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Below are Views on RBI creates new Fintech department By Mr. Mandar Agashe, Founder & Vice-Chairman, Sarvatra Technologies ltd.

We applaud the RBI's foresight in creating a fintech division within its ambit. Thanks to digital banking, underserved populations now have improved access to banking services at the touch of a fingertip. Technology has been a significant facilitator in the rise of the digital economy, allowing it to reach out to far-flung locations. The RBI's progressive move will aid in fostering innovation and accelerate digitization of technology and adoption of new delivery channels and product offerings across levels.

The new fintech department working closely with fintech providers representing the fintech ecosystem, will play a crucial role in re-aligning regulatory guidelines, chalking out industry responses while exploring new opportunities. Over the last two years, there has been a massive adoption of digital payment systems in India. This move by RBI will go a long way in strengthening the country’s fintech infrastructure to encourage the introduction of path-breaking services similar to Immediate Payments Service (IMPS), Unified Payments Interface (UPI). This will eventually improve and automate the delivery and usage of financial services across the eco-system.

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