RBI’s separate Internal Department for Fintech

Published on January 13, 2022
Current Context: The Reserve Bank of India has established a separate internal department for fintech i.e. Financial technology.
RBI’s separate Internal Department for Fintech
  • The department commenced its operations on 4th Jan 2022 by subsuming the FinTech Division of the Department of Payment and Settlement Systems, Central Office (DPSS, CO).
  • Various promotion of innovation will be managed by this department.
  • It will identify challenges in fintech and will develop strategies to tackle them in a timely manner.
  • The RBI’s fintech department will be the central point of contact for all fintech-related activities.
  • Ajay Kumar Choudhary was appointed as head of the department. He was recently promoted as Executive Director of RBI.
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das

Question: 

Q.1 Who among the following to head RBI’s newly formed separate internal department for fintech?
a. Ajay Seth
b. Rajeshwar Rao
c. Revathy Iyer
d. Ajay Kumar Choudhary
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