Blog: RBI Establishes Dedicated Fintech Unit to Promote Innovation - Regulation Asia

The new department will seek to promote innovation in the financial sector including by exploring policy interventions by the RBI. The RBI (Reserve Bank of India) reportedly set up a new fintech department on 4 January that will be in charge of regulations in the space and provide an impetus to innovation. "With a view to give further focus to the area and innovation in fintech sector in keeping pace with the dynamically changing landscape, it was decided to set up a fintech department in the bank," the RBI said in an internal circular. According to local reports , the…