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Below are Views on RBI creates new Fintech department By Anand Kumar Bajaj, Founder, MD & CEO, PayNearby

The Reserve Bank of India (RBI) has always nurtured innovation and created frameworks to support technological adoption in the financial community. After the Committee on Deepening of Digital Payments (CDDP), Reserve Bank Innovation Hub (RBIH), and Regulatory Sandbox (RS), the setting up of a ‘fintech department’ is yet another encouraging step in this direction.

India is all set to become Asia’s top fintech hub with an 87% adoption rate compared to the global average of 64%. We are on the cusp of a digital revolution and are thankful to have a regulator who is far-sighted and proactive. The fintech department by RBI, will not only focus and facilitate innovation in the sector but will also recognize the challenges and opportunities associated with it and address them promptly. The department comes at an opportune time to guide us better and provide a solid foundation for fintech companies to fall back on. This initiative will be key to empowering the fintech sector while propelling the growth of the Indian economy.

Over the years, India has seen quantum progress in the adoption of fintech services in terms of speed and scale. The defined department will make it easier to get policies developed and implemented on time, garnering consumer trust. Spearheaded by RBI, we are hopeful that the industry will expand and penetrate newer areas in financial developments, helping India leapfrog into the next orbit. Zidd Aage Badhne Ki!

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