The Reserve Bank of India has recently established a

Solution

The Reserve Bank of India has established a separate internal department for fintech i.e. Financial technology. The department commenced its operations on 4th Jan 2022 by subsuming the FinTech Division of the Department of Payment and Settlement Systems, Central Office (DPSS, CO). Ajay Kumar Choudhary was appointed as head of the department. He was recently promoted as Executive Director of RBI. As Executive Director, Shri Choudhary will look after Fintech Department, Risk Monitoring Department and Inspection Department.