite a while ago grumbled that India’s institutions didn’t have enough prepared and committed group zeroed in on fintech difficulties, for example, the blossoming crypto-circle in India.

The development of that unit into its own department is focused at promoting technology in the industry, identifying the opportunities and challenged related with it and communicating them in a timely basis, and providing a framework for additional research on the area that can help policy interventions by the financial institutions.

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