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RBI spins-off separate Fintech Department to facilitate innovation beyond ‘payments’

According to internal reports, Subrata Das, RBI’s chief GM, stated that all issues related to promoting constructive innovation and incubation in the fintech sector have broad impacts on the financial sector and markets. Those under the jurisdiction of the bank are traded with the FinTech division. All issues related to inter-regulatory and internal coordination regarding FinTech shall also be handled by the department. The division likely to be headed by Ajay Kumar Choudhary, one of RBI’s executive directors, according to reports.

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