RBI Launches ‘Finquiry’ to Allow Fintechs Directly Discuss with RBI

Current Context: The Reserve Bank of India (RBI) launched an initiative called ‘Finquiry’ to allow fintech companies to directly discuss and seek clarification on regulatory matters with RBI officials.

• This program aims to improve communication and understanding between fintech businesses and the regulatory body.
• Here are the key details of the program:
• Availability: Last working Wednesday of every month for a two-hour window (3 PM to 5 PM).
• Location: FinTech department of the RBI Central Office Building, Shahid Bhagat Singh Road, Mumbai.
• Objective: To help fintech companies navigate the regulatory environment, get their compliance questions addressed, and discuss innovation-related concerns.
• This initiative was launched on June 26, 2024, and will continue every month.

Question:

1 What is the primary objective of the 'Finquiry' initiative by the RBI?

• A) To provide loans to fintech companies
• B) To help fintech companies navigate the regulatory environment
• C) To invest in fintech startups
• D) To offer financial planning services

Answer: B) To help fintech companies navigate the regulatory environment, get their compliance questions addressed, and discuss innovation-related concerns.