Fintech is the fastest-growing sector in India. To focus on that areas and to track the rapidly changing financial landscape, the Reserve Bank of India (RBI) has set up a FinTech Department on January 4, 2022.
Its main objective is to advance further in innovative fintech solutions.
The department will focus on adding new products and features in the fintech space. Along with this, will also take care of the challenges and opportunities to meet them on time and promptly.
Also, it will enable the research framework for the future on the subject that can help the bank policy interventions.
Further, the positive innovations and advancements will give a broader influence on the financial market. Not only that, it will supervise the inter-regulatory coordination and internal coordination on fintech.
Let us recap on a few of the fintech innovations till now.
Fintech Innovations till today
The circular mentioned – “Decision to set up the department was taken in a bid to further focus on the area and innovation in the FinTech sector in keeping pace with dynamically changing landscape.”
- eRupi is a prepaid digital voucher that can be received on SMS or in the form of a QR code. The recipient can redeem it at any center that supports eRupi.
Read more about eRupi here: What is e-RUPI, the Digital Payment Solution | How it works
- IMPS, NEFT and UPI are the most convenient bank-to-bank transfers adopted on a large scale. They provide instant bank transfers.
Read more about these payment modes: Important Features of NEFT, RTGS, IMPS, and UPI
Other innovations include QR code to accept money, Near Field Communication (NFC) chips embedded card to pay just by tapping your cards on POS, etc.
Conclusion
Fintech has got its own space now. The new innovations and their related challenges or opportunities will be closely addressed and resolved through the new fintech department.
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