India's central bank broke out a unit devoted to fintech into its own department as it continues to evaluate and develop a central bank digital currency while facing the explosive growth of cryptocurrencies. . by Amitoj
The new department will be overseen by Ajay Kumar Choudhary who wasby the RBI as executive director, saying he “will look after Fintech Department, Risk Monitoring Department and Inspection Department.”
The move is a long-in-coming recognition by the RBI to allocate resources and dedicated focus to the fintech sector. Experts had long complained that India’s institutions did not have an adequately equipped and dedicated team focused on fintech challenges such as the burgeoning crypto-sphere in India.
“It is also a reflection of the central bank’s desire to deepen digital payments through a focus on innovation, and a recognition of the growing importance of various forms of digital money that will require supervisory bandwidth,” Sharan said.
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