RBI’s new fintech department

Question: Consider the following statements:

1. On January 4, 2022, the Reserve Bank of India set up the Department of Fintech.
2. The objective of this department is to facilitate innovation.
   Which of the above statements is/are correct.
   (a) 1 only
   (b) 2 only
   (c) 1 and 2
   (d) neither 1 nor 2
   Answer—(c)
   Related facts–

• On January 4, 2022, the Reserve Bank of India created a new Fintech division by incorporating the Department of Payment Settlement Systems (DPSS) and the Fintech Division of the Central Office (CO).
• This department will facilitate innovation in the fintech sector. It will also help in identifying challenges and opportunities and solving them.
• Ajay Kumar Choudhary has been appointed as the head of the FinTech department.
• The Department of Fintech will deal with matters relating to facilitating creative innovations and incubation in the fintech sector, which could have wide-ranging implications for the financial sector markets.

By – Pankaj Pandey

Link:
https://economictimes.indiatimes.com/tech/technology/rbi-to-set-up-new-fintech-department-to-push-innovation/articleshow/88792612.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst