The Reserve Bank of India stated that it will set up an fintech department to focus on the financial landscape.
Ajay Kumar Choudhary, who was promoted as the Executive Director of RBI, will look after fintech department, risk monitoring department and inspection Department.
RBI stated, “This fintech department will not only promote innovation in the sector but also identify the challenges and opportunities associated with it."
Choudhary has, over a span of three decades, served in supervision, regulation, currency management, payments and settlements, and other areas in the Reserve Bank, in its central office as well as regional offices.
(With inputs from agencies)
