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  • The technological innovations in designing and delivery of financial services has significantly altered the dynamics of the financial sector, especially in the last decade. While the exact scope of activities under FinTech will keep evolving with emerging use cases, it is certain that the financial sector will continue to embrace technology even more.
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  • To keep pace with the dynamically changing landscape, Reserve Bank has been making conscious efforts to facilitate innovation in FinTech sector, for the larger public good. Accordingly, a FinTech Department was setup in January 2022 with a view to give greater focus to the FinTech sector, facilitate innovation and to keep pace with the dynamically changing financial landscape. All matters related to the facilitation of constructive innovations and incubations in the FinTech sector, which may have wider implications for the financial sector/ markets and falling under the purview of the Bank, is being dealt with by the FinTech Department.
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  • Objectives of the department

    i. To give dedicated focus to FinTech sector and keep pace with the dynamically changing financial landscape.
    ii. Promote innovation in FinTech sector, identify the challenges and opportunities associated with it and address them by devising an appropriate vision, related strategy and guidelines.
    iii. To provide a framework for further research on the subject that can aid policy interventions by the Bank.
    iv. To conduct inter-regulatory and international coordination on the subject and identify its associated challenges and opportunities and address them in a timely manner.

  • Looking Ahead

    As part of its mandate, the FinTech Department is working towards preparing a proper institutional framework and conducting proof of concept (PoC), Pilot and rollout of Central Bank Digital Currency (CBDC), promote the use of technologically driven innovative financial products/ services especially to foster financial inclusion, evaluation of technical aspects with respect to NBFC-Peer to Peer lending platform and NBFC-Account Aggregators, pursue and encourage research in financial services and explore and drive the testing and adoption of new SupTech and RegTech tools.

     

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Future is Fintech

“India is on the way to becoming Asia’s top financial technology (FinTech) hub with 87 per cent FinTech adoption rate as against the global average of 64 per cent. The Reserve Bank is intensively involved in developing an ecosystem, which would not only nurture the future technologies, but also stimulate the technological aspirations of the financial community.”

Shri Shaktikanta Das, Governor, Reserve Bank of India

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Page Last Updated on: November 23, 2022

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