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ARTICLE · 13 MAY 2022

Unpacking RBI Fintech Department's Vision And Priorities

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In December 2021, PM Modi called for a fintech revolution in India. And just a month later, RBI took a key step in this direction by creating a new Fintech Department. Through the Department...

IndiaTechnology
Ikigai Law
Ikigai Law
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This post covers the creation of a new Fintech Department by the RBI. It examines the reasons behind setting up a dedicated department and identifies issues which the Fintech Department is likely to prioritise.

In December 2021, PM Modi called for a fintech revolution in India. And just a month later, RBI took a key step in this direction by creating a new Fintech Department. Through the Department, RBI can identify prospects and snags for fintech. It can also harness fintech's potential for socio-economic goals (like financial inclusion). 

We discussed the creation of the RBI's Fintech Department with Ram Rastogi, a digital payments expert. "There are over 2100 fintech companies in India, out of which more than 67% have been set up in the last five years. India's fintech segment has also seen exponential growth in funding; investments worth more than US$8 billion were received across various stages of investment in 2021," he said. "Looking at this exponential

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